Northwind Group Provides $231 Million Loan for 675 Third Avenue Conversion
News related to:Northwind Group · 3 min read
NEW YORK, Nov. 2, 2026 /CourierPR/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $231 million first mortgage construction loan for the conversion of 675 Third Avenue, a 32-story, 337,000-square-foot office building in Manhattan's Midtown East neighborhood. The loan will fund the transformation of the building into up to 450 residential rental apartments, with 25% of the units designated as affordable under the 467-m program.
The conversion project is being led by a joint venture between Metro Loft Management, founded in 1997 by Nathan Berman, and David Werner Real Estate Investments (DWREI), an experienced New York City real estate investor. The joint venture acquired the building in April 2025 with a $90 million acquisition loan from Northwind Group. Since then, the sponsors have advanced the property through planning and predevelopment, making it fully ready for execution. Preliminary construction activities are already underway on site.
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. This move aligns with the firm's ongoing strategy of providing financing on residential properties in supply-constrained markets.
The project is set to bring much-needed residential units to the Midtown area, addressing the acute housing shortage in the city. Northwind Group has successfully executed over $11 billion in real estate transactions across more than 400 real estate and healthcare properties in 28 states since its founding in 2008. The firm has a history of working with experienced sponsors to deliver complex real estate projects, and this partnership with Metro Loft and DWREI is no exception.
The conversion of 675 Third Avenue is part of a broader trend in New York City, where there is a growing demand for residential properties in the Midtown area. The project is expected to provide a significant boost to the local housing market, offering both market-rate and affordable units to residents. The building's conversion is a testament to the ongoing efforts to address the city's housing shortage and provide more options for New Yorkers.
The project's timeline is expected to be challenging, given the complexity of the conversion and the need to balance residential and commercial interests. However, the sponsors and Northwind Group are confident in their ability to deliver the project on time and within budget. The joint venture has assembled an experienced project team, including Collaborative Construction Management as the construction manager and Gensler Architecture, Design & Planning as the architect of record, to ensure the project's success.
The project is part of a larger strategy by Northwind Group to provide financing for residential properties in supply-constrained markets. The firm's recent success in this area, including the 9th conversion project they have financed in the city, underscores their commitment to addressing the housing crisis in New York. The project is expected to provide a significant boost to the local housing market, offering both market-rate and affordable units to residents.
The conversion of 675 Third Avenue is a significant step in the ongoing efforts to address the acute housing shortage in Midtown Manhattan. The project is expected to provide much-needed residential units, including affordable housing, to the community. The partnership between Northwind Group, Metro Loft Management, and David Werner Real Estate Investments is a testament to the firm's commitment to delivering complex real estate projects and addressing the city's housing needs.