Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments.

Loan proceeds retired the existing debt and will fund the conversion of 675 Third into up to 450 apartments, 25% of them affordable. The JV acquired the building in April 2025 with a $90-million acquisition loan from Northwind.

Ran Eliasaf, founder and managing partner of Northwind Group, commented, “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.” The construction loan was originated by Northwind’s latest debt fund, NDF III, which recently announced its final close at $1 billion, doubling its $500-million target.

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