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BHI Lends on Recapitalization of Midtown East Tower Ahead of Resi Conversion
BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, has provided Quantum Pacific Realty and partner Metro Loft with $88 million to finance the recapitalization of 845 Third Ave., a 21-story, 350,000-square-foot office building located in Midtown East, ahead of plans to convert the property into a 529-unit residential rental property.
“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 its growth and trajectory,” said Ilana Druyan, SVP – 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.”
Quantum Pacific Realty, the real estate arm of the Quantum Pacific Group, has assembled a growing Manhattan portfolio that includes 767 Third Ave, and 101 Greenwich St. Metro Loft, founded in 1997 by Nathan Berman, is a Manhattan-based developer specializing in office-to-residential conversions.
- ◦Development
- ◦Financing
