Manhattan-based Northwind Group has provided a $22 million first mortgage loan secured by 303 Washington Street, a future 10-story, 92-unit multifamily apartment building located in downtown Newark, New Jersey. The five-story office property is undergoing a conversion into a modern rental apartment building.
Developed in a joint venture by Summit Assets and Winchester Equities, the project will feature a mix of studio, one-bedroom, and two-bedrooms units as well as luxury amenities and a 360-degree rooftop deck. The firms collectively have extensive experience developing adaptive-reuse projects in downtown Newark and the greater New York area.
“Northwind’s financing was a critical step for the completion of 303 Washington as they were able to provide a loan with flexible terms and close in a short period of time. The process was handled with the utmost professionalism, and we were impressed by the diligence and swiftness of their team as we hope to continue working with them in the future,” says Albert Nigri of Summit Assets.
Northwind Group provided the loan through its closed-end debt funds with competitive terms. Northwind Group’s real estate debt funds lend primarily on residential assets with a focus on the New York City metro area and other major gateway cities across the nation. During the last 12 months, Northwind Group closed on loans totaling over $1.1 billion across the United States.
“We are pleased to be able to provide this loan, as we are continuing to see a big gap in the market for financing as commercial banks have slowed down their lending activities due to regulatory and macro-level factors,” says Ran Eliasaf, founder and managing partner of Northwind Group.
The financing for the transaction was arranged by Zach Mordechai and Ben Frances of MSCO Capital Advisors. Northwind was represented by John Vavas of Polsinelli Law Firm.
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