Northwind Group, a Manhattan-based real estate private equity firm, provided a $62 million first mortgage completion to condo inventory loan secured by 86 residential units located in Long Island City, N.Y.
The borrower is a joint venture between SB Development and Hazelton Capital Group, who both have experience developing residential properties throughout New York City and other markets. Northwind is able to provide financing services from its three discretionary debt funds under management, which have deployed over $1 billion in loans.
“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,” states Ran Eliasaf, founder and managing partner of Northwind Group. “We expect to close on over $600M of new loans before year-end.”