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.
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