Northwind Group Secures $11 Million Loan for Luxury Project
Northwind Group's Recent Financing Development
Northwind Group, a renowned real estate private equity firm, has successfully secured an $11 million first mortgage loan for acquiring a prime land site. This site, located at 10 West 17th Street, is set to be developed into a stunning 23-unit luxury residential condominium project. The financing marks a significant milestone in Northwind's ongoing contributions to the residential market.
Details on the Loan Arrangement
This loan was facilitated by Northwind Debt Fund III, which focuses on real estate credit investments in major markets. Northwind Group experienced a remarkable year in 2024, with over $1.1 billion in originations. The firm continues to prioritize new opportunities across targeted regions.
Spotlight on Prosper Property Group
Leading the development at 10 West 17th Street is Prosper Property Group, known for its expertise in delivering exceptional residential projects. The development promises to rise 18 stories high, featuring 23 meticulously designed luxury residences that range from two to four bedrooms. Its prime location is anticipated to make it a sought-after choice for future residents.
Comments from Leadership
Ran Eliasaf, Founder and Managing Partner of Northwind Group, expressed enthusiasm regarding this strategic financing decision. He stated, "We are pleased to provide financing at a favorable basis in one of Manhattan's most sought-after neighborhoods. The Flatiron District continues to exhibit strong demand for boutique luxury residential offerings." Through this partnership with Prosper Property Group, Northwind aims to contribute significantly to the supply of high-quality housing within the city.
A Strong Understanding of Market Needs
Eddie Bender, Principal of Prosper Property Group, commended Northwind for their professionalism and seamless collaboration during the loan process. He mentioned, "We were impressed with Northwind's experience and expertise, making the loan closing a seamless transaction. We look forward to advancing this project and enhancing the Flatiron neighborhood with high-quality residences." Their joint commitment is to meet the evolving expectations of homebuyers in Manhattan.
About Northwind Group
Founded in 2008, Northwind Group has established itself as a leading player in the real estate investment space, specifically focusing on credit investments. With a robust track record of $5.7 billion in real estate transactions, the firm remains dedicated to creating valuable partnerships and fostering growth within the market.
About Prosper Property Group
Prosper Property Group, founded by Damien Smith and Eddie Bender, specializes in developing luxury residential projects in key urban areas. Their comprehensive approach ensures they manage every phase of the real estate process effectively.
Frequently Asked Questions
What is the purpose of the $11 million loan?
The loan is intended for the acquisition and development of a luxury condominium project at 10 West 17th Street.
Who is leading the development of the project?
Prosper Property Group is leading the development, aiming to create high-quality residential units in the Flatiron District.
What type of residences will be built?
The project will feature 23 luxury residential units ranging from two to four bedrooms.
When did Northwind Group announce this financing?
Northwind Group announced this financing for the project following a record year of originations, emphasizing its commitment to the market.
How can interested parties learn more about Northwind Group?
For more information, parties can visit Northwind Group's official website for comprehensive details about their projects and offerings.
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