Alloy Development has successfully secured $290 million in permanent financing for 505 State St., which is known as New York City’s first all-electric skyscraper. The building is located at the intersection of State Street and Flatbush Avenue in Downtown Brooklyn.
The new financing, provided by New York Life Real Estate Investors, replaces a previous construction loan of $210 million from Goldman Sachs and Related Companies. This also establishes Alloy as the sole equity stakeholder for the building, removing preferred equity partner Ares Management from their position. JLL played a key role in arranging this financing deal, with Chris Peck, Peter Rotchford and Nicco Lupo leading the team.
505 State Street is part of Phase One of Alloy Block – a mixed-use development designed by Alloy themselves. Construction on this 44-story tower began in July 2021 and was completed just last month (July). The building runs entirely on renewable solar energy sourced from two local community solar developments. It offers 441 rental apartments – including affordable units – with an impressive occupancy rate currently sitting at 85%.
