I
n Stonington, Connecticut, a $41.5 million construction loan has been secured for the development of Stonington Village, a 160-unit mixed-use project that will bring a mix of market-rate and affordable housing options to the area.

    READCO, the borrower, partnered with JLL Capital Markets to arrange the five-year, fixed-rate financing through Liberty Bank. Strategically situated near I-95 and the Westerly Amtrak station, Stonington Village will offer easy access to employment centers in New London, Groton, Providence, and beyond.

    The project features six new multifamily buildings, including a clubhouse, pool, and parking facilities, with approximately 10,000 square feet of ground-floor retail space. The community will offer studios, one-, two- and three-bedroom units, catering to young professionals and families alike.

    Southeastern Connecticut's strong economy, driven by defense, healthcare, and tourism industries, makes it an attractive market for developers. Stonington's charming coastal atmosphere and rich maritime heritage further enhance its appeal.

    "We're creating a community that will serve Stonington for years to come," said Michael Lech, CEO of READCO. "We appreciate the expertise of KBE Building Corp, Colliers' project management, Trio Properties' property management, and Liberty Bank's financial support."

    JLL Capital Markets' Debt Advisory team, led by Managing Director Henry Schaffer and Director Madeline Joyce, represented the borrower in securing the loan. "Southeastern Connecticut is poised for strong apartment rental demand growth due to increasing job opportunities," said Schaffer. "With a relatively short supply of new apartments on the horizon, we expect demand to continue outpacing supply."

    Construction began in March 2025, with completion of the first phase expected in 2027.