Northwind Group Final-Closes Debt Fund III at $1 Billion, Doubling Its Target

Northwind Group closed Northwind Debt Fund III with $1 billion in committed capital, doubling its $500 million target, the New York-based real estate private equity and debt fund manager said on October 21, 2026. The firm announced the final close in a PR Newswire release.

Northwind Debt Fund III Reaches $1 Billion

The fund is the largest in Northwind's history and its third real estate debt fund and fifth credit fund overall. It primarily originates senior-secured bridge loans across major U.S. gateway markets, with a focus on acquisition, bridge, condo inventory, construction, office-to-residential conversions, pre-development and lease-up financing.

Northwind said many longstanding investors returned with increased commitments and the fund welcomed a significant number of new institutional investors. The investor base includes pension funds, insurance companies, banks, family offices and ultra-high-net-worth individuals, both domestic and international.

"The final close of NDF III is a defining milestone for Northwind and a strong endorsement of our growing credit platform," said Ran Eliasaf, Founder and Managing Partner of Northwind Group. He said the capital raise was completed entirely in-house, without a third-party placement agent.

Michael Ainbinder, Partner and Head of Commercial Real Estate Credit, said demand for flexible bridge capital remains strong in New York City and other supply-constrained U.S. markets as sponsors navigate a shifting interest rate environment and upcoming loan maturities.

Since its first close in January 2025, the fund has originated $1.5 billion in loans across New York City, South Florida, Los Angeles and Chicago. Notable investments include a $401 million senior completion-to-condo inventory loan for the Ritz-Carlton-branded residences in Palm Beach Gardens, Florida, a $208 million first mortgage construction loan for an office-to-residential conversion in Downtown Brooklyn, a $180 million acquisition loan secured by a 55-story Class A office tower in the Bunker Hill submarket of Los Angeles, and a $98 million senior loan for the acquisition and pre-development of a condominium building in the South Beach submarket of Miami Beach.

Northwind's Funding and Investment Record

According to akta.pro company records, Northwind has transacted more than $5.6 billion in debt and equity investments across residential, commercial, senior living and healthcare properties, with $4.8 billion in real estate-secured loan originations across more than 100 loans. The same records show the firm's healthcare credit platform closed Northwind Healthcare Debt Fund II at $342.5 million, surpassing its $250 million target.

Loans Leading Up to the Final Close

Northwind originated a $401 million first-mortgage completion-to-inventory loan for The Ritz-Carlton Residences, Palm Beach Gardens in Florida, PR Newswire reported in May 2026. The firm announced a $300 million institutional capital partnership with ATLAS SP Partners for NDF III in May 2026, a deal it said lowers the fund's cost of capital.

In July 2026, Northwind originated a $21 million first-mortgage acquisition and predevelopment loan for a 73-unit condominium development in Greenpoint, Brooklyn, from Northwind Debt Fund III, according to PR Newswire. The firm provided a $208 million construction loan for the office-to-residential conversion of 141 Willoughby Street, a 355,000-square-foot Class A tower in Downtown Brooklyn, PR Newswire reported in September 2026.

Northwind's Next Steps

Northwind's credit platform, launched in 2017, provides senior bridge financing secured by residential and commercial properties in major U.S. gateway markets. The firm was founded in 2008 by Ran Eliasaf.