Northwind Group, a Manhattan-based real estate private equity firm, has announced a $63 million senior secured construction loan for a 13-story residential condominium building at 305 1st Avenue in Gramercy, New York City. This investment signifies Northwind’s continued commitment to the resilient New York City condominium market, a cornerstone of their credit strategy and investment thesis. The project, slated for completion in 2026, will consist of 54 for-sale residential units and 18 parking spaces. Residents will enjoy a range of amenities including a full-time doorman, residents’ lounge, gym, bike storage room, and a rooftop terrace.
The development is a joint venture between T&E 1 Development, a New York City-based firm, and Minrav Group, an Israeli-based development and infrastructure company. Construction is already underway, with a project team comprised of ARC Architecture + Design Studio, Wexler engineering, Bicaluro Design, Ross & Associates, and JAT Construction Group. Upon completion, sales will be handled by Douglas Elliman’s Eklund Gomes team.
Northwind has been actively investing in real estate projects across major markets this year. They have closed over $800 million in loans for projects in New York City, Houston, Miami, and the San Francisco Bay area. The company is on track to surpass $1 billion in commercial real estate loan originations through its discretionary closed-ended funds.
“We are excited to provide first mortgage financing for this residential development project and we look forward to working with the sponsor team to deliver well-crafted units and enhance the condominium offerings in Gramercy,” stated Ran Eliasaf, founder and managing partner of Northwind Group. “Loans to residential condominium projects are our bread and butter and we are actively seeking additional opportunities to provide swift and seamless executions.”
Northwind was represented in this transaction by John Vavas of Polsinelli Law Firm, with financing arranged by Richard and Ryan Horowitz of Cooper Horowitz.
About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm that specializes in debt investments through its discretionary closed-ended debt funds. For more information, visit www.northwind-group.com.
