"The leaders of Quantum Pacific and Metro Loft Management secured an $88 million bridge loan for the redevelopment of 845 Third Avenue, facilitating the conversion of the 350,000-square-foot property."
"Rudin filed plans in September to turn the 21-story Manhattan office into a 411-unit apartment building, which has since expanded to 529 units, along with retail space and residential amenities."
Idan Ofer and Nathan Berman are leading the conversion of 845 Third Avenue in Midtown Manhattan from office space to residential units. They obtained an $88 million bridge loan from Bank Hapoalim for this redevelopment. The property, which has been an office for over sixty years, will be transformed into a 529-unit apartment building with retail space and various amenities. Rudin, the previous owner, is transitioning away from the project, having previously planned a smaller conversion with fewer units and a lower budget.
#office-to-residential-conversion #midtown-manhattan #real-estate-development #bridge-loan #affordable-housing
Read at therealdeal.com
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