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New York & Tri-State  + Downtown New York  |  September 4, 2024
Paul Bubny
By: Paul Bubny

Northwind Arranges $63M Construction Loan for Gramercy Condos

Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, provided a $63-million senior secured construction loan for the development of a 13-story residential condominium building located at 305 First Ave. in Manhattan’s Gramercy submarket. Financing for the transaction was arranged by Richard and Ryan Horowitz of Cooper Horowitz.

The project is being developed by a joint venture led by New York-based developers T&E 1 Development, in partnership with Minrav Group, an Israeli-based development and infrastructure company. Foundation and excavation work is already underway.

Upon completion, the project will consist of 54 for-sale residential units and 18 parking spaces. The building amenities will include a full-time doorman, residents’ lounge, gym, bike storage room, and rooftop terrace.

“Loans to residential condominium projects are our bread and butter and we are actively seeking additional opportunities to provide swift and seamless executions,” said Ran Eliasaf, founder and managing partner of Northwind Group.

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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).
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