**Alloy Development Secures $535 Million for Historic Passive House Tower in Downtown Brooklyn**
Alloy Development, in partnership with The Vistria Group, has announced the successful closing of $535 million in capital to fund construction of the second phase of the Alloy Block in Downtown Brooklyn. The centerpiece of this phase is One Third Ave., a 730-foot tower that is set to become the tallest Passive House-certified building in the world.
This new development marks the final stage of the Alloy Block project and complements the two buildings constructed during the first phase.
The Vistria Group has committed over $120 million in equity toward the development. Meanwhile, Kayne Anderson Real Estate is providing $375 million in debt financing. The capital raise was managed by Christopher Peck, Nicco Lupo, and Peter Rotchford of JLL Capital Markets.
“Securing financing for One Third Ave marks a pivotal milestone not just for this project, but for what we believe is the future of sustainable urban development,” said Jared Della Valle, CEO of Alloy. “Thanks to our partners at Kayne Anderson and The Vistria Group for supporting this project as we work to tackle climate change on a large scale.”
One Third Ave. aims to serve as a model for energy-efficient, climate-resilient construction in urban environments, further solidifying Downtown Brooklyn as a hub for forward-thinking real estate development.
