As hinted at several months ago, Scott Rechler is cooking up another office-to-residential conversion in Lower Manhattan. RXR secured $475 million in total tax equity and construction debt for the 33-story, 796-unit conversion project at 61 Broadway in the Financial District, the Commercial Observer reported. The debt is split between $420 million in construction debt from Apollo Global Management and a $55 million tax equity investment from J.P. Morgan Chase. A JLL Capital Markets team including Andrew Scandalios, Drew Isaacson and David Giancola arranged the financing. RXR will pull on the 467m tax abatement program targeting office-to-residential conversions, which designates […]

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