BHI Provides $88M Bridge Loan for 845 Third Avenue’s Office-to-Resi Conversion
The New York City office opened in 1963
By Brian Pascus March 20, 2026 1:59 pm
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Another office-to-residential conversion is on its way to New York City, courtesy once again of Nathan Berman’s MetroLoft Management.
Quantum Pacific Realty and MetroLoft have secured an $88 million bridge loan as part of the recapitalization of 845 Third Avenue, a 21-story office property in Midtown East that will be converted into a 529-unit apartment building, Commercial Observer can first report.
BHI, the U.S branch of Bank Hapoalim, provided the debt. No broker was listed on the translation.
llana Druyan, senior vice president and head of international origination at BHI, described New York City in a statement as a “dynamic and consequential real estate market.” She added that it is “a fundamental mission of our bank to continually shape its growth and trajectory.”
“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,” Druyan said.
The asset has had an interesting history, as of late. CO reported last November that Rudin had sealed $350 million to recapitalize 845 Third Avenue‘s next chapter, as it transitioned out of ownership. The deal included Quantum Pacific investing $80 million for a stake in the property along with a $250 million construction loan from BDT & MSD Partners.
By tapping Berman’s MetroLoft to do the design, zoning and execution of the conversion of 845 Third Avenue, Quantum Pacific Realty has chosen one of the pre-eminent experts in that field. In recent years, Berman has led the adaptive reuse of assets 443 Greenwich Street, 20 Exchange Place and 63 Wall Street, all of which are now luxury or rental apartment buildings.
Quantum Pacific Realty has also been busy. The firm bought 101 Greenwich Street from BGO for more than $100 million in February 2025, and 767 Third Avenue from Sage Realty for $88 million in November 2024.
845 Third Avenue opened as an office in 1963 and has more than 350,000 square feet.
Quantum Pacific Realty and MetroLoft did not respond to requests to comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
