Alloy Development secured $500 million for One Third Avenue, a 730-foot tower in Downtown Brooklyn set to become the world’s tallest passive house building. Kayne Anderson Real Estate provided $375 million in loans, while Vistria Group contributed $120 million in equity, taking a majority stake in its first ground-up development. Alloy remains general partner, investing $40 million. The 583-unit project will include 143 affordable apartments starting at $1,023, plus 60,000 square feet of office space and 30,000 square feet of retail. Part of the larger Alloy Block, it follows the city’s first all-electric skyscraper at 505 State Street.
Kayne Anderson
