JLL Capital Markets arranged $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multi-family residential building in downtown Phoenix. JLL worked on behalf of the borrower, VeLa Development Partners and Ray, to secure the loan through an affiliate of RXR Realty Investments LLC.

The property will consist of studio, one-, and two-bedroom units, including duplex and penthouse units with floor-to-ceiling windows. The 20,000-square-foot amenity space will include a large fitness center, yoga studio, outdoor pool, communal kitchen and fireplace lounge, sunken lounge with theater, indoor and outdoor gardens, workspaces and more.

Ray Phoenix will be located at 777 N. Central Ave., on the Phoenix light-rail line, less than a mile north of the Footprint Center and Chase Field. Clayco is building the tower, and Johnson Marklee is the architect.

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