Alloy’s 583-unit Boerum Hill tower gets $120M investment from Vistria Group, $375 construction loan

Vistria Group through the entity TVG One Third Ave Investor LLC made a $120 million investment in Alloy Development’s 583-unit tower at One Third Avenue, also known as 475 State Street in Boerum Hill, Brooklyn, through the entity Alloy Phase 2 Holdings LLC. So far in public records, just $56.7 million was recorded.

As part of the financing, Alloy Development and Vistria Group obtained a $375 million construction loan from Kayne Anderson.

This financing is to fund the 583-unit, 484,000 square-foot residential (R-2) building through job number B01019417, submitted by Alloy Development and filed by AJ Pires with plans filed January 14, 2025 and it has not been permitted yet. The residential tower is the square in hatch marks below.

The Commercial Observer reported in the financing package last month.

The property is divided into six condominium tax lots which are two retail, two office and two multifamily. One of the multifamily buildings, RU1 has 440 units, the other RU2 has 143.

Alloy ground leases a portion of the tax block from Kenneth and Robert J. Corwen’s Kimaqu Corporation, through a lease signed in 2015 which expires on April 30, 2114.

The investment and the loan closed on August 25, 2025 and were recorded on September 10, 2025.

The condo declaration states Alloy owns 27.321 percent and The property owned by Kenneth Corwen through his Kimaqui Corporation (which owns Flatbush Three LLC which owns 80-88 Flatbush LLC) owns 72.679 percent (p. 6 of this document).

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vistria Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alloy Development purchased one property in one transaction for a total of $15 million and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 372 Schermerhorn Street parcel at this time.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 372 Schermerhorn Street, PincusCo has identified the owners of one of the three commercial properties representing 39,550 square feet of the 39,550 square feet. The identified owner is Alloy Development.
On the tax block, there were four new building construction projects totaling 1,908,840 square feet. The second largest is a 262-unit, 422,989 square-foot residential (R-2) building submitted by Alloy Development and filed by Alexander Pires with plans filed October 5, 2019 and permitted June 22, 2021.

The majority, or 100 percent of the 39,550 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Alloy Development owned at least two commercial properties in New York City with 63,730 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $482.5 million in debt, with top three lenders as New York Life Insurance Company, Goldman Sachs, and Maxim Capital Group respectively. Within the portfolio, the bulk, or 62 percent of the 63,730 square feet of built space are specialty properties, with P5 properties next occupying 38 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Vistria Group owned at least five commercial properties with 1,286 residential units in New York City with 1,531,173 square feet and a city-determined market value of $80.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 1,531,173 square feet of built space are elevator properties, with D4 properties next occupying 30 percent of the space. The bulk, or 70 percent of the built space, is in Bronx, with Manhattan next at 30 percent of the space.

Direct link to Acris document. link