Northwind Group has originated a $231 million first mortgage construction loan for 675 Third Avenue, a 32-story, 337,000 square foot office tower in Midtown East. The loan will fund its conversion into up to 450 rental apartments, and 25% of them will be affordable under the 467-m program.
The proceeds also paid off the building’s existing debt.
Same Lender, Second Check
The owners are a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. They bought the building in April 2025 with a $90 million acquisition loan from Northwind.
Since then, the partners have moved the project through planning and predevelopment. Preliminary construction work is already happening on site.
The Crew:
Construction manager: Collaborative Construction Management
Architect of record: Gensler Architecture, Design & Planning
John Vavas of Polsinelli Group represented Northwind.
Double the Dry Powder
The loan came from NDF III, Northwind’s newest debt fund, which closed at $1 billion, twice its $500 million target. The deal fits the firm’s strategy of financing residential properties in supply-constrained markets.
Ran Eliasaf, Northwind’s Founder and Managing Partner, said this is the 9th conversion project the firm has financed in the city. He called New York’s housing shortage “acute.”
Known Quantities
Eliasaf called Werner and Berman two of New York’s most experienced and active office-to-residential converters. He also described conversions as complex projects that need a lender who can underwrite every phase.
Werner used the same word, thanking Northwind for certainty of execution “even on complex projects.”
Having financed the building since its acquisition, Northwind says it knows “the asset and the sponsorship very well.”
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