Northwind Group, a private equity firm and debt fund manager based in Manhattan, has announced the provision of a $75 million senior mortgage acquisition predevelopment loan for 219 E. 42nd St., the former Pfizer headquarters located in Midtown Manhattan. The nine-story building is set to undergo conversion and redevelopment into a 29-story Class A multifamily rental property with up to 660 units.
The property was acquired by a joint venture between Metro Loft Management (led by Nathan Berman) and David Werner Real Estate Investments (DWREI). This acquisition also includes the adjacent vacant property at 235 East 42nd St., which is also controlled by Metro Loft and DWREI. Once completed, this project will be recognized as one of the largest conversion projects in New York City’s history.
This marks Northwind’s second loan to DWREI within the past month. This announcement follows their recent closing of a $95 million acquisition loan for another joint venture between BLDG and DWREI for their purchase of an office building at100 Wall Street spanning over half-a-million square feet in Lower Manhattan’s Financial District.
John Vavas from Polsinelli Law Firm represented Northwind during these transactions.
