Quantum Pacific Realty And Nathan Berman Of MetroLoft Management Obtain $88M Loan For 845 3rd Avenue

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.