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Northwind Provides $75M Senior Mortgage for Pfizer Headquarters Conversion
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced provided a $75-million senior mortgage acquisition predevelopment loan secured by 219 E. 42nd St. the former Pfizer headquarters in Midtown Manhattan. The nine-story building is planned to be converted and redeveloped into a 29-story Class A multifamily rental property with up to 660 units.
The property was acquired by a joint venture between affiliates of Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments (DWREI). Combined with the conversion of the adjacent vacant property at 235 E. 42nd St., also controlled by Metro Loft and DWREI, the property reportedly will be part of the largest conversion project in New York City history.
This is Northwind’s second loan to DWREI in the last month. The announcement comes on the heels of the closing of a $95-million acquisition loan for 100 Wall Street, a 515,000-square-foot office building in Lower Manhattan’s Financial District which was acquired by a joint venture between BLDG and DWREI.
Northwind was represented by John Vavas of Polsinelli Law Firm.
- ◦Financing
