**Alloy Development Secures $535M for World’s Tallest Passive House in Downtown Brooklyn**
Alloy Development and The Vistria Group have announced the successful closing of $535 million in capital to fund the construction of the second phase of the Alloy Block in Downtown Brooklyn. The centerpiece of this phase is One Third Ave., a 730-foot-tall residential tower expected to be the tallest Passive House building in the world. The project completes the larger Alloy Block development, following two initial projects in the first phase.
Vistria will contribute over $120 million in equity toward the project, while Kayne Anderson Real Estate is providing $375 million in debt financing. The capital raise was managed by JLL Capital Markets, represented by Christopher Peck, Nicco Lupo, and Peter Rotchford.
“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 Alloy CEO Jared Della Valle. “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.”
The development underscores a growing trend toward high-performance sustainable construction in major urban centers.
