Northwind Group, a Manhattan-based real estate private equity firm, today announced that through its real estate debt fund, the firm provided a $313 million first mortgage completion to condo inventory loan secured by a newly constructed, luxury residential condominium skyscraper located in lower Manhattan that was previously known as 125 Greenwich Street. The Borrower is a joint venture between Fortress Investment Group LLC, Bizzi & Partners, and U.S. Immigration Fund, LLC, who together possess extensive experience developing residential properties throughout New York City and other markets.
The 88-story, 912-foot-tall building features architecture by the world-renowned designer Rafael Viñoly, as well as interiors by the critically acclaimed global firm MAWD. The development will offer a range of homes from studios to three-bedroom residences, and panoramic views of the Hudson River, Statue of Liberty, World Trade Center, and New York City skyline. The building will be renamed, and sales will launch this fall, with Douglas Elliman Development Marketing exclusively handling sales and marketing. Fortress and Bizzi are co-sponsors of the development.
“We were able to curate an intricate financing solution that will allow the Sponsor to complete this one-of-a-kind asset. This project will be transformative for lower Manhattan and are excited to work with such high-quality sponsors,” said Ran Eliasaf, founder and managing partner of Northwind Group. “We remain bullish on the long-term success of the NYC residential market and committed to lending to quality borrowers with well-located assets. This financing fits well in our strategy and marks another step in our growth as a company.”
The building, which has topped out, will be constructed by Time Square Construction in a joint venture with Plaza Construction. Each apartment will enjoy high-end finishes and refined details that are enhanced by the verticality of the building and the residences’ one-of-a-kind views. The building will also provide multiple floors dedicated to lifestyle and wellness amenities. Luxurious amenities such as a lap pool, spa, and fitness center will be located on the top floors of the building and provide an exclusive private club experience that takes advantage of the sweeping vistas.
Northwind was able to structure and execute a complicated financing solution for high-quality institutional sponsorship. In recent times, Northwind has deployed over $1.4 billion in loans collateralized by real estate assets through its three discretionary debt funds under management. Northwind intends to deploy at least another $1 billion in debt transactions this year in NYC and other major gateway US cities.
Walker & Dunlop’s New York Capital Markets team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Michael Diaz arranged the financing for the development.
Northwind was represented by Polsinelli Law Firm, led by John Vavas.
For more information, please visit: northwind-group.com.
About Northwind Group
Northwind Group, founded in 2008 is a Manhattan based real estate private equity firm with $3 billion in AUM that provides loan secured by real estate properties through its discretionary closed-ended debt funds. Northwind’s strong track record, industry recognition and widespread experience financing, developing, owning, and managing real estate properties, provide for high-quality deal flow and extensive industry connections with prominent institutions, sponsors, and banks active in the market.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $45.7 billion of assets under management as of September 30, 2022. Founded in 1998, Fortress manages assets on behalf of approximately 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About Bizzi & Partners
Founded in 2000 by Davide Bizzi, Bizzi & Partners’ development team is composed of professionals who combine their decades of experience in the fields of acquisitions, real estate finance, zoning, master-planning, design, construction management, sales, and marketing, to form a full-breadth real estate company. Through a continuous collaborative effort, the team of the property investment company brings unique insight and versatility to each of the development phases. Bizzi & Partners also handpicks the most prestigious and trailblazing architecture and design firms according to each project’s objectives.
About U.S. Immigration Fund, LLC
USIF is a leading EB-5 lender and currently manages approximately $3 Billion in capital that is loaned or invested in approximately $18 Billion in development projects throughout the United States. Being institutionally operated, it has continued to work through difficult situations that have arisen out of the pandemic and successfully managed several NY-centric loans and investments. To date, USIF has received investment from about 5,000 investment clients from 32 countries throughout the World.
