Updated Jun 1, 2026
Idan Ofer Of Quantum Pacific Realty And Nathan Berman Of Metro Loft Secure $169.5M Loan For Midtown East Apartment Conversion
767 3rd Avenue
$169,500,000
$601/SF
Building Size
282,000 SF
Asset Type
MultiFamily
Closing
Jun 1, 2026
About this deal
AI
The property asset involved in this transaction is located at 767 3rd Avenue in the Midtown East market. This multi-family project encompasses a total of 282,000 square feet and is transitioning from an office building to residential units, which will include 337 apartments and 68,000 square feet of retail space.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $169,500,000
- Lender: Bank Hapoalim
- Landlord: Idan Ofer - Quantum Pacific Realty
- Landlord: Nathan Berman - Metro Loft
- Loan Type: Construction
Quantum Pacific Realty and Metro Loft, represented by Idan Ofer and Nathan Berman respectively, secured financing to facilitate the conversion of the property. The deal is primarily managed by Bank Hapoalim, which provided the construction loan necessary for the redevelopment project.
On the Map
$169,500,000
$601/SF
MultiFamily
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Players
Caledonia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93