Northwind Provides $111M Mortgage for Houston Condos

Northwind Group provided a $111 million first mortgage condo inventory loan collateralized by The Hawthorne, a high-end 17-story residential condominium tower totaling 67 units located in the upscale Tanglewood neighborhood of Houston, Texas.

The Borrower is a joint venture between Pelican Builders, one of the leading condo developers in Houston, and Ember Group, a private real estate investment and development firm.

Northwind Group provided the loan with competitive terms that will provide the sponsorship with the required capital and time to complete the project and sell the remaining unsold units.

“The risk profile fits well within our investment criteria as over 50% of the units have already been pre-sold,” said Northwind’s Ran Eliasaf. Since the beginning of 2024, Northwind has closed on over $300M in loans through our debt funds. John Fenoglio of CBRE arranged the financing alongside Brock Hudson.

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