Quantum Pacific Realty And Nathan Berman Of MetroLoft Management Obtain $88M Loan For 845 3rd Avenue
845 3rd Avenue
$88,000,000
Building Size
—
Asset Type
Office
Closing
Mar 20, 2026
AI
The asset involved is 845 3rd Avenue, a 21-story office building located in the Manhattan market. Quantum Pacific Realty and Nathan Berman - MetroLoft Management have undertaken a project to convert this property into a residential building with 529 apartment units. The bridge loan secured for this project amounted to $88,000,000 from Bank Hapoalim (BHI).
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $88,000,000
- Lender: Bank Hapoalim (BHI)
- Landlord: Quantum Pacific Realty & Nathan Berman - MetroLoft Management
- Address: 845 3rd Avenue
- Market: Manhattan
- Loan Type: Bridge
- Conversion: 529-unit apartment property
The key individuals involved in the transaction include the firms Quantum Pacific Realty and MetroLoft Management, with Nathan Berman representing MetroLoft Management. This deal highlights a significant move towards repurposing an office asset into a multifamily residential property, showcasing the strategic efforts of the involved parties to enhance the real estate portfolio in the area.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93