Alloy Development has successfully secured $290 million in permanent financing for 505 State St., which is being hailed as New York City’s first all-electric skyscraper. The building, located at the intersection of State Street and Flatbush Avenue in Downtown Brooklyn, was designed by Alloy and is part of their larger mixed-use development known as the Alloy Block.
The financing was provided by New York Life Real Estate Investors and replaces a previous construction loan from Goldman Sachs and Related Companies. This new deal establishes Alloy as the sole equity stakeholder for 505 State St., with Ares Management no longer holding preferred equity partnership. JLL facilitated the financing arrangement, led by Chris Peck, Peter Rotchford, and Nicco Lupo.
Construction on 505 State Street began in July of this year and was completed just last month. The impressive 44-story tower features a total of 441 rental apartments (including affordable units) that are now approximately 85% leased out to tenants. One unique aspect about this building is that it runs entirely on renewable solar energy sourced from two local community solar developments.
Overall, this latest achievement marks another milestone for both Alloy Development and New York City’s sustainable real estate market.
