Alloy Development recently secured $290 million in permanent financing for 505 State Street, a 44-story all-electric tower in Downtown Brooklyn. Also designed by Alloy, the 482-foot-tall foot tall structure is nearing completion and will yield 441 rental apartments, with 45 designated for affordable housing. The Flatironesque building is located at the intersection of State Street and Flatbush Avenue.
The new financing package was provided by New York Life Real Estate Investors in a deal arranged by JLL, replacing a $210 million construction loan from Goldman Sachs and Related Companies.
Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov
Apartments at 505 State Street feature exposed concrete ceilings with 9- to-12-foot spans, engineered oak flooring, energy-efficient windows, and custom-designed Italian kitchens. The building also offers more than 200 bike parking spaces to its residents.
The property is part of the Alloy Block, a mixed-use project designed by Alloy Development that will include residential, office, and retail space, as well as two public schools designed to meet Passive House standards. 505 State Street is now 85 percent leased.
Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov
“Today’s announced refinancing marks a significant milestone for the Alloy Block, which will bring much-needed housing, office, retail, and educational spaces to the heart of Downtown Brooklyn,” said Alloy CEO Jared Della Valle. “Since 505 State Street residential leasing launched earlier this year, we’ve seen an unprecedented unit absorption, highlighting the demand for sustainable, high-quality living while reaffirming our vision behind this transformative project. We are deeply grateful to our partners who made this refinancing possible and look forward to advancing the Alloy Block as we move forward into Phase Two.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Looks like it will respect it’s site
Subtle setbacks..very nice.
To some extent, it reminds me of The Hudson in Detroit.