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.

TMGOC Ventures has received approval from a local review board to bring the first Ritz-Carlton to the Georgia city. Construction on the 104-room hotel and 20 residences is scheduled to begin in the second quarter of 2024, with a proposed opening date within the first quarter of 2026.

The hotel will occupy the historic “Savannah Skyscraper,” and residences will feature a signature restaurant serving breakfast, lunch and dinner; a lobby lounge; a members-only club; a rooftop bar and pool; a 5,000 square foot spa and wellness facility; and more than 5,000 square feet of meeting space. Residences will offer panoramic views of the downtown skyline and Savannah River, and owners can rent their units through the operating company.

The luxury hotel development will be owned by TMGOC and operated by The Ritz-Carlton, a Marriott International brand. In addition to the 104-room hotel, TMGOC will be renovating the neighboring 10-story building at 14 E. Bryan St. and adding three floors to accommodate 20 residences, a rooftop pool and lounge.