Apollo Global Management

Six MOUs, no signed checks yet, and a developer's cost of capital just moved anyway.

Apollo put $1.02B into a JV holding 120 SREIT affordable housing assets, cash the REIT is using to pay down debt amid redemption pressure.

Five years after paying $94M for the dirt, Witkoff has construction money for phase one. The other two towers do not.

The interconnection queue is a two-to-four-year tax on a site. The biggest name in private credit just financed the detour around it.

Office-to-resi gets the headlines, but the sharper conversion math is often in oddball assets.