Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has announced the origination of a $11 million senior first-mortgage loan for the acquisition of 10 West 17th Street, a fully entitled vacant land planned for the development of an 18-story, 23-unit luxury residential condominium project in Manhattan's Flatiron submarket.
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The loan was originated byNorthwind Debt Fund III, the firm's latest flagship closed-end fund focused on real estate credit investments across major U.S. gateway markets. Following a record year in 2024 with over $1.1 billion in originations, Northwind continues to actively originate and close new loans across its target markets.
Prosper Property Group, a vertically integrated real estate firm with a track record in New York City residential projects, will lead the development of the property located on 17th Street between Fifth and Sixth Avenues. Once complete, the project will rise 18 stories and feature 23 boutique luxury residences ranging from two to four bedrooms with thoughtfully designed amenities.
RanEliasaf, Founder and Managing Partner of Northwind Group, commented, “We are pleased to provide financing at a favorable basis in one of Manhattan's most sought-after neighborhoods. The Flatiron District continues to exhibit strong demand for boutique luxury residential offerings, and we have seen similar projects in this submarket achieve strong absorption. We look forward to working with Prosper Property Group on this development and building a long-term relationship, as part of our broader commitment to supporting New York City's residential market and helping to deliver much-needed new housing.”
Eddie Bender, Principal of Prosper Property Group, said, “We were impressed withNorthwind's experience and expertise making the loan closing a seamless transaction, and we're excited to build upon our strong relationship and move forward to bring new high-quality residences to the Flatiron neighborhood.”
The financing was arranged by AndrewIadeluca of New Development Capital.
AboutNorthwind GroupFounded in 2008 by Ran Eliasaf, Northwind Group is aManhattan-based real estate private equity firm specializing in credit investments through discretionary, closed-ended debt funds. The firm has successfully executed $5.7 billionin real estate transactions across more than 350 real estate and healthcare properties. For further information, go towww.northwind-group.com.
About Prosper Property GroupFounded by Damien Smith and Eddie Bender, Prosper Property Group is a full-service, vertically integrated real estate development firm specializing in luxury rentals and condominiums across Manhattan, Brooklyn and Queens. The firm oversees every phase of the real estate process, including acquisitions, debt financing, investment sales, rental brokerage, development, asset management and property management. Prosper's portfolio includes a mix of residential properties, along with select office and retail spaces.
Media ContactNorthwind@5wpr.com
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SOURCE Northwind Group
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