Northwind Group Provides $98 Million First-Mortgage Loan to Terra and JDS for the Acquisition and Redevelopment of 1250 West Avenue in Miami Beach, Florida

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 $98 million senior secured loan for the acquisition of 1250 West Avenue, an existing condominium building in the South Beach submarket of Miami, Florida.

Northwind Group, through its latest flagship closed-ended real estate credit fund, Northwind Debt Fund III, has originated the loan to support the redevelopment of a prime bayfront site in Miami Beach. The project is being led by Terra, one of South Florida's most active development firms, in partnership with JDS Development Group, Rafi Gibly, and Gianluca Vacchi. The group plans to transform the property into a luxury condominium tower on Biscayne Bay.

The existing asset, a 238-unit condominium built in 1964, had become increasingly challenged by rising common charges driven by insurance costs and deferred maintenance. The sponsorship successfully acquired more than 95% of the units, providing the ability to dissolve the condominium association and proceed with demolition. During this process, the team successfully secured entitlements permitting development up to 330 feet in height, with an anticipated 100-unit luxury residential program.

Premier development sites in South Beach are scarce, with most remaining parcels encumbered by aging condominium structures. This scarcity has driven leading developers to pursue complex condo acquisitions with the goal of unlocking redevelopment opportunities in highly desirable locations.

"We are excited to provide acquisition financing for this unique project in an irreplaceable location along the South Beach Miami bay" said Ran Eliasaf, Founder and Managing Partner of Northwind Group. "The submarket is nearly completely infill, and in order to access premier waterfront land developers must acquire and demolish existing condominium buildings, often requiring years of structuring and negotiation. Our borrowers have demonstrated exceptional expertise in executing these complex strategies, and Northwind is proud to provide a flexible financing solution combined with certainty of execution for them. Both Terra and JDS bring deep experience in South Florida luxury development, which when coupled with their track records provides a strong foundation for the success of this new project."

"Miami Beach continues to position itself as one of the most desirable communities around the world because of its residents and strong sense of community," added David Martin, CEO of Terra. "Our team's forward-looking vision for 1250 West Avenue will showcase the strengths of the neighborhood through the beauty of Biscayne Bay, investments in resiliency improvements, completion of the long awaited baywalk, and enhanced public space that the surrounding neighborhood will enjoy. This project will be part of a transformation of an area in Miami Beach yearning for a resilient neighborhood grounded by its residents and upgrades in services, and our team will deliver with that exact approach."

A Walker & Dunlop team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian arranged the financing on behalf of the borrower. John Vavas from Polsinelli represented Northwind and Laura Gangemi Vignola from Gangemi Law Group represented the Sponsor.

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 $5.7 billion in real estate transactions across more than 350 real estate and healthcare properties. For further information, go to www.northwind-group.com.

About Terra
Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods, and connects people. Led by CEO David Martin, Terra was founded in 2001 and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties. Terra owns and operates a carefully curated portfolio of real estate developments that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than eight million square feet of residential, commercial, and mixed-use projects across South Florida. Terra thrives by assembling teams comprised of the world's most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm's development vision to life. Learn more at www.terragroup.com.

About JDS Development Group
JDS is a team of innovators and builders led by Michael Stern pioneering progressive new forms of large-scale urban development that challenge the status quo of the real estate industry. Founded in 2002 and headquartered in New York and Miami, JDS is a national firm focused on acquisition, development, and construction, recognized for projects that push the boundaries of engineering and design. JDS projects include 111 West 57th Street, The American Copper Buildings, Mercedes-Benz Places in Miami, and Monad Terrace. jdsdevelopment.com

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SOURCE Northwind Group