Northwind Group Provides $30 Million Loan for Pro H Group Acquisition of 110 East 16th Street in Union Square
Brown Harris Stevens Development Marketing's Robin Schneiderman represented Pro H Group in the transaction
NEW YORK, Nov. 9, 2026 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, today announced the origination of a $30 million first-mortgage acquisition and predevelopment loan for 110 East 16th Street, a development site located in the Union Square submarket that is slated to be developed into a 52-unit, for-sale residential condominium building.
The property was acquired by New York-based Pro-H Group, a vertically integrated developer and general contractor founded by Burton Hung in 2006. Situated on East 16th Street between Union Square East and Irving Place, the site is currently improved by a vacant nine-story parking garage that will be demolished to make way for a 22-story project anticipated to feature 52 condominium residences ranging from one- to four-bedroom homes and a full suite of resident amenities.
The loan was originated by Northwind's latest debt fund, NDF III, which recently announced its final close with $1 billion in capitalization, doubling its $500 million target fund size, as part of the firm's ongoing strategy of providing financing on residential properties in supply-constrained markets.
Ran Eliasaf, Founder and Managing Partner of Northwind Group, commented, "We are pleased to finance Burton Hung and the Pro-H Group team on a rare development site just steps from Union Square. With Manhattan's new development condominium inventory at its lowest level in over a decade and limited new supply on the horizon, this project will deliver much-needed housing to one of the city's most supply-constrained and sought-after neighborhoods. As we continue to deploy capital from NDF III, we remain focused on providing flexible, certain financing to experienced sponsors who are delivering high-quality housing where it is needed most."
"110 East 16th Street is a rare development site in the heart of Union Square, where the new development pipeline is very slim," said Robin Schneiderman, Managing Director, Brown Harris Stevens Development Marketing (BHSDM). "Pro H Group recognized the site's potential for a marquee project, and it was a pleasure working with them to put together this deal. We look forward to continuing our work with Pro H."
Burton Hung, President, Pro H Group added, "We seek out development sites in prime locations, with a myriad of transportation options, and those that have an iconic New York feel. 110 East 16th Street will be a signature project for us, and we are excited to bring this luxury residential condominium to fruition."
Schneiderman and BHSDM are already working with Pro H Group as the exclusive marketing and sales team for Loggia NoMad, a 28-story, 94-unit residential condominium development currently in pre-sales at 842 Sixth Avenue.
Robin Schneiderman, Managing Director, Brown Harris Stevens Development Marketing (BHSDM) represented the buyer, while Jonathan Hageman, Managing Director, Capital Markets, JLL, represented the seller.
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 $11 billion in real estate transactions in the U.S. across more than 400 real estate and healthcare properties in 28 states. For further information, go to www.northwind-group.com.
About Pro-H Group
Pro-H Group is a vertically-integrated New York–based real estate development and construction group with expertise spanning development, design, construction, and façade systems. The firm has successfully completed more than 100 ground-up development and facade projects throughout New York City and New Jersey by bringing together a multidisciplinary team of highly experienced registered architects, engineers, facade specialists, and interior designers, along with leading industry partners. This integrated approach ensures precision, efficiency, and consistent quality from early design and planning through construction and the final delivery of thoughtfully designed and meticulously executed developments.
About Brown Harris Stevens Development Marketing
Brown Harris Stevens Development Marketing specializes in the marketing, sales and leasing of exceptional new residential developments. BHSDM's comprehensive services deliver a meticulous approach to the development process including site analysis, market research, predevelopment planning, design consultation, strategic marketing, and focused sales and leasing. With a foundation rooted in collaboration, every stage of the process is approached with innovative thinking, the latest technologies, unrivaled market knowledge and rigorous attention to detail. As a division of Brown Harris Stevens, the recognized real estate industry leader since 1873, all projects are supported by experienced professionals throughout New York, New Jersey, Connecticut, Florida and select global partners. http://www.bhsdm.com Instagram @bhsdevmarketing.
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SOURCE Northwind Group
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