Northwind Group, a real estate private equity firm and debt fund manager based in Manhattan, recently provided a $135 million first mortgage loan for the acquisition 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 a partnership between Northwind Group and David Werner Real Estate Investments (DWREI), who used the funds along with their own equity to acquire the fee position from the Seaver family. Metro Loft, owned by Nathan Berman and already holding the leasehold interest on the property, will continue as tenant under ground lease and lead the conversion process.
This is not Northwind’s first collaboration with this joint venture – last August they provided a $75 million first mortgage loan for another property at 219 East 42nd St. Together, these two properties will yield around 1,600 multifamily units which reportedly makes it one of NYC’s largest office-to-residential conversions ever.
The financing was facilitated by Northwind’s newest debt fund NDF III which launched earlier this year in January.
