NEW YORK, Sept. 14, 2023 /PRNewswire/ — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced today that it provided a $35 million first mortgage loan secured by Carmel Towers, a 25-story, 216-unit multifamily apartment building located in Newark, NJ. The Property is undergoing a comprehensive renovation that will upgrade it into a modern rental apartment building that is geared towards much needed work-force housing. The owner of the property is 440 Elizabeth NJ Urban Renewal LLC, owned and managed by Yisroel (Sruly) Berger, a local real estate developer with extensive value-add experience in Newark.
Northwind Group provided the loan through its closed-end debt funds with competitive terms, which will provide the owner with the required capital to complete the renovation and lease the Property to stabilization. Northwind Group’s real estate debt funds are focused on lending on residential assets primarily in the New York City metro area and other major gateway cities across the US. During the last 12 months, Northwind Group closed on loans totaling over $1 billion across the US.
“Northwind was able to provide a flexible loan that provided us the required capital to finish our project. The team was able to close on the loan quickly and smoothly. We look forward to continuing this relationship with Northwind and to work with their team to complete the renovation of Carmel Towers.”
“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.
The financing for the transaction was arranged by Akiva Drew from Meridian Capital.
Northwind was represented by John Vavas of Polsinelli Law Firm.
About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.
About 440 Elizabth NJ Urban Renewal LLC
440 Elizabeth NJ Urban Renewal LLC, led by Yisroel Berger, specializes in value-add real estate investing and has an extensive portfolio of multifamily and industrial assets through the greater Newark and New York metro area.
Contact: [email protected]
SOURCE Northwind Group
Originally published at https://www.prnewswire.com/news-releases/northwind-group-provides-a-35-million-first-position-senior-secured-loan-for-carmel-towers-in-newark-nj-multifamily-renovation-301927580.html
Images courtesy of https://pixabay.com
