Northwind Group Announces Final Close of Northwind Debt Fund III with $1 Billion in Capital Commitments

Northwind's new flagship real estate credit fund doubles its $500 million target while adding new institutional investors amid strong demand for durable, income-oriented real estate credit

NEW YORK, Oct. 21, 2026 /PRNewswire/ -- Northwind Group ("Northwind"), a New York-based real estate private equity and debt fund manager, today announced the final close of Northwind Debt Fund III ("NDF III" or the "Fund") with $1 billion in committed capital, doubling its $500 million target and making it the largest fund in Northwind's history.

NDF III continues Northwind's flagship real estate credit strategy, which the firm launched in 2017. The Fund primarily originates senior-secured bridge loans across major U.S. gateway markets, with a focus on acquisition, bridge, condo inventory, construction, office-to-residential conversions, pre-development, lease-up and other specialized financing solutions.

The successful capital raise reflects the depth of Northwind's existing investor base and its growing institutional presence. Many of Northwind's longstanding investors returned to NDF III with increased commitments, and the Fund welcomed a significant number of new institutional investors. NDF III's investor base includes leading pension funds, insurance companies, banks, family offices and ultra-high-net-worth individuals, both domestic and international. NDF III is designed to generate consistent current income for investors through senior-secured floating-rate loans structured to prioritize capital preservation and backed by high-quality real estate and sponsors in supply-constrained markets.

The strength of the raise also reflects investors' growing appetite for durable, asset-backed credit strategies with strong downside protection. As banks continue to pull back from transitional, construction and bridge lending amid heightened regulatory capital requirements and balance sheet constraints, borrowers are increasingly turning to private lenders that can provide reliable capital and certainty of execution. Northwind views this shift as structural rather than cyclical and expects demand for its lending solutions to remain strong for years to come.

NDF III is Northwind's third real estate debt fund and fifth credit fund overall, building on the successful deployment of its predecessor funds and a track record of more than $11 billion in transaction volume across all Northwind vehicles. Since holding its first close in January 2025, the Fund has already originated $1.5 billion in loans across markets including New York City, South Florida, Los Angeles and Chicago. Notable investments include: (i) a $401 million senior completion-to-condo inventory loan for the Ritz-Carlton-branded residences in Palm Beach Gardens, Florida, (ii) a $208 million first mortgage construction loan for an office-to-residential conversion in Downtown Brooklyn, (iii) a $180 million acquisition loan, including a future good-news funding facility, secured by a 55-story, Class A office tower with 1,700 parking spaces in the Bunker Hill submarket of Los Angeles, and (iv) a $98 million senior loan for the acquisition and pre-development of an existing condominium building in the South Beach submarket of Miami Beach, Florida, which will ultimately be demolished and redeveloped into a 100-unit luxury residential condo building.

"The final close of NDF III is a defining milestone for Northwind and a strong endorsement of our growing credit platform," said Ran Eliasaf, Founder and Managing Partner of Northwind Group. "We are grateful to our longstanding investors for their continued support and proud to welcome a new group of partners. I'm especially proud that we completed this capital raise entirely in-house, without the use of a third-party placement agent. We believe the current environment presents one of the most attractive lending opportunities we have seen, and NDF III positions us to capitalize on it on a greater scale than ever before. Sponsors increasingly look to Northwind as a dependable source of capital, and NDF III allows us to meet that demand while staying true to our disciplined investment philosophy. Our ability to underwrite complex situations, from condo inventory to office-to-residential conversions, and to close with speed and certainty is what continues to set us apart."

"Demand for flexible, reliable bridge capital remains strong in New York City and other supply-constrained markets across the U.S., as sponsors navigate a shifting interest rate environment and a wave of upcoming loan maturities," said Michael Ainbinder, Partner and Head of Commercial Real Estate Credit at Northwind Group. "The market dislocation we've seen over the past several years has fundamentally changed the role private lenders play in commercial real estate finance. With NDF III, we have greater capacity to step into that gap, support high-quality sponsors and capitalize on opportunities where complexity and speed matter. We believe this is an especially compelling time to be deploying capital in real estate credit."

About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a New York-based real estate private equity and credit fund manager. In 2017, Northwind launched its real estate credit platform, providing senior bridge financing secured by residential and commercial properties in major U.S. gateway markets. Through its healthcare credit platform, Northwind provides structured financing and bridge-to-HUD loans secured by income-producing portfolios of skilled nursing and senior living properties. Across its strategies, Northwind has transacted on more than $11 billion in real estate debt and equity investments. For more information, visit www.northwind-group.com.

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This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interest in any fund managed by Northwind Group or its affiliates.

SOURCE Northwind Group