NEW YORK CITY — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $231 million construction loan for an office-to-residential conversion project in Manhattan. The borrower is joint venture between Metro Loft Management and David Werner Real Estate Investments, and the building in question is 675 Third Avenue, a 32-story, 337,000-square-foot tower in the Midtown East submarket. The conversion could add as many as 450 new apartments to the local supply, inclusive of a 25 percent affordable housing component. The joint venture, which acquired the building last spring, has tapped Gensler and Collaborative Construction Management as project partners. A construction timeline was not announced.
The closing of the construction loan for 675 Third Avenue follows Northwind's providing of two additional loans totaling $427 million for a pair of other office-to-residential conversion projects in New York City: 141 Willoughby Street in Brooklyn ($208 million) and 100 Wall Street in Lower Manhattan ($219 million).
Northwind Group Provides $231M Construction Loan for Office-to-Residential Conversion Project in Manhattan
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