Alloy Secures $290M Recap for Brooklyn Project
Deal News | Jan 21, 2025 | Maxim Capital Group Inc
Alloy Development, a Brooklyn-based developer, has successfully obtained a $290 million recapitalization for its ambitious mixed-use project, The Alloy Block, located at 505 State Street in Downtown Brooklyn. Alongside this financial maneuver, the company has also secured a $42.5 million construction loan from Maxim Capital Group, a bridge and balance sheet lender based in New York, to proceed with the second phase of the project. This phase is set to expand the site adjacent to 505 State Street, including additional mixed-income residential units as well as office and retail spaces. The dual financial infusion is poised to propel the development of The Alloy Block, reinforcing its potential as a significant player in enhancing Brooklyn’s urban landscape.
Sectors
- Real Estate Development
- Finance
Geography
- United States – The development project and financial activities are taking place in Brooklyn, New York City, which is in the United States.
- New York – Both Alloy Development and Maxim Capital Group are based in New York, specifically relating to the developments occurring in Brooklyn, NY.
Industry
- Real Estate Development – The article focuses on Alloy Development's project, which involves a mixed-use development in Brooklyn, indicating the real estate development industry.
- Finance – The acquisition of recapitalization and construction loan highlights the financial transactions and capital raising aspects of the finance industry.
Financials
- $290,000,000 – Recapitalization secured by Alloy Development for The Alloy Block project.
- $42,500,000 – Construction loan provided by Maxim Capital Group for the second phase of The Alloy Block.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alloy Development | Target Company | Company | A Brooklyn-based developer focusing on the construction of The Alloy Block, a mixed-use development. |
| Maxim Capital Group | Lender | Company | A New York-based bridge and balance sheet lender providing financial backing for The Alloy Block's construction. |