Rechler closes $1B deal for 590 Madison with Apollo private equity loan

Scott Rechler closed his $1 billion deal for 590 Madison Avenue with a big private equity loan, marking New York City’s largest investment sale in three years. Mark Rowan’s Apollo Global Management provided $785 million in debt to finance RXR’s $1.08 billion purchase of the Plaza District office tower from the State Teachers Retirement System of Ohio, sources told The Real Deal.  “This is one of the highest quality buildings in Manhattan with one of the best locations at 57th Street and Madison,” Rechler said. “With institutions seeking to shed their exposure to office, we view this as a great […] This article originally appeared on The Real Deal. Click here to read the full story.