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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.


Inside The Story

Alloy DevelopmentJLL’s Peck

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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