Northwind Group, a real estate private equity firm and debt fund manager based in Manhattan, has secured a senior secured construction loan worth $63 million for the development of a 13-story residential condominium building at 305 First Ave. in the Gramercy submarket. The financing was organized by Cooper Horowitz’s Richard and Ryan Horowitz.
The project is being developed by T&E 1 Development, along with Minrav Group – an Israeli-based development and infrastructure company – as part of a joint venture. Construction work for the foundation and excavation is already underway.
Upon completion, there will be 54 residential units available for sale along with parking spaces totaling to 18 spots. The building will also feature amenities such as full-time doorman service, residents’ lounge area, gym facilities, bike storage room,and rooftop terrace.
Founder and managing partner of Northwind Group Ran Eliasaf stated that providing loans to residential condominium projects is their specialty,and they are actively seeking more opportunities to execute swift transactions seamlessly.
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