Northwind Group Originates $231 Million Construction Loan for 675 Third Avenue Conversion

Northwind Group originated a $231 million first mortgage construction loan for 675 Third Avenue, a 32-story, 337,000-square-foot office building in Manhattan's Midtown East neighborhood, the firm said in a PR Newswire announcement on November 2, 2026.

Northwind's Loan for 675 Third Avenue

Loan proceeds retired the existing debt on the property and will fund conversion of the building into up to 450 residential rental apartments, 25% of which will be affordable under the 467-m program. The conversion is being led by a joint venture between Nathan Berman's Metro Loft Management and David Werner Real Estate Investments. The joint venture acquired the building in April 2025 with a $90 million acquisition loan from Northwind and has since advanced the property through planning and predevelopment, with preliminary construction activities already taking place on site.

Collaborative Construction Management will serve as construction manager, and Gensler Architecture, Design & Planning has been engaged as architect of record. The loan was originated by Northwind's latest debt fund, NDF III, which recently announced its final close with $1 billion in capitalization, doubling its $500 million target fund size.

Ran Eliasaf, Founder and Managing Partner of Northwind Group, said, "This is the 9th conversion project we have financed in the city, and we continue to bring the experience we gained in past projects to every new transaction as we continue to grow our credit platform." David Werner, President of DWREI, said, "We thank the Northwind team for always being there for us and providing certainty of execution, even on complex projects." Northwind was represented by John Vavas of Polsinelli Group.

Northwind's Lending Record

According to akta.pro company records, Northwind has transacted more than $5.6 billion in total debt and equity investments across residential, commercial, senior living and healthcare properties. The same records put real estate-secured loan originations at $4.8 billion across more than 100 loans. In June 2026 the firm extended a $132 million first-mortgage plus $48 million leasing facility for 333 South Grand Avenue in Los Angeles, its first LA loan to repeat borrower 601W Companies.

Northwind's Earlier 2026 Loans

Northwind closed Northwind Debt Fund III with $1 billion in committed capital in October 2026, doubling its $500 million target, PR Newswire reported. The fund had originated $1.5 billion in loans since January 2025, including a $401 million condo inventory loan and a $208 million construction loan. In September 2026, Northwind originated a $208 million construction loan for 141 Willoughby Street, a 355,000-square-foot Class A tower in Downtown Brooklyn, according to PR Newswire. In July 2026, the firm originated a $21 million first-mortgage acquisition and predevelopment loan from Northwind Debt Fund III for a 73-unit condominium development in Greenpoint, Brooklyn, PR Newswire reported.