BHI Extends $88M Bridge Loan for 845 Third Ave

BHI, the US commercial banking arm of Bank Hapoalim, provided an $88 million bridge loan to a special purpose entity jointly owned by Idan Ofer’s real estate arm and Metro Loft for the acquisition of 845 Third Avenue in Midtown East Manhattan. The financing is intended to restructure the property’s capital as the partners transition the asset from office use to residential.

The 21-story building spans about 350,000 square feet and is planned to be redeveloped into a 529-unit rental tower in Manhattan. Metro Loft will oversee completion of design, zoning optimization, and execution planning for the conversion.