Northwind Group Provides $33 Million First-Mortgage Inventory Loan Secured by 18 Residential Condominium Units at The Laurel Rittenhouse Square in Philadelphia, PA

NEW YORK, Sept. 4, 2025 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has announced the origination of a $33 million senior first-mortgage loan secured by 18 remaining unsold luxury condominium units at The Laurel Rittenhouse Square, Philadelphia's premier residential tower located on Rittenhouse Square. The condominium units are situated on the top 21 floors of the tower, above luxury multifamily community 1909 Rittenhouse, Philadelphia's first Equinox fitness club, and Schulson Collective restaurant Dear Daphni. Completed in 2023, The Laurel is the tallest residential building in Philadelphia and features a limited collection of high-end residences with sweeping views of Center City, modern floor plans, and luxury amenities. The Laurel includes best-in-class offerings such as a fitness center and cycling studio, indoor pool and spa, locker rooms with saunas, valet parking, and resident lounges, further establishing it as one of the most exclusive addresses in the city.

The loan recapitalizes an existing loan provided by Northwind in 2023 and was originated by Northwind Debt Fund II, reflecting the firm's continued strategy of providing capital to high-quality sponsors and residential assets in major U.S. gateway and supply-constrained markets. In 2024-2025, Northwind has originated over $1.6 billion in new loans and continues to expand its platform across key urban centers.

The Laurel was developed by Southern Land Company, who has extensive experience developing high-end properties throughout the country.

Ran Eliasaf, Founder and Managing Partner of Northwind Group, commented, "We are pleased to provide financing for one of Philadelphia's most iconic and best-located condominium properties. The Laurel represents the highest standard of design and living in Rittenhouse Square, a submarket that continues to see strong demand for luxury residential product. This transaction further demonstrates Northwind's ability to structure flexible and swift capital solutions for institutional-quality assets in supply-constrained markets."

Aaron Schneider, Director of Capital markets at Southern Land Company said, "We are grateful to Northwind Group for securing this loan, which will serve as the financial foundation for completing our vision for The Laurel Rittenhouse Square as Philadelphia's premier collection of condominiums. The Laurel exemplifies everything we strive for—architectural excellence, prime location, and best-in-class amenities—and this financing ensures we can continue delivering a class-A urban living experience that enhances Philadelphia's luxury real estate market."

The financing was arranged by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Ben Kroll, Samuel Speciale, and Holden Witkoff of Newmark Debt and Structured Finance Group.

About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm specializing in credit investments through discretionary, closed-ended debt funds. The firm has successfully executed $5.8 billion in real estate transactions across more than 350 real estate and healthcare properties. For further information, go to www.northwind-group.com.

About Southern Land Company
Southern Land Company is a national full-service real estate developer that has been reimagining the industry since its founding by Tim Downey in 1986. Headquartered in Nashville, Tennessee, Southern Land Company has market-leading projects in nine states, with regional offices in New York City; Philadelphia, Plano, Texas; Erie, Colorado; and Vallejo, California. Southern Land Company's current project pipeline is valued at $4 billion.

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SOURCE Northwind Group