Northwind Group Funds a $132 Million First-Mortgage Acquisition Loan Secured by a 55-Story Office Tower in Los Angeles' Bunker Hill Submarket

NEW YORK, June 8, 2026 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, today announced the origination of a $132 million first-mortgage acquisition loan secured by 333 South Grand Avenue, a 55-story, Class A office tower totaling over 1.4 million rentable square feet and approximately 1,700 parking spaces in the Bunker Hill submarket of Downtown Los Angeles. The loan funds the acquisition of the property and will provide an additional $48 million "good news" facility for future leasing costs, providing the sponsor with significant and immediate means to re-engage the leasing market from a substantially reset ownership basis.

The property benefits from over $63.0 million in recent capital improvements, including the full redevelopment of the Halo retail center, lobby renovation, and elevator modernization. The building occupies a full city block with protected setbacks, contributing to a distinct security and pedestrian environment relative to lower-elevation portions of the submarket. The property's tenant base is anchored by large, established Ste law firms and financial institutions, reflecting both the quality of the building and its position as Downtown Los Angeles' primary legal and financial corridor. The building offers a generous parking ratio of over 1.2 spaces per 1,000 RSF, a meaningful amenity in a market where parking availability is a key factor in leasing decisions. The combination of these capital improvements, the substantially reset cost basis, and significant committed leasing capital positions the property to compete effectively for tenants as demand in the submarket recovers.

The transaction marks Northwind's fifth loan to 601W Companies, following the firm's first-mortgage loan earlier this year for the acquisition of 175 West Jackson Boulevard in Chicago in January. Like 175 West Jackson, 333 South Grand was acquired at a pronounced discount to historical levels, reflecting a broader repricing of Downtown Los Angeles office assets over the past several years, and representing a compelling entry point for well-capitalized ownership to re-engage the leasing market and build upon the robust in-place tenancy and WALT.

The loan was originated through Northwind Debt Fund III, the firm's latest flagship closed-end credit vehicle focused on real estate debt investments across major U.S. markets. The transaction reflects Northwind's most active year to date and the firm's conviction in the current lending opportunity set, with 2026 expected to mark the highest annual origination volume in the firm's history.

"We are pleased to finance the acquisition of 333 South Grand which marks our first loan in Los Angeles to a repeat borrower of ours. The Bunker Hill submarket has historically attracted a concentration of financial institutions, law firms, and government tenants, and this property is one of the best buildings in the area, considering its location, high-quality physical condition and its strong caliber of existing tenants like Wells Fargo and Gibson Dunn with strong in-place cash flow. The broader repricing of Downtown Los Angeles office assets has created an attractive entry point that fundamentally changes the competitive position of new ownership. Older buildings held by owners with elevated cost bases are constrained in their ability to offer the tenant improvement and leasing commission packages the market requires. Our borrower enters the market without that constraint, and with $50 million of dedicated leasing capital, they are well-positioned to compete for new tenants and build on the strong foundation already in place," said Ran Eliasaf, Founder and Managing Partner of Northwind Group

The acquisition was arranged by Rael Gervis at Meridian. Northwind was represented by John Vavas of Polsinelli Law Firm.

About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm and debt fund manager specializing in credit investments through its discretionary, closed-ended debt funds. The firm has successfully executed $9.7 billion in real estate transactions in the U.S. across more than 400 real estate and healthcare properties in 25 states. For further information, go to www.northwind-group.com.

About 601W Companies
The principals of 601W Companies oversee one of America's leading private real estate acquisitions, ownership, development, and management portfolios in the country. Over the past twenty-five years, 601W has acquired many substantial and well-known commercial properties throughout the country, aggregating more than forty-five million square feet.

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SOURCE Northwind Group