Northwind Group, a real estate private equity firm and debt fund manager based in Manhattan, has provided a $35 million first mortgage loan secured by Carmel Towers, a 25-story, 216-unit multifamily apartment building in Newark, New Jersey.  

The property is undergoing a comprehensive renovation to become a modern rental apartments geared toward workforce housing. The loan, offered through Northwind Group’s closed-end debt funds, will provide the owner with the necessary capital to complete the renovation and stabilize the property.  

“We are pleased to be able to provide this loan, as we recognize a big gap in the market for financing as commercial banks are slowing down their lending activities due to regulatory and macro-level factors,” said Ran Eliasaf, founder and managing partner of Northwind Group.