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New York & Tri-State  + Outer Boroughs  + Apartments  | 

141Willoughby Residential Conversion Snags $208M Construction Loan

Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, originated a $208-million first mortgage construction loan for 141 Willoughby St., a 24-story, 355,000-square-foot Class A tower in Downtown Brooklyn. Loan proceeds retired the existing debt on the property and will fund its partial conversion into 239 rental apartments across floors 8 through 23 and the commercial lease-up on floors 1-7, which have been rebranded as 385 Gold.

The conversion is being led by a joint venture between Capstone Equities and BH3 Fund Advisors, which took control of the property in 2025 and has spent the past year in predevelopment. Originally delivered in 2023, the tower was built to full Class A institutional specification but was never occupied.

The financing was arranged by Rob Turner and Ethan Pond of Eastdil Secured Savills. Northwind was represented by John Vavas of Polsinelli Group and the JV was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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