Overview

• Alloy Development and the Vistria Group secured $375 million in construction debt from Kayne Anderson Real Estate and roughly $120 million in equity.
• Published reports differ on the total capital, with figures cited at $495 million and $535 million.
• The 730-foot project will deliver 583 mixed-income residences, including 153 affordable apartments with rents starting near $1,023 a month.
• Plans include a six-floor, 60,000-square-foot office podium and the adaptive reuse of two 19th-century buildings to create about 30,000 square feet of retail space.
• JLL Capital Markets arranged the financing, and Vistria characterizes the deal as its first ground-up development investment under its real estate strategy.