Apollo Lends $420 Million for RXR's Conversion of Troubled NYC Office Tower

RXR and Rajeev Misra’s One Investment Management are forging ahead with a more-than $500 million plan to convert a troubled office tower in downtown Manhattan into nearly 800 apartments.

Apollo Global Management affiliates will provide $420 million of construction financing to help redevelop 61 Broadway in Manhattan’s financial district, according to a statement Friday. JPMorgan Chase & Co. is injecting a $55 million tax equity investment.