26-story multi-family residential building coming to downtown Phoenix after financing secured

PHOENIX — Ray Phoenix, a 26-story multi-family residential building, is coming to downtown Phoenix.

JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers, has arranged $120 million in construction financing for the project.

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

Ray Phoenix will be located at Central Avenue and McKinley Street within an opportunity zone and will sit on the Valley Metro light rail line.

The 401-unit project is expected to be completed by the spring of 2026.

“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,” Executive Vice President of Investment Management Group Russ Young said in a press release.

“We look forward to seeing the completion of this exciting project in one of the country’s fastest-growing markets.”

What will be at Ray Phoenix?

Ray Phoenix will offer a property with luxurious amenities and artistic spaces.

The property will have 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 property will have 20,000 square feet of space and will include a fitness center, yoga studio, a pool, a communal kitchen and fireplace lounge, a sunken lounge, dog wash stations, indoor and outdoor gardens and workspaces.

“On behalf of the development team, it has been a pleasure to work with JLL and RXR on Ray Phoenix,” Principal of VeLa Development Partners Nick Benjamin said in the release.

“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.”