**David Werner, Metro Loft Secure $90M Financing for Midtown Office-to-Residential Conversion**
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has originated a $90 million senior first-mortgage loan for the acquisition and pre-development of 675 Third Avenue. The 32-story, Class A office tower in Midtown Manhattan, previously owned by the Durst Organization, is slated for conversion into approximately 430 multifamily rental units.
The project is being led by a joint venture between David Werner Real Estate Investments and Nathan Berman’s Metro Loft Management. This team is also spearheading the nearby transformation of the former Pfizer headquarters into 1,600 residential units — currently the largest office-to-residential conversion taking place in New York City. This neighboring redevelopment was also financed by Northwind Group through two separate transactions.
Ran Eliasaf, founder and managing partner of Northwind Group, commented on the scope of the projects: “It is amazing to see how, between the three loans we have made, a full city block on 42nd Street between Third and Second Avenues is being converted from office to residential rental units.”
The acquisition of 675 Third Avenue was arranged by Adam Spies and Jordan Roeschlaub of Newmark.
