SHVO Closes $120M Inventory Loan on Mandarin Oriental Residences

Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, provided a $120-million first-mortgage inventory loan secured by the remaining 50 residential condominium units at The Mandarin Oriental Residences Fifth Avenue. The property is a recently completed 65-unit residential condominium property branded and managed by the Mandarin Oriental and located on the corner of 54th Street and Fifth Avenue.

The borrower was SHVO, which developed the property with Deutsche Finance. Located at 685 Fifth Ave. in Midtown Manhattan, the property features 65 luxury residences, starting at $1.85 million.

“This transaction marks a significant milestone for the Mandarin Oriental Fifth Avenue, reflecting the strength of the Mandarin and SHVO brands,” said Michael Shvo, founder, CEO & chairman of SHVO. “The strong sales for these premium residences reinforce their appeal as ideal pied-à-terres – all owners have to do is arrive, every detail is accounted for to provide fully furnished, turnkey living in one of New York’s most desirable neighborhoods.”

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