Alloy Development, in partnership with the New York City Educational Construction Fund, on Monday announced that it has closed on $240 million in financing for the first phase of the Alloy Block (formerly known as 80 Flatbush) development. 

Construction is expected to begin in the coming weeks on New York City’s first all-electric residential tower, along with the city’s first two public schools designed to meet passive house compliance, the highest standards of energy efficiency and indoor air quality. 

These schools are the state-of-the-art Khalil Gibran International Academy high school, currently in an outdated building, and a public elementary school. 

Goldman Sachs, Related Companies and funds managed by the Real Estate Group of Ares Management provided the financing package for Alloy. The financing was brokered by JLL. 

Additionally, Educational Construction Funds floated $152 million of bonds to Barclays to fund the construction of the two schools on the block. Construction of the first phase of the Alloy Block is expected to be finished in 2024. 

The first phase of the Alloy Block will include two components: the aforementioned residential tower and the two schools. The 44-story, 480-foot-tall tower, designed in-house by Alloy, will include 441 mixed-income residences at 505 State St. and 30,000 square feet of retail at 100 Flatbush Ave.

The residential portion will include 396 rental apartments and 45 affordable residences with rents starting as low as $750 per month, developed in partnership with Fifth Avenue Committee, a well-known Brooklyn nonprofit specializing in community development corporation. 

Common space for residents will include a fitness center, flexible workspace, and a rooftop pool. The retail portion of the building will feature 20-foot ceilings and floor-to-ceiling glass fronting Flatbush Avenue. 

Brooklyneagle