facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Office

/

Loan

/

845 3rd Avenue

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

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

Bank Hapoalim (BHI)
Bank Hapoalim (BHI)Lender

Nathan Berman

MetroLoft Management

Landlord

$4.6B

vol

19 deals

Landlord

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

Loading comparables…

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