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Northwind Provides $135M Acquisition Loan on Former Pfizer Headquarters
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, provided a $135-million first mortgage acquisition loan secured by the fee interest in 235 E. 42nd St., formerly part of Pfizer’s headquarters in Midtown Manhattan. The vacant 33-story office tower is planned to be converted into a Class A multifamily property with approximately 910 units.
The loan proceeds coupled with equity from David Werner Real Estate Investments (DWREI) were used to acquire the fee position from the Seaver family. A joint venture between an affiliate of DWREI and Nathan Berman’s Metro Loft, who already owns the leasehold interest, will remain as the tenant under the ground lease and lead the office-to-residential conversion.
Last August, Northwind Group a $75-million first mortgage loan to the same joint venture for 219 East 42nd St. Together, the two properties will yield approximately 1,600 multifamily units, reportedly yielding the largest office to residential conversion in NYC history.
The loan was originated by Northwind’s latest debt fund, NDF III, formally launched in January.
- ◦Development
- ◦Financing
