Northwind Group Provides $21 Million First-Mortgage Acquisition Loan For a Condominium Development Site in Greenpoint, Brooklyn

NEW YORK, July 1, 2026 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the origination of a $21.0 million first-mortgage acquisition and predevelopment loan for 148-150 Green Street, a development site in the Greenpoint submarket of Brooklyn, which is slated to be developed into a 73-unit, for-sale residential condominium building with ground-floor retail.

The development is being led by Investmates Real Estate & Development, a vertically integrated Brooklyn-based firm with a track record of completing more than 20 residential and mixed-use projects in both Greenpoint and Williamsburg submarkets.

The property is an existing vacant commercial building with 170 feet of frontage along Green Street, located between Manhattan Avenue and Franklin Street in the heart of Greenpoint, one of Brooklyn's most sought-after residential neighborhoods. The vacant existing structure will be demolished and redeveloped into a seven-story condominium building designed by INOA Architecture, delivering a mix of one-, two-, and three-bedroom residences within a fully amenitized building with a full-time doorman, spa, and gym. Loan proceeds capitalized for the property's acquisition and predevelopment costs to prepare the site for construction.

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 and various asset classes. 

"We are pleased to provide this loan to Investmates, a repeat borrower of Northwind with a consistent track record in residential development," said Ran Eliasaf, Founder and Managing Partner of Northwind Group, "This is a submarket that has established itself as one of Brooklyn's most sought-after neighborhoods with deep buyer demand, limited new supply, and sustainable pricing that continues to strengthen. The neighborhood's evolution over the past decade has been significant, attracting both end-user buyers and institutional capital, and we expect that trajectory to continue. We are confident in Investmates' ability to execute their business plan and look forward to supporting them through the full development of this project."

 "We are thrilled to be acquiring this prime Greenpoint site and to continue building in a neighborhood we know well," said Koby Telyas and Idan Shitrit of Investmates, "Greenpoint remains one of Brooklyn's most desirable residential markets, and we look forward to delivering condominium units to our buyers. Northwind has been a reliable and trusted capital partner, and we appreciate their confidence in our team and our business plan. We look forward to continuing our partnership as we advance this development."

Northwind was represented by John Vavas of Polsinelli.

This loan was sourced off-market through a direct relationship between Northwind and the sponsor.

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 over $10 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 Investmates Real Estate & Development
Investmates Real Estate & Development is a vertically integrated, Brooklyn-based real estate development firm founded by Koby Telyas and Idan Shitrit and headquartered in Greenpoint, New York. With a 15-plus year track record and more than 20 completed residential and mixed-use projects, Investmates operates across the full development lifecycle, from acquisition and design through permitting, construction, and delivery, including a fully in-house, self-performing general contracting team.

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SOURCE Northwind Group