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David Werner, Metro Loft Land Financing on Second Midtown Resi Conversion
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, originated a $90-million senior first-mortgage loan for the acquisition and pre-development of 675 Third Ave., a 32-story, Class A office building in Midtown Manhattan slated for conversion into approximately 430 multifamily rental units. The acquisition and conversion of 675 Third, formerly owned by the Durst Organization, are led by a joint venture between David Werner Real Estate Investments and Nathan Berman’s Metro Loft Management.
The JV is responsible for the nearby redevelopment of the former Pfizer headquarters into 1,600 residential units, marking New York City’s largest office-to-residential conversion project to date and also financed by Northwind Group in two separate transactions.
Ran Eliasaf, founder and managing partner of Northwind Group, said, “It is amazing to see how, between the three loans we have made, a full city block on 42nd Street between Third and Second avenues is being converted from office to residential rental units.”
The acquisition was arranged by Adam Spies and Jordan Roeschlaub of Newmark.
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
