The residential conversion of the former office building at 101 Greenwich Street is ready to roll with $220 million of construction and redevelopment financing now locked in, Commercial Observer has learned.\u00a0<\/p>\n
Apollo is the lender behind the floating-rate debt, sources said, while Newmark<\/a>\u2019s Jordan Roeschlaub, Chris Kramer and Holden Witkoff negotiated the transaction.\u00a0<\/p>\n SEE ALSO: Debt Tied to Blackstone\u2019s Burbank Creative Office Sent to Special Servicing<\/a><\/p>\n Pincus Co. first reported in December that owners Quantum Pacific<\/a> and Metro Loft Management<\/a> were planning a 600-unit residential conversion of the 26-story Downtown Manhattan office building<\/a>.<\/p>\n Idan Ofer\u2019s Quantum Pacific acquired the property \u2014 also known as 2 Rector Street \u2014\u00a0 from BGO in February 2025<\/a> with a conversion in mind, paying slightly north of $100 million, sources told CO at the time. The transaction marked the London-based firm\u2019s second investment in U.S. real estate, and Newmark\u2019s Adam Spies, Adam Doneger and Michael Collins negotiated the sale while\u00a0Skyline Properties\u2018\u00a0Robert Khodadadian,\u00a0Daniel Shirazi\u00a0and\u00a0Daniel Davidov sourced the transaction.\u00a0<\/p>\n Quantum Pacific\u2019s first Manhattan buy was 767 Third Avenue, which is now also being converted to residential use alongside partner Metro Loft<\/a>.\u00a0\u00a0<\/p>\n Apollo didn\u2019t immediately return a request for comment. Newmark declined to comment.\u00a0<\/p>\n