Idan Ofer and Nathan Berman wasted little time securing the financing for one among Manhattan’s subsequent main conversions.
Quantum Pacific and Metro Loft Administration nabbed $220 million in development and redevelopment debt from Apollo for the venture at 101 Greenwich Avenue within the Monetary District, the Business Observer reported. The floating-rate debt was organized by Newmark’s Jordan Roeschlaub, Chris Kramer and Holden Witkoff.
The financing information comes solely weeks after filings make clear the companions’ plans for the property.
Late final month, Ofer — an Israeli billionaire — and Berman filed plans for a 614-unit office-to-residential conversion.
They acquired the 26-story property from BentallGreenOak in February for more than $100 million. BGO beforehand acquired the constructing with Cove Property Group and Multi-Employer Property Belief from Kushner Firms and CIM Group in 2016 for $225 million. Shortly thereafter, they launched into a $70 million renovation.
Tenants on the 400,000-square-foot constructing have included Independence Level Advisors, Second Expertise and Professional Store Holdings, in line with CompStak. A number of months in the past, BGO sued flex workspace supplier Convene, alleging it owed it $10.6 million after failing to make hire funds since February.
Quantum Pacific and Metro Loft have pursued tasks collectively elsewhere. Final November, Ofer partnered with Berman on an $88 million purchase of 767 Third Avenue, Ofer’s first funding in U.S. industrial actual property. The acquisition closed with a $55 million mortgage from Financial institution Hapoalim and a conversion is within the works.
Different distinguished FiDi conversion tasks within the works embrace Metro Loft developments at 25 Water Avenue and 111 Wall Avenue — the latter of which not too long ago secured a historic $779 million financing package deal — in addition to tasks at 55 Broad Avenue and One Wall Avenue.
Apollo and GIC not too long ago provided an $835 million debt package to refinance the 1,320-unit constructing at 25 Water Avenue, developed by GFP Actual Property, Metro Loft and Rockwood Capital.
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Idan Ofer, Nathan Berman pursue 101 Greenwich conversion
GFP Real Estate, Metro Loft land $835M refi at 25 Water Street
Nathan Berman to convert 767 Third Ave office to resi
