Apollo Provides $115M Construction Takeout Financing for Manhattan Mixed-Use Project
Galaxy Capital’s Henry Bodek negotiated the deal
By Brian Pascus March 4, 2025 12:04 pm
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The Jay Group has secured $115 million in construction takeout financing as it nears completion of 401 West 207th Street, a 273-unit, mixed-use residential building that will span over 293,000 square feet in northern Manhattan’s Inwood neighborhood, Commercial Observer has learned.
Apollo Global Management (APO) provided the takeout financing. Galaxy Capital’s Henry Bodek negotiated the transaction.
The Jay Group initially closed on a $92 million construction loan from BHI in September 2023 and began by demolishing a Speedway gas station that had occupied the grounds, according to New York YIMBY.
The 18-story building will feature 20,000 square feet of commercial space on the ground floor and include a 41-vehicle parking garage. At least 25 percent of the units will be reserved for affordable housing. Construction is expected to be completed sometime this year.
Apollo and The Jay Group did not respond to requests for comment. Galaxy Capital declined to comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
