Northwind Group, a Manhattan based real estate private equity firm, today announces that through its real estate debt funds, the firm provided a $62 million first mortgage completion to condo inventory loan secured by 86 for-sale residential units located in a prime area of Long Island City at 41-05 29th Street also known as NOVA. The Borrower is a joint venture between SB Development and Hazelton Capital Group, who together possesses extensive experience developing residential properties throughout New York City and other markets.
Northwind was able to close on the loan quickly and efficiently with flexible terms, which provided time and capital to complete the project and sellout the residential condominium units. Despite a highly volatile capital markets environment, Northwind remains committed to lending in NYC, and is actively lending to quality borrowers with well located assets. Northwind is equipped to provide flexible financing solutions from its three discretionary debt funds under management, which combined have already deployed over $1 billion in loans.
“We are thrilled to be able to provide a flexible financing solution in a short time frame given the current state of the capital markets to an experienced and high-quality sponsor. This loan was sourced directly by our team in an off-market transaction. We continue to believe in the long-term success of the NYC residential market and continue to provide loans even in current market conditions to properties and borrowers that meet our underwriting criteria. We expect to close on over $600M of new loans before year end,” says Ran Eliasaf, Founder and Managing Partner of Northwind Group.
“Northwind was able to structure a flexible loan at an attractive basis and moved swiftly with our timeline. We look forward to continuing our relationship and to a successful execution of the business plan as we finish construction and complete the sell-out of this new LIC landmark,” says Joseph Stern, Managing Partner of SB Development Group.