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Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion

Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments.

Loan proceeds retired the existing debt and will fund the conversion of 675 Third into up to 450 apartments, 25% of them affordable. The JV acquired the building in April 2025 with a $90-million acquisition loan from Northwind.

Ran Eliasaf, founder and managing partner of Northwind Group, commented, “Having financed this property since its acquisition, we know the asset and the sponsorship very well, and we have strong conviction in their business plan.” The construction loan was originated by Northwind’s latest debt fund, NDF III, which recently announced its final close at $1 billion, doubling its $500-million target.

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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 19-plus years’ experience covering the commercial real estate industry and 35-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 11-15 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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