Northwind Group Provides a $63 Million First-Mortgage Construction Loan for a 54-unit Residential Condominium Development in Gramercy, NY

News provided by

Sep 04, 2024, 09:00 ET

NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced today that it provided a $63 million senior secured construction loan for the development of a 13-story residential condominium building located at 305 1st Avenue in Manhattan's Gramercy submarket. Upon completion, the project will consist of 54 for-sale residential units and 18 parking spaces. The building amenities will include a full-time doorman, residents' lounge, gym, bike storage room, and rooftop terrace.

The project is being developed by a joint venture led by NYC-based developers T&E 1 Development, in partnership with Minrav Group (TASE:MNRV), an Israeli-based development and infrastructure company. Foundation and excavation work is already underway with on-site activities led by a project team consisting of ARC Architecture + Design Studio; Wexler engineering; Bicaluro Design; Ross & Associates and JAT Construction Group. Upon estimated completion in 2026, residential sales will be led by Douglas Elliman's Eklund Gomes team.

This closing underscores Northwind's continued commitment to the resilient NYC condominium market. Loans backed by residential condos are a cornerstone of Northwind's credit strategy and investment thesis, reinforced by the ongoing shortage of residential supply in NYC. This year alone, Northwind has closed on over ~$800 million in loans projects in NYC and other gateway markets including Houston, Miami, and the San Francisco Bay area. Northwind is on track to surpass ~$1 billion in commercial real estate loan originations, deployed through its discretionary closed-ended funds.

"We are excited to provide first mortgage financing for this residential development project and we look forward to working with the sponsor team to deliver well-crafted units and enhance the condominium offerings in Gramercy. Loans to residential condominium projects are our bread and butter and we are actively seeking additional opportunities to provide swift and seamless executions," said Ran Eliasaf, founder and managing partner of Northwind Group.

Northwind was represented in this transaction by John Vavas of Polsinelli Law Firm.

Financing for the transaction was arranged by Richard and Ryan Horowitz of Cooper Horowitz.

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.

Media Contact:
Jaclyn Leibrock
[email protected]

SOURCE Northwind Group