News release

$120M financing secured for high-rise multi-housing project in Phoenix

JLL Capital Markets secured construction financing for the 401-unit multifamily project, Ray Phoenix, in downtown Phoenix, Arizona

June 21, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

PHOENIX, June 21, 2024 – JLL Capital Markets announced today that it has arranged $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multi-family residential building located in downtown Phoenix, Arizona. 

JLL worked on behalf of the borrower, VeLa Development Partners and Ray, to secure the loan through an affiliate of RXR Realty Investments LLC.

Russ Young, Executive Vice President, Investment Management Group, RXR, said, “Through RXR’s credit solutions platform, we worked closely with the Ray and Vela teams to assemble a flexible financing package that allowed this over $180 million multi-family project to move forward. We look forward to seeing the completion of this exciting project in one of the country’s fastest-growing markets.”

Ray Phoenix will offer a highly differentiated product in the submarket with luxurious amenities and artistic spaces. The property will consist of studio, one- and two-bedroom units, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tile. The 20,000 square feet of amenity space will include a large fitness center, yoga studio, outdoor resort-style pool, communal kitchen and fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, workspaces and more.

Ray Phoenix will be located at 777 N. Central Ave. within an Opportunity Zone and will conveniently sit on the Phoenix light-rail line, less than a mile north of the Footprint Center and Chase Field. Additionally, the property is a short walk from both the 30-acre Phoenix Biomedical campus and Arizona State University’s 28-acre downtown campus.

“On behalf of the development team, it has been a pleasure to work with JLL and RXR on Ray Phoenix,” said Nick Benjamin, Principal of VeLa Development Partners. “Our collective vision for Ray Phoenix will bring world-class design, top-tier amenities, beautiful art and diversified price points to one of the nation’s fastest growing downtowns.  We can’t wait for residents to experience Ray Phoenix in the spring of 2026. “

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Gigliotti and Brad Miner, Associate Elle Miraglia and Analyst Frank Choumas.

“As the Phoenix MSA continues to expand its multifamily options to support the growth of the region, Ray Phoenix will stand out as an exceptional property with a great deal to contribute to the rapidly evolving downtown,” said Gigliotti. “The highly differentiated unit options will provide renters with a residential experience that has not yet been available in Phoenix.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Ray

Ray is a residential development company that is focused on developing space that makes art and culture accessible through daily experiences. Ray’s design approach is aesthetically dynamic, historically informed, and influenced by cultural precedents and practicality with an in-house interior design team which has deep experience in multi-family and hospitality design and processes.  Founder Dasha Zhukova Niarchos was inspired to apply her work within cultural institutions and public art spaces into a new category of the built environment. Dasha established the Garage Museum of Contemporary Art in 2008, seeking to create a space devoted to the discovery and exploration of global art and culture. Her experience at the museum, particularly observing how people interacted with both the art and architecture, was the catalyst for launching Ray. Details about Ray Phoenix can be found at and Ray at

About VeLa Development Partners

VeLa Development Partners (VeLa) is a national real estate development company founded and led by experienced developers Nick Benjamin and Taylor Gray in partnership with Post Road Group. VeLa is committed to bringing attainable luxury to the hubs of fast-growing urban markets throughout the United States. VeLa’s current portfolio represents more than 3.5 million square feet and more than $1B in development bringing design-forward and lifestyle driven rental buildings to cities in the Southeast, Sunbelt and Mountain West. More information can be found at