Northwind Group Provides a $111 Million First-Mortgage Loan Secured by 67 Brand New Residential Condominiums at The Hawthorne in Houston, TX

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Feb 20, 2024, 09:00 ET

NEW YORK, Feb. 20, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announced today that through its closed-end debt funds it provided a $111 million first mortgage condo inventory loan collateralized by The Hawthorne, a high end 17-story residential condominium tower totaling 67 units and a wide range of amenities located in the upscale Tanglewood neighborhood of Houston, Texas.

The Borrower is a joint venture between Pelican Builders, one of the leading condo developers in Houston, and Ember Group, a private real estate investment and development firm.

"We are very pleased to have closed a more favorable financing program for our Hawthorne condominium development with Northwind Group who proved to be the best solution for our needs. We worked with long time Houston mortgage banking veteran, John Fenoglio, to find the best loan program and are pleased to have worked with such experienced professionals in both Northwind Group and CBRE," said Derek Darnell of Pelican Builders.

Northwind Group provided the loan with competitive terms that will provide the Sponsorship with the required capital and time to complete the project and sell the remaining unsold units. Northwind Group has become one of the prominent condo inventory lenders in NYC and other major gateway cities and is actively providing capital to quality borrowers and properties.

"This loan sits well within Northwind's strategy to provide financing to high quality sponsors and properties in major gateway cities across the country. The risk profile fits well within our investment criteria as over 50% of the units have already been pre-sold. Since the beginning of 2024, Northwind has already closed on over $300M in loans through our debt funds. We view Houston as a growth market and this is the second loan we closed on in this city. We look forward to working with Pelican Builders and Ember Group on this exciting transaction," said Ran Eliasaf, founder and managing partner of Northwind Group.

"CBRE is proud to have been a part of this successful transaction. Northwind is the perfect capital partner for The Hawthorne due to their flexibility, attractive financing terms, and deep understanding of the condo market. In addition to offering competitive terms, Northwind provided reliable execution and a smooth closing process. They went from signed term sheet to closing in less than 45 days," said John Fenoglio of CBRE who arranged the financing alongside Brock Hudson.

About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.

About Pelican Builders
Pelican Builders is a residential development company based in Houston, Texas and one of the city's premiere condominium developers. The principals of the company are Robert F. Bland, Robert F. Bland, Jr., and Derek W. Darnell who have been active in the Houston area for more than forty years with extensive experience in all types of residential development.

About Ember Group
Ember Group is a private real estate investment and development firm specializing in land acquisition and delivery of master planned communities, industrial, condominiums, and select residential projects. The principals of Ember Group include Harry Masterson, Jordan Mack, and Vicente Rangel.

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SOURCE Northwind Group