{"id":251295,"date":"2026-06-01T20:15:20","date_gmt":"2026-06-01T20:15:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/251295\/"},"modified":"2026-06-01T20:15:20","modified_gmt":"2026-06-01T20:15:20","slug":"bhi-lends-170m-on-third-avenue-office-to-resi-conversion-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/251295\/","title":{"rendered":"BHI Lends $170M on Third Avenue Office-to-Resi Conversion \u2013 Commercial Observer"},"content":{"rendered":"<p>A joint venture between <a href=\"https:\/\/commercialobserver.com\/company\/quantum-pacific-realty\/\" title=\"Quantum Pacific Realty\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Quantum Pacific Realty<\/a> and <a href=\"https:\/\/commercialobserver.com\/company\/metro-loft\/\" title=\"Metro Loft\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Metro Loft<\/a> has landed $169.5 million of construction financing to execute an office-to-residential conversion in Midtown East, Commercial Observer can first report.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/bhi\/\" title=\"BHI\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">BHI<\/a> provided the loan for the sponsorship\u2019s planned transformation of 767 Third Avenue from a 282,000 square-foot office building into 337 apartment units with 68,000 square feet of retail space. Nathan Berman\u2019s Metro Loft and Idan Ofer\u2019s Quantum Pacific filed plans for the office-to-resi conversion in August, as CO previously <a href=\"https:\/\/commercialobserver.com\/2025\/08\/metro-loft-quantum-pacific-767-third-avenue-conversion\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a>.\u00a0<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/06\/knighthead-funding-montauk-resort-hamptons\/\" rel=\"nofollow noopener\" target=\"_blank\">Knighthead Funding Refis Montauk Resort With $65M Loan<\/a><\/p>\n<p>\u201cManhattan continues to stand at the center of global real estate investment and development activity, and at BHI we view supporting transformational projects in the city as core to our long-term vision for strategic lending,\u201d Ilana Druyan, senior vice president at BHI, said in a statement.\u00a0<\/p>\n<p>BHI, the U.S branch of Bank Hapoalim, provided a $55 million bridge loan in December 2024 to fund Quantum and Metro Loft\u2019s $88 million acquisition of the building from Sage Realty, CO <a href=\"https:\/\/commercialobserver.com\/2025\/01\/metro-loft-quantum-pacific-767-third-avenue\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a> at the time. Metro Loft also <a href=\"https:\/\/commercialobserver.com\/2026\/03\/bhi-88m-bridge-loan-845-third-avenue-conversion\/\" rel=\"nofollow noopener\" target=\"_blank\">secured<\/a> an $88 million senior term bridge loan from BHI for pre-development financing for another office-to-resi conversion at nearby 845 Third Avenue in March 2026.\u00a0<\/p>\n<p>Quantum Pacific Realty and Metro Loft are planning amenities at 767 Third that include a\u00a0 fitness center, a sports simulator, a spa, treatment rooms, coworking space and a rooftop lounge.<\/p>\n<p>\u201cOur lending philosophy has always centered on backing experienced sponsors, investing in long-term relationships, and supporting projects that contribute meaningful value to the communities they serve,\u201d Gil Karni, CEO of\u00a0 BHI, said in a statement.\u00a0\u00a0<\/p>\n<p>Quantum Pacific Realty and Metro Loft\u00a0 did not immediately return requests for comment.Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/06\/bhi-metro-loft-third-avenue-manhattan-office-to-resi-conversion\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>\u00a0 <\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture between Quantum Pacific Realty and Metro Loft has landed $169.5 million of construction financing to&hellip;\n","protected":false},"author":2,"featured_media":251296,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[98027,28549,25256,49026,9,11,10],"class_list":["post-251295","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-gil-karni","tag-idan-ofer","tag-ilana-druyan","tag-nathan-berman","tag-new-york","tag-new-york-headlines","tag-new-york-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/251295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=251295"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/251295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/251296"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=251295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=251295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=251295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}