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Alloy Development Finalizes $240M Financing on Brooklyn Residential Tower
Alloy Development, in partnership with the New York City Educational Construction Fund, closed on $240 million in financing for the first phase of the Alloy Block, formerly known as 80 Flatbush. Construction is expected to begin in the coming weeks on New York City’s first all-electric residential tower, along with the city’s first two public schools designed to meet Passive House compliance.
Goldman Sachs, Related Companies and funds managed by the real estate group of Ares Management provided a $240-million financing package for Alloy. JLL’s Christopher Peck, David Giancola, Peter Rotchford and Jeffrey Julien brokered the financing. Additionally, ECF floated $152 million of bonds to Barclays to fund construction of the two schools.
“We are committed to making Brooklyn beautiful, sustainable and equitable and as the city recovers from the pandemic, we hope the Alloy Block will set the standard for progressive, thoughtful development,” said Alloy CEO Jared Della Valle.
- ◦Development
- ◦Financing

