Northwind Group, a Manhattan-based real estate private equity firm, has provided a $62 million first mortgage completion to condo inventory loan secured by 86 residential units located in Long Island City known as Nova.
The borrower is a joint venture between SB Development and Hazelton Capital Group. Northwind closed on the loan with flexible terms, which provided time and capital to complete the project and sellout the residential condominium units. Northwind remains focused on lending in New York City, and is actively lending to borrowers with well-located assets.
“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,” says Ran Eliasaf, founder and managing partner of Northwind Group. “We expect to close on over $600 million of new loans before year-end.”