Alloy Development has secured $290 million in permanent financing for 505 State St., reportedly New York City’s first all-electric skyscraper, located at the intersection of State Street and Flatbush Avenue in Downtown Brooklyn.

The financing from New York Life Real Estate Investors replaces a $210-million construction loan from Goldman Sachs and Related Companies and establishes Alloy as the building’s sole equity stakeholder, taking out preferred equity partner Ares Management. Financing was arranged by JLL, with a team led by Chris Peck, Peter Rotchford and Nicco Lupo.

505 State Street is part of the first phase of the Alloy Block, a mixed-use development designed by Alloy. Construction on the 44-story tower began in July 2021 and was completed this past July. Powered by 100% renewable solar energy from two local community solar developments, the building features 441 rental apartments, including 45 affordable units, and is now 85% leased.