Silverstein and MetroLoft Complete JV Recapitalization and Financing with RXR for 55 Broad Street

Rhea-AI Summary

Newmark Group (Nasdaq: NMRK) arranged a recapitalization and $305 million financing for 55 Broad Street, a residential property in Downtown Manhattan.

RXR acquired a minority interest at a property valuation in excess of $500 million. Newmark served as exclusive advisor on both transactions, representing Silverstein Properties and MetroLoft in the recapitalization and arranging Wells Fargo’s loan for the new joint venture. Silverstein Properties and MetroLoft acquired the property in 2023 and completed its office-to-residential conversion in 2025. The property contains 571 apartments, including 143 affordable units.

Positive

• Minor pointExclusive recapitalization advisory role covered RXR’s minority investment at a property valuation in excess of $500 million.
• Minor point$305 million financing arranged with Wells Fargo demonstrates a completed debt advisory assignment for Newmark.

Negative

• None.

News Explained

The transactions are complete: RXR acquired a minority interest in 55 Broad Street, and Wells Fargo provided a $305 million loan to the new joint venture.

Key Figures

Financing: $305 million Property valuation: in excess of $500 million Residential units: 571 units

Financing

$305 million

Financing arranged for 55 Broad Street

Property valuation

in excess of $500 million

Valuation at which RXR acquired a minority interest

Residential units

571 units

55 Broad Street multifamily property

Key Terms

recapitalization, minority interest, multifamily

3 terms

recapitalization financial

"arranged the recapitalization and $305 million financing for 55 Broad Street"

Recapitalization is a deliberate change to a company's mix of debt and equity—how much it borrows versus how much is funded by shareholders—accomplished by issuing or repaying debt, buying back shares, or issuing new shares. It matters to investors because it alters the company's risk profile, potential returns and cash flow stability: increasing debt can amplify returns but raises the chance of financial stress, while adding equity can dilute ownership but lower default risk—like swapping between a mortgage and savings to reshape household finances.

minority interest financial

"the acquisition by RXR of a minority interest in the property"

Minority interest represents the ownership share in a company held by investors or entities that do not control or have a majority of the company's voting rights. It shows the portion of the company's value that belongs to these smaller owners, similar to a partial stake in a shared ownership or partnership. For investors, understanding minority interest helps clarify how much of a company's value is attributable to outside owners, affecting overall financial health and decision-making.

multifamily technical

"a newly completed, 571-unit multifamily property in Downtown Manhattan"

Multifamily describes residential properties that contain multiple separate living units under one ownership, such as apartment buildings, duplexes, triplexes or condo complexes. Investors care because a single property can produce income from many tenants at once, smoothing cash flow much like a small rental fleet rather than one standalone house, and offering scale benefits, diversified tenant risk, and sensitivity to rental market trends that affect returns and asset value.

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Newmark's New York Capital Markets Group Serves as Exclusive Advisor on Both Transactions.

NEW YORK, Nov. 13, 2026 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations and other owners and occupiers, announces the Company has arranged the recapitalization and $305 million financing for 55 Broad Street, a newly completed, 571-unit multifamily property in Downtown Manhattan. The transaction involves the acquisition by RXR of a minority interest in the property at a valuation in excess of $500 million, which Silverstein Properties and MetroLoft acquired in 2023 and subsequently converted to residential use.

Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Executive Managing Director Avery Silverstein represented Silverstein Properties and MetroLoft in the recapitalization, while Co-Head of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Chris Kramer arranged the loan provided by Wells Fargo for the new joint venture entity.

55 Broad Street is a 35-story, 352,096-square-foot property that underwent a comprehensive office-to-residential conversion completed in 2025. The property features 571 residential units, including 428 market-rate and 143 affordable apartments, as well as approximately 8,340 square feet of ground-floor retail space. Residences feature oversized windows, custom Italian kitchens and modern finishes, complemented by an extensive amenity package including a double-height attended lobby, fitness center, resident lounge, coworking space, sports simulator and rooftop pool and sundeck with views of Downtown Manhattan.

Situated in the heart of Manhattan's Financial District, 55 Broad Street offers convenient access to Downtown Manhattan's major employment centers, dining, retail and waterfront destinations, including Wall Street, the World Trade Center, Battery Park and the Seaport District. The property is within walking distance of multiple subway lines, the World Trade Center transportation hub, PATH service and ferry connections, providing connectivity throughout New York City and the surrounding region.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended September 30, 2026, Newmark generated revenues of over $3.7 billion. As of September 30, 2026, Newmark and its business partners together operated from approximately 200 offices with 10,500 professionals across four continents. Learn more at nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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SOURCE Newmark Group, Inc.

FAQ

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What transactions did Newmark arrange for 55 Broad Street?

Newmark arranged the recapitalization and $305 million financing of 55 Broad Street as exclusive advisor on both transactions. It represented Silverstein Properties and MetroLoft in RXR’s acquisition of a minority interest and arranged Wells Fargo’s loan for the new joint venture.