Northwind Group Furnishes $62M Financing on Long Island City Condos
Northwind Group, a Manhattan based real estate private equity firm, provided a $62-million first mortgage completion-to-condo-inventory loan secured by 86 for-sale residential units located in a prime area of Long Island City at 41-05 29th St., also known as NOVA. The borrower is a joint venture between SB Development and Hazelton Capital Group,
“We are thrilled to be able to provide a flexible financing solution in a short time frame given the current state of the capital markets to an experienced and high-quality sponsor,” said Ran Eliasaf, managing partner of Northwind Group.
“This loan was sourced directly by our team in an off-market transaction. We continue to believe in the long-term success of the NYC residential market and continue to provide loans even in current market conditions to properties and borrowers that meet our underwriting criteria. We expect to close on over $600 million of new loans before year end.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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