Northwind Provides $35M for Carmel Towers in Newark
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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.