Alloy Gets $240 Million Construction Loan For Boerum Hill towers

Following years of struggles to get the project off the ground, a new $240 million loan may finally aid the start of construction of Alloy Development’s mixed-use “Alloy Block” complex in Boerum Hill.

The Brooklyn-based developer closed on the construction financing package from Goldman Sachs, the Related Cos. and Ares Management, according to Crain’s, which reported that work can begin on the first phase of the project earlier known as 80 Flatbush in just a few weeks.

The development at 80 Flatbush Avenue is expected to include five buildings with apartments, 200,000 Sq Ft. of office space, 40,000 Sq Ft. for retail, two schools and hundreds of bike parking spots of the 850 residential units, about 200 will be set aside as affordable.

Construction will take place in multiple phases. The first involves the building of both schools, as well as a 480-foot tower with 441 apartments and 30,000 Sq Ft. for retail. It is expected to be completed by 2024.

The second phase of construction will include an 840-foot tower, which can be used for residences, offices and retail, as well as a space that could be used for a cultural institution. 

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