Alloy Secures $290M Recap, $43M Construction Loan for Brooklyn Project

Excerpt from the Commercial Observer website: Brooklyn-based developer Alloy Development has secured a $290 million recapitalization for its mixed-use project, The Alloy Block, at 505 State Street in Downtown Brooklyn.

Commercial Observer has learned the firm has simultaneously secured a $42.5 million construction loan from Maxim Capital Group, a New York-based, bridge and balance sheet lender, to complete the second phase of construction at The Alloy Block, directly next to 505 State Street on a site that will include additional mixed-income apartments as well as office and retail spaces. 

Read the full article here: https://commercialobserver.com/2024/12/alloy-290m-recap-43m-construction-loan-brooklyn-project/