RXR Joint Venture Secures $500 Million for Massive Financial District Office Conversion

RXR and One Investment Management secure $500M to transform 61 Broadway into 796 mixed-income apartments in Manhattan’s Financial District.

By: AXL Media

Published: Mar 12, 2026, 8:20 AM EDT

Source: https://www.multihousingnews.com/

A Complex Capital Stack for a Historic Asset

The financing for 61 Broadway involves several major institutional players, reflecting the scale and complexity of high-rise adaptive reuse.

Construction Loan: Affiliates of Apollo provided $420 million in senior construction financing.

Tax Equity: JPMorgan contributed a $55 million tax equity investment.

Incentives: The project is eligible for state and federal Historic Rehabilitation Tax Credits due to its status on the National Register of Historic Places.

Advisory: JLL Capital Markets arranged the financing, navigating the project's transition from a distressed office asset to a revitalized residential hub.