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, 216-unit multifamily apartment building 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 necessary capital to complete the renovation and stabilize the property.
Ran Eliasaf – founder and managing partner of Northwind Group – commented on this transaction: “We recognize there is currently a big gap in financing due to commercial banks slowing down their lending activities for regulatory and macroeconomic reasons; therefore we are pleased that our Loan will help bridge this gap.”
