Northwind Group Provides a $22 Million First Mortgage Loan for 303 Washington Street (92-Unit Multifamily) in Newark, NJ

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Jan 30, 2024, 09:00 ET

NEW YORK, Jan. 30, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced today that it provided a $22 million first mortgage loan secured by 303 Washington Street, a 10-story, 92-unit multifamily apartment building located in Downtown Newark, NJ. The Property is undergoing a conversion from a 5-story office building into a modern rental apartment building. Once complete, the Property will feature a mix of studio, one bedroom, and two bedrooms units as well as modern luxury amenities and a 360-degree rooftop deck.

The developer is a joint venture between Summit Assets and Winchester Equities, who collectively have extensive experience developing adaptive reuse projects in Downtown Newark and the greater New York area.

Northwind Group provided the loan through its closed-end debt funds with competitive terms, which will provide the owner with the required capital to complete the construction and lease the Property to stabilization. Northwind Group's real estate debt funds lend primarily on residential assets with a focus on the New York City metro area and other major gateway cities across the US. During the last 12 months, Northwind Group closed on loans totaling over $1.1 billion across the US.

"Northwind's financing was a critical step for the completion of 303 Washington as they were able to provide a loan with flexible terms and close in a short period of time. The process was handled with the utmost professionalism, and we were impressed by the diligence and swiftness of their team as we hope to continue working with them in the future," said Albert Nigri of Summit Assets.

"We are pleased to be able to provide this Loan, as we are continuing to see a big gap in the market for financing as commercial banks have slowed down their lending activities due to regulatory and macro-level factors," said Ran Eliasaf, founder and managing partner of Northwind Group.

The financing for the transaction was arranged by Zach Mordechai and Ben Frances of MSCO Capital Advisors LLC.

Northwind was represented by John Vavas of Polsinelli Law Firm.

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 Summit Assets
Summit Assets, led by Albert Nigri, specializes in value-add, and development of real estate assets and has a portfolio of residential and commercial assets in New York and New Jersey.

About Winchester Equities
Winchester Equities, led by Avi Benamu and Jack Hazan, is a real estate investment firm specializing in commercial real estate with an extensive portfolio of residential and commercial assets concentrated in New Jersey and Brooklyn.

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SOURCE Northwind Group