Apollo Global Management (APO) affiliates will provide $420 million in construction financing to support RXR and Rajeev Misra's One Investment Management in converting 61 Broadway into nearly 800 apartments, Bloomberg reported Friday.

JPMorgan Chase (JPM) is also providing a $55 million tax equity investment toward the more than $500 million redevelopment of the 1913-built office tower, according to the report.

Bloomberg added that construction will start this month, with move-ins planned for 2028.

Apollo Global Management and JPMorgan Chase did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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