Northwind Group Provides a $231 Million Construction Loan for the Office-to-Residential Conversion of 675 Third Avenue, a 337K SF Office Tower in Midtown Manhattan

NEW YORK, Nov. 2, 2026 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, today announced the origination of a $231 million first mortgage construction loan for 675 Third Avenue, a 32-story, 337,000-square-foot office building in Manhattan's Midtown East neighborhood. Loan proceeds retired the existing debt on the property and will fund the conversion of the building into up to 450 residential rental apartments, 25% of which will be affordable under the 467-m program.

The conversion is being led by a joint venture between Nathan Berman's Metro Loft Management and David Werner Real Estate Investments, two highly experienced New York City real estate sponsors. The joint venture acquired the building in April 2025 with a $90 million acquisition loan from Northwind and has since advanced the property through planning and predevelopment, to being fully ready for execution, with preliminary construction activities already taking place on site. The Sponsor has assembled an experienced project team to execute the conversion. Collaborative Construction Management will serve as construction manager while Gensler Architecture, Design & Planning, has been engaged as the architect of record.

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 expand our partnership with David Werner and Nathan Berman, two of New York's most experienced and active converters of properties from office to residential use. 675 Third Avenue will deliver much-needed residential rental units to Midtown, including affordable housing, at a time when the city's housing shortage is acute. Great work by our team on executing this recapitalization to see this project through construction. This is the 9th conversion project we have financed in the city, and we continue to bring the experience we gained in past projects to every new transaction as we continue to grow our credit platform. These are complex projects that require a lender who can underwrite every phase, from acquisition through construction and lease-up. Having financed this property since its acquisition, we know the asset and the sponsorship very well, and we have strong conviction in their business plan."

"We are excited to continue our partnership with Metro Loft, a best-in-class operator," said David Werner, President of DWREI. "We thank the Northwind team for always being there for us and providing certainty of execution, even on complex projects."

Nathan Berman, Founder and Principal of Metro Loft, said "Thank you to the Northwind team for bringing this over the finish line. We appreciate that they are there when you need them!"

Northwind was represented by John Vavas of Polsinelli Group.

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 David Werner Real Estate Investments

David Werner is a NYC based real estate investor who has been actively involved in commercial real estate for more than 40 years. He has extensive experience with both office and residential properties and has owned many iconic office buildings in NYC.

About Metro Loft Management

Established in 1997 by Nathan Berman, Metro Loft is a vertically integrated real estate development and management firm known for its transformative office-to-residential conversions throughout New York City. The firm has significantly contributed to the residential landscape of Lower Manhattan by developing and managing numerous prominent condominium and rental properties.

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SOURCE Northwind Group