BHI provides $88 million bridge loan to fund Quantum Pacific Realty acquisition of 845 Third Ave. to convert into 529-unit residential rental building

Manhattan, NY BHI, the U.S Branch of Bank Hapoalim, B.M. provided Quantum Pacific Realty and partner Metro Loft with $88 million to finance the recapitalization of 845 Third Ave., a 21-story, 350,00 gross s/f office building located in Midtown East ahead of plans to convert the property into a 529-unit residential rental property.

The borrowing entity, 845 Third Owner LLC, will be a joint venture between affiliates of Quantum Pacific Realty and Metro Loft. Quantum Pacific Realty, the real estate arm of the Quantum Pacific Group  has assembled a portfolio that includes 767 Third Ave. and 101 Greenwich St. 

Metro Loft, founded in 1997 by Nathan Berman, is a developer specializing in office-to-residential conversions. The firm has completed multiple large-scale adaptive reuse projects, including 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft will manage design finalization, zoning optimization and execution planning for 845 Third.

“New York City represents one of the most dynamic and consequential real estate markets in the world and it is a fundamental mission of our bank to continually shape it’s growth and trajectory,” said Ilana Druyan, senior vice president - team leader and head of international origination – CRE, at BHI. “Projects like this one in Midtown East reflect what’s possible when the right partners, the right capital, and the right vision come together to help drive opportunity forward.”

“As we continue to expand our presence in Manhattan, having the right financial partner is an essential element to unlocking greater growth. BHI has proven to be a trusted partner that understands our strategy and works with us to structure financing solutions which allow our operations to scale efficiently and to continue to create quality housing in prime Manhattan,” said a spokesperson at Quantum Pacific Realty.