Northwind Group Announces Closing of $62 Million Inventory Loan for 86-Unit Condominium Building in Long Island City, New York
NEW YORK, December 7, 2022 /PRNewswire/ — Northwind Groupa manhattan based real estate private equity firm, today announces that, through its real estate debt funds, the company has provided a $62 million completion of the first mortgage to condo inventory loan secured by 86 residential units for sale located in a prime area of City of Long Island at 41-05 29th Street also known as NOVA. The borrower is a joint venture between SB Development and Hazelton Capital Group, who together have extensive experience in developing residential properties across New York City and other markets.
Northwind was able to close the loan quickly and efficiently with flexible terms, which provided time and capital to complete the project and sell the condominium units. Despite a highly volatile capital market environment, Northwind remains committed to lending in New York and actively lends to quality borrowers with well-located assets. Northwind is equipped to provide flexible financing solutions from its three discretionary debt funds under management, which together have already deployed more than $1 billion in loans.
“We are delighted to be able to provide a flexible financing solution at short notice given the current state of capital markets to an experienced and high quality sponsor. This loan was secured directly by our team as part of of an off-market transaction. We continue to believe in the long-term success of the New York residential market and continue to provide loans, even under current market conditions, to properties and borrowers who meet our underwriting criteria. . $600 million new loans before the end of the year,” said Ran Eliasaf, founder and managing partner of Northwind Group.
“Northwind was able to structure a flexible loan on an attractive basis and quickly met our schedule. We look forward to continuing our relationship and successfully executing the business plan as we complete construction and complete the sale. of this new LIC landmark,” says Joseph SternManaging Partner of SB Development Group.
About Northwind Group
The Northwind Group is a manhattan real estate private equity firm based with $3 billion in AUM which invests primarily in debt securities through its discretionary closed-end debt funds. For more information, visit www.northwind-group.com.
SB development
SBD is a real estate developer and general contractor focused on transforming well-placed properties to their greatest potential. Led by its founders Joseph Stern and Roni Benjamini whose backgrounds combine engineering, construction, development, acquisitions and finance. SBD has developed and built more than two dozen core projects in the New York and Florida exceeding several million square feet of commercial and residential development ranging from complex townhouses to high-rise towers.
Hazelton Capital Group
Hazelton Capital Group is focused on strategic property acquisitions through United States. Company executives have over 50 years of combined experience as real estate developers, managers and investors, and have owned and developed properties in more than 15 states.
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SOURCE Northwind Group
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