NEW YORK CITY — Alloy Development has secured a $290 million recapitalization financing for 505 State Street, a 440-unit high-rise property in downtown Brooklyn. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL Capital Markets worked on behalf of the borrower in arranging the five-year, fixed-rate senior loan through New York Life.
Completed in 2024, 505 State Street comprises 318,589 rentable square feet. The property offers studio, one-, two- and three-bedroom floor plans. The average unit size is 659 square feet. Amenities include a fitness center, yoga studio, pool, communal lounges, a screening room and dedicated workspaces. According to the developer, 505 State Street is the first all-electric, carbon neutral residential tower in New York City. The building is LEED certified.
Alloy Development is a developer based in New York City. Since the company’s inception in 2006, Alloy has developed roughly $1.1 billion in projects valued at over $1.6 billion.