Northwind Group, a real estate private equity firm and debt fund manager based in Manhattan, has provided a $35 million first mortgage loan secured by Carmel Towers, a 25-story multifamily apartment building with 216 units located in Newark, New Jersey. The property is undergoing an extensive renovation to become modern rental apartments geared toward workforce housing. Northwind Group’s closed-end debt funds have offered the loan to provide the owner with capital needed for completing the renovation and stabilizing the property.
Ran Eliasaf – founder and managing partner of Northwind Group – commented: “We are pleased to offer this Loan as we recognize there is currently an unmet demand for financing due to regulatory and macro-level factors that have caused commercial banks to reduce their lending activities.”
