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RXR Realty, Apollo Global Management and SL Green have secured two separate notes for the partial conversion of the 1.1 million-square-foot 5 Times Square office tower into a 1,250-unit community, including 313 affordable units, Bisnow first reported.

The debt includes a $561 million loan and a $13.6 million security instrument, both issued by Corebridge Institutional Investments. RXR, which previously ground-leased the property, also paid $8 million for the land.