Alloy Development, in partnership with Vistria Group, has successfully secured a substantial $535 million in construction financing for the completion of One Third Avenue, a mixed-income tower in Brooklyn. This financing will mark the final phase of Alloy Block, a significant mixed-use development project that has been underway in Downtown Brooklyn for the past six years.
The funding for One Third Avenue includes $375 million in construction debt provided by Kayne Anderson Real Estate, along with $120 million in equity from Vistria Group. Additionally, Alloy Development will contribute an extra $40 million in equity financing towards the project. This marks Vistria Group’s first venture into new construction development, signifying a strategic shift in their real estate investment strategy.
One Third Avenue is set to become a standout development, featuring 583 units of mixed-income housing and office space. The project aligns with Alloy’s vision of delivering sustainable urban living and fostering public-private partnerships to benefit communities. The completion of One Third Avenue will add to Alloy Block’s existing portfolio, which includes 505 State Street and 489 State Street, showcasing a commitment to environmentally efficient and affordable development in the heart of Brooklyn.
At 63 stories tall, One Third Avenue is poised to be the tallest passive house building globally, emphasizing energy efficiency and reduced carbon footprint. The development will include 153 affordable housing units, six floors of office space, and 30,000 square feet of retail space. By transforming 19th-century buildings into modern retail spaces, Alloy is further revitalizing the Downtown Brooklyn area and enhancing its appeal for residents and businesses alike.
Alloy’s successful funding round for One Third Avenue follows their prior achievement of securing a $290 million recapitalization for 505 State Street. The company’s commitment to sustainable urban development and innovative design is showcased in their projects, with a strong focus on environmental sustainability and community impact. The completion of One Third Avenue will mark a significant milestone not only for Alloy but also for the future of urban development in Brooklyn.
In conclusion, Alloy Development’s securing of substantial funding for One Third Avenue underscores their commitment to sustainable and community-centric real estate development in Brooklyn. The completion of this megaproject will not only contribute to the vibrancy of Downtown Brooklyn but also set a new standard for environmentally conscious and inclusive urban living developments.
- Alloy’s successful funding round showcases investor confidence in sustainable urban development projects.
- One Third Avenue’s status as the tallest passive house building globally highlights Alloy’s commitment to energy efficiency.
- The completion of One Third Avenue will add to Alloy Block’s portfolio, further enhancing the appeal of Downtown Brooklyn.
- Alloy’s strategic partnerships and focus on affordable housing demonstrate a holistic approach to real estate development.
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