Northwind Group Secures $21 Million Loan for New Condominium Development in Brooklyn's Greenpoint

Northwind Group Funds $21 Million Loan in Greenpoint, Brooklyn

On July 1, 2026, Northwind Group, a prominent real estate private equity firm based in Manhattan, made headlines with the announcement of a substantial $21 million first-mortgage acquisition and predevelopment loan. This financial support is aimed at transforming a site located at 148-150 Green Street in Brooklyn's trendy Greenpoint neighborhood into a modern residential building with commercial space,

The project is spearheaded by Investmates Real Estate Development, a well-established Brooklyn-based firm known for its impressive portfolio of over 20 completed residential and mixed-use projects across the boroughs, including both Greenpoint and Williamsburg.

The designated site currently consists of an unoccupied commercial building that boasts 170 feet of street frontage, ideally positioned between Manhattan Avenue and Franklin Street. This area has been recognized as one of Brooklyn's most desirable residential neighborhoods, making it a prime location for development. The existing structure will be demolished to make way for a seven-story condominium building designed by INOA Architecture. The plans include a diverse range of residential options featuring one-, two-, and three-bedroom units, all situated within a fully amenitized environment that will offer residents top-notch facilities, including a full-time doorman, spa, and gym.

The funds from the loan will be utilized not only for the acquisition of the property but also for various predevelopment costs, effectively preparing the site for the upcoming construction.

This loan is part of Northwind Debt Fund III, the latest in a series of closed-end credit vehicles managed by Northwind Group, which focuses on real estate debt investments in major U.S. markets and across various asset classes.

Ran Eliasaf, Founder and Managing Partner of Northwind Group, expressed his satisfaction with the loan arrangement, highlighting Investmates' proven track record in residential development. He noted, "We are pleased to provide this loan to Investmates, a repeat borrower of Northwind with a consistent track record in residential development. This submarket has seen robust buyer demand, limited new supply, and sustainable pricing trends that are continuing to bolster its value. The neighborhood's transformation over the past decade has been remarkable, attracting both prospective homeowners and institutional investments, and we anticipate this growth trajectory will persist. We have confidence in Investmates' ability to follow through on their business plan, and we are excited to support them throughout this project’s development."

In response, Koby Telyas and Idan Shitrit from Investmates expressed their enthusiasm at acquiring the prime Greenpoint location and emphasized their commitment to building within a neighborhood that has proven to be highly desirable. "We look forward to providing residential options to our buyers in Greenpoint, and we appreciate Northwind's continued support and belief in our vision. Their partnership has been crucial to advancing our goals, and we look forward to working closely with them on this development."

The loan was successfully secured through an off-market channel, attributed to a direct relationship between Northwind and the developer, underscoring the strength of alliances in real estate financing.

About Northwind Group
Founded in 2008, Northwind Group specializes in real estate private equity and debt fund management and has successfully executed more than $10 billion in transactions nationwide. Their focus is on delivering robust returns through strategic investments in real estate and healthcare properties across 25 states. For further details, please visit Northwind Group's website.

About Investmates Real Estate Development
Founded by Koby Telyas and Idan Shitrit, Investmates Real Estate Development is dedicated to bringing high-quality projects to Brooklyn. With a solid reputation built over 15 years, they engage in all stages of real estate development, from acquisition to construction, leveraging an in-house general contracting team.

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