Mixed-Use Project in Stonington Scores $41M Construction Loan

Mixed-Use Project in Stonington Scores $41M Construction Loan
News| April 17, 2025| Paul Bubny
Boston & New England + Apartment Buildings

JLL Capital Markets arranged a $41.5-million construction financing for Stonington Village, a 160-unit mixed-use multifamily and retail development project in Stonington, CT. Managing director Henry Schaffer and director Madeline Joyce worked on behalf of the borrower, READCO, in arranging the five-year, fixed-rate loan through Liberty Bank.

Stonington Village, located at 85 Voluntown Rd., will offer a mix of market-rate and affordable housing options within a larger mixed-use center. The development is positioned adjacent to a Stop & Shop grocery store, near I-95 and the Westerly Amtrak station, and provides access to employment centers in New London, Groton, Providence and beyond.

The project will feature six new multifamily buildings, including a clubhouse, pool and parking facilities. The community will offer a range of studios, one-, two- and three-bedroom units, along with approximately 10,000 square feet of new ground-floor retail space.

READCO began construction in March 2025, with completion of the first phase of apartments expected in 2027.

Other News

Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use

California & West + Apartment Buildings

Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...

Learn more

Logisco Launches $60M Quebec Rental Project With New Brand

Canada + Apartment Buildings

Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...

Learn more

Virtus Buys Hamilton Retirement Residence For $26M

Canada + Senior Housing

Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up