Northwind Group, a real estate private equity firm and debt fund manager based in Manhattan, has recently provided a $135 million first mortgage acquisition loan for the fee interest of 235 E. 42nd St., formerly part of Pfizer’s headquarters in Midtown Manhattan. The vacant 33-story office tower is set to be transformed into a Class A multifamily property with approximately 910 units.
The loan was made possible through the combination of funds from David Werner Real Estate Investments (DWREI) and Northwind Group. These funds were used to acquire the fee position from the Seaver family. Additionally, DWREI’s affiliate and Nathan Berman’s Metro Loft will continue as tenants under the ground lease agreement and lead the conversion process.
Last August, Northwind Group also provided a $75 million first mortgage loan to this same joint venture for another property located at 219 East 42nd St. Together, these two properties are expected to yield around1 ,600 multifamily units – making it one of NYC’s largest office-to-residential conversions.
This latest transaction was made possible by Northwind Group’s newest debt fund NDF III which launched earlier this year in January.
