#United States #New York #Northwind Group #675 Third Avenue #David Werner

Northwind Group's Strategic Investment in Midtown Manhattan

Northwind Group, a real estate private equity firm known for its debt fund management in Manhattan, has recently declared a significant financial move. The firm originated a $90 million senior first-mortgage loan aimed at acquiring and facilitating the pre-development of 675 Third Avenue, a prominent 32-story Class A office building located in Midtown Manhattan. This building is set for transformation into approximately 430 multifamily rental units, an initiative in response to the pressing housing demand in New York City.

This loan was structured through Northwind's latest debt fund, Northwind Debt Fund III, which was launched in January 2025. The fund has already gained traction, with the firm achieving nearly $300 million in new originations in just the first quarter. This rapid success follows the impressive performance witnessed in 2024, during which Northwind executed over $1.1 billion in loan originations across its credit platform. NDF III marks the firm’s fifth credit-focused fund, complementing its two dedicated healthcare debt funds and previous real estate debt funds.

The undertaken conversion project at 675 Third Avenue is being jointly managed by a knowledgeable partnership comprising David Werner Real Estate Investments (DWREI) and Nathan Berman’s Metro Loft Management. This collaboration has a noteworthy track record, having successfully redeveloped the former Pfizer headquarters into 1,600 residential units. This particular project is renowned as New York City's largest office-to-residential conversion initiative to date, which was also financed by Northwind Group.

The latest loan further solidifies Northwind's established partnership with DWREI and Metro Loft. Last August, Northwind facilitated a $75 million acquisition loan for 219 East 42nd Street, followed by a $135 million loan in January 2025 for the adjacent 235 East 42nd Street property. These achievements underline Northwind’s confidence in its sponsors’ capabilities and strategic vision.

David Werner, President of DWREI expressed his satisfaction, stating, “We are pleased to announce yet another successful loan closing with Northwind Group. They worked efficiently to adhere to our agreement while providing a flexible financing structure.” Similarly, Nathan Berman, Founder of Metro Loft, echoed his enthusiasm about the collaboration, emphasizing their ability to leverage critical financing support from Northwind Group to enhance this prime location.

Ran Eliasaf, Founder and Managing Partner at Northwind Group remarked on the significance of the project, noting, “675 Third Avenue is uniquely suited for conversion owing to its prime location, ample natural light, and efficient floor plans. Having witnessed the progression at the former Pfizer building redevelopment, we are confident in DWREI and Metro Loft’s capability to mirror that success here.” He highlighted the importance of this conversion in alleviating New York's ongoing housing shortage, supported by recent legislative initiatives like the City of Yes, and updated tax abatement programs.

Moreover, this financing reflects Northwind Group's pioneering role in transforming commercial properties to meet the growing housing needs within the city. This initiative marks a remarkable achievement as it progresses a complete city block on 42nd Street between 3rd and 2nd Avenues from office spaces to residential rental units. Northwind Group proudly positions itself at the forefront of such market-leading, trend-setting projects, further solidifying its reputation in the industry.

The acquisition was facilitated by Adam Spies and Jordan Roeschlaub of Newmark, showcasing the collaborative spirit within the real estate sector that aims to address the critical housing demands in urban areas.

About Northwind Group

Founded in 2008 by Ran Eliasaf, Northwind Group is a distinguished Manhattan-based real estate private equity firm specializing in innovative debt investment solutions through discretionary, closed-ended funds. The firm has robustly executed over $5.6 billion in real estate transactions, covering more than 320 properties, showcasing its pivotal role in shaping the New York real estate landscape.

About Metro Loft

Established in 1997 by Nathan Berman, Metro Loft has made a mark in the real estate space with its dedication to transforming office buildings into residential spaces throughout New York City. Its influence is particularly noted in Lower Manhattan, where it has developed significant condominium and rental properties, contributing extensively to the city’s residential landscape.

About David Werner Real Estate

David Werner Real Estate Investments, based in New York City, has a rich history, spearheaded by industry veteran David Werner. The firm possesses over four decades of experience in commercial real estate investments, maintaining a strong presence in both office and residential sectors throughout the iconic properties of New York City.