New York & Tri-State + Downtown New York + Finance | February 2, 2023

Stalled Downtown Manhattan Condo Project Back on Track with $313M Financing

A supertall residential development at 125 Greenwich St. in Lower Manhattan, stalled for years due to financing complications, is back on the road to completion. Real estate private equity firm Northwind Group provided a $313-milion first mortgage completion-to-condo-inventory loan to a joint venture of Fortress Investment Group, Bizzi & Partners and U.S. Immigration Fund, LLC.

“We were able to curate an intricate financing solution that will allow the Sponsor to complete this one-of-a-kind asset,” said Ran Eliasaf, founder and managing partner of Northwind Group. “This project will be transformative for Lower Manhattan.”

The 88-story, 912-foot-tall building, which has topped out, will be constructed by Time Square Construction in a JV with Plaza Construction. The project will be renamed and will be marketed by Douglas Elliman.

Walker & Dunlop’s New York Capital Markets team, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz, arranged the financing.

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Inside The Story

Northwind GroupWalker & Dunlop's Appel

About Paul Bubny

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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