Northwind Group Provides a $120 Million First-Mortgage Inventory Loan Secured by 50 Luxury Residential Condo Units in the Mandarin Oriental Residences Fifth Avenue

News provided by

Sep 17, 2024, 09:00 ET

NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced today it provided a $120 million first-mortgage inventory loan secured by the remaining 50 ultra high-end residential condo units in 685 Fifth Avenue. The Property is a recently completed 65-unit residential condominium property branded and managed by the Mandarin Oriental and located on the corner of 54^th street and Fifth Avenue, just a few blocks from Central Park, the units come fully furnished, designed, equipped and stocked with Mandarin custom items offering a seamless move-in hassle free high touch experience.

The loan reaffirms Northwind's strategy lending to high quality and well-built residential properties in NYC and other gateway markets throughout the U.S. In 2024, Northwind has closed on over $1.1 billion in loans across the country and continues to provide capital backed by high quality properties that meet its investment criteria.

The conversion of the former corporate headquarters of Gucci was fully completed in 2024 and offers residents full hotel-like services and amenities, including a rooftop pool on Fifth Avenue, a spa, gym, and Boulud Privé, a private restaurant and bar open exclusively to residents and operated by Michelin-star chef Daniel Boulud. In addition, purchasers benefit from exclusive Mandarin Oriental services such as access to the Mandarin's Residences Elite program, concierge services and booking benefits. The asset continues to see healthy sale velocity with over $25 million of new units under contract slated to close in the next 60-days. This momentum is a testament to the asset quality, location, and style of living that buyers are seeking in today's marketplace.

The property was developed by SHVO and Deutsche Finance America alongside institutional equity partners consisting of Germany's largest pension and insurance fund managers. Together, the sponsorship group was able to navigate construction during the pandemic delivering an ultra-luxury product adjacent to Manhattan's Billionaire's Row. The sponsorship's continued commitment and additional cash equity infused as part of this financing strengthens Northwind's conviction in the success of the property.

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

About SHVO
SHVO is a real estate development and investment firm with offices in Miami, San Francisco, Los Angeles, and Chicago. Since its inception, SHVO has owned or operated a national portfolio with more than $8 billion in assets under management and more than 4.5 million square feet, including the Transamerica Pyramid in San Francisco, Mandarin Oriental Residences in Beverly Hills, and The Raleigh Miami Beach.

Contact: [email protected]

SOURCE Northwind Group