**Northwind Group Provides $90M Loan 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 building in Midtown Manhattan is set to be transformed into approximately 430 multifamily rental units.
The property, formerly owned by the Durst Organization, is being acquired and repositioned by a joint venture between David Werner Real Estate Investments and Nathan Berman’s Metro Loft Management.
This transaction marks the joint venture’s second major office-to-residential conversion in Midtown. The duo is also behind the redevelopment of the nearby former Pfizer headquarters, which will deliver 1,600 residential units — the largest office-to-residential conversion project in New York City to date. Northwind Group also provided financing for that transformation in two separate deals.
“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,” said Ran Eliasaf, founder and managing partner of Northwind Group.
The acquisition of 675 Third Avenue was arranged by Adam Spies and Jordan Roeschlaub of Newmark.
