Alloy Development and The Vistria Group said Tuesday they had closed on $535 million in capital for constructing the second phase of the Alloy Block in Downtown Brooklyn, One Third Ave., reportedly the tallest Passive House building in the world. Rising to 730 feet, One Third Ave. completes the Alloy Block, joining the two projects in the first phase of development.

Vistria will invest more than $120 million of equity to capitalize the development. In addition, Kayne Anderson Real Estate is providing $375 million of debt. Christopher Peck, Nicco Lupo and Peter Rotchford of JLL Capital Markets managed the capital raise.

“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.”

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