BROOKLYN — Alloy Development and The Vistria Group closed on $535 million to build One Third Ave., the second phase of the Alloy Block development in Downtown Brooklyn, report Connect CRE and the Commercial Observer .

The 730-foot tower will be the world’s tallest “passive house” eco-friendly building, delivering 583 apartments, including 153 affordable units, and six floors of offices, as well as 30,000 square feet of retail space in two adjoining renovated buildings.

Financing includes $375 million in debt from Kayne Anderson Real Estate and $120 million in equity from Vistria. JLL Capital Markets’ Christopher Peck, Nicco Lupo, and Peter Rotchford arranged the capital.

Alloy CEO Jared Della Valle called the financing “a pivotal milestone” and framed the project as a mode

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