Northwind Group Provides a $77.2 Million First-Mortgage Loan Secured by 167 Residential Condominiums at Vesper in Austin, TX

NEW YORK, Nov. 11, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announced today that it has provided a $77.2 million first mortgage condo inventory loan through its closed-end debt fund. The loan is collateralized by 167 remaining units at Vesper, a recently completed, 41-story residential condominium tower with a full suite of amenities, located in Austin's Rainey Street District.

Completed in 2024, Vesper was developed through a joint venture between Pearlstone Partners, one of Austin's leading condominium developers, and ATCO, a New York-based real estate investment and ownership platform led by the Hemmerdinger Family.

Northwind structured the loan with flexible terms, enabling the sponsorship to effectively manage the sales process for the remaining units. With a strong reputation as one of the nation's foremost condo inventory lenders, the firm continues to expand its footprint by providing well-structured capital solutions that support high-caliber borrowers and quality real estate properties.

"This financing demonstrates Northwind's commitment to providing customized capital solutions for sponsors and assets in key gateway cities across the U.S.," said Ran Eliasaf, founder and managing partner of Northwind Group. "Loans backed by high-quality condominiums are our core focus, and we have strong confidence in Vesper given that 40% of its units have already been sold and it stands as the only new inventory available in the Rainey Street submarket. Austin's ongoing growth and the rising demand for premium residences, driven by an influx of relocating professionals, further reinforce our confidence. This transaction—our second in Texas this year, following the $111 million condo inventory loan for The Hawthorne in Houston—exemplify our positive outlook on the Texas market. We look forward to partnering with Pearlstone and ATCO to support the success of this project."

Year to date, Northwind has closed over $1.1 billion in loans secured by real estate assets in major markets such as New York, Houston, Miami, and the San Francisco Bay area.

Ryan Huber, Managing Director of Investments, who represented ATCO in the transaction, commented, "We are proud to have partnered with Pearlstone once again to bring such an exceptional product to market. Northwind's financing is further validation of the quality of Vesper's resident experience as well as its prime location in one of Austin's most vibrant and desirable neighborhoods."

Bill Knauss, President of Pearlstone Partners, remarked, "We're excited to embark on this new partnership with Northwind, a move that provides us with the flexibility to execute our business strategy with precision and care. This transaction allows us to approach each phase thoughtfully, ensuring the best possible outcomes for all stakeholders involved in the Vesper project."

Northwind Group was represented by John Vavas of Polsinelli Law Firm in this transaction.

About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan-based real estate private equity firm with $2 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.

About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm founded in 2017 by Robert Lee and Bill Knauss. The company has been responsible for $600+ million in locally developed real estate and has $700+ million actively invested in its growing portfolio and pipeline. It has developed a broad range of commercial projects, including office buildings, condos, multi-family, and mixed-use projects in some of Austin's most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit www.pearlstonepartners.com.

About ATCO
ATCO is a real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on creating value through placemaking and other strategies in urban locations. ATCO seeks to improve people's lives by creating places where they genuinely want to work, play, or live, and by doing our work with a long-term perspective. 

Through eight decades and four generations, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City and also in select markets we target. ATCO presently owns and manages more than 25 buildings ranging from high-rise office and residential towers to retail properties, from one-story industrial structures to a mixed-use former military base. The portfolio of New York City properties includes 555 Fifth Avenue, 40 Central Park South, 41 West 58th Street, 630 Third Avenue, 381 and 373 Park Avenue South, 515 Madison Avenue, and the Atlas Terminals. Nationally, the company owns properties in Charlotte and Chapel Hill, NC; Austin, Texas; Indianapolis, Indiana; Darien, Stamford and Westport, Connecticut. Internationally, ATCO has investments in seven European countries.

Contact:
[email protected]

SOURCE Northwind Group