NEW YORK, April 1, 2025 -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, together with BHI, the U.S. branch of Bank Hapoalim B.M., a full-service commercial bank, today announced the origination of a $170 million construction loan to fund a boutique luxury condominium development at 200 West 88th Street, located in Manhattan's Upper West Side.
The financing will fund the ground-up development of a 36-unit ultra-luxury condominium project led by Nortco Development, a privately held real estate development and investment firm. The property will be designed by a globally renowned architect and will offer spacious three- to five-bedroom units, many featuring private outdoor spaces, and a curated selection of amenities. The project aims to address a notable shortage of boutique-scale, full-service buildings with large-format residences in the Upper West Side market.
Northwind's financing was provided through Northwind Debt Fund III (NDF III), the firm's latest real estate credit fund, which has rapidly scaled since launching in January 2025, surpassing $300 million in originations during its first quarter. This latest transaction underscores Northwind's strategic approach to delivering tailored financing solutions for experienced sponsors developing high-caliber residential projects in New York City. The deal follows a strong 2024, during which Northwind originated over $1.1 billion in loans across its real estate credit platform. NDF III is the firm's fifth credit fund, complementing two dedicated healthcare debt funds and two previous real estate debt funds.
"We are pleased to fund this loan for Nortco a repeat borrower of Northwind and happy to collaborate with BHI on this marquee project," said Ran Eliasaf, Founder and Managing Partner of Northwind Group. "We have supported this project from the pre-development phase and are excited to continue our involvement through construction. This loan demonstrates our strong commitment to financing premier condominium developments in New York City. We see sustained demand from discerning buyers seeking thoughtfully designed, family-sized residences on the Upper West Side and particularly value the opportunity to partner again with trusted, repeat borrowers.
"We are excited to partner once again with Northwind on this exciting development, which will reshape the landscape of the Upper West Side," said Haim Nortman, Founder of Nortco Development. "Their relationship-driven approach, quick execution and deep understanding of the market enable us as developers to seize opportunities and deliver transformative projects."
"The Upper West Side has long been one of the most desirable areas of Manhattan real estate," said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE, at BHI. "We're always honored by the opportunity to work together with returning sponsors who elect to use our bank to finance their subsequent projects, and we're excited to work with Haim and Rony Nortman of Nortco, and to partner with Northwind to introduce new compelling inventory to this market."
About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm focused on credit strategies through discretionary, closed-ended debt funds. The firm has executed over $5.6 billion in real estate transactions across more than 320 properties. For more information, visit www.northwind-group.com.
About Nortco Development
Nortco Development is a privately held real estate development and investment firm based in New York City founded in 2013 by Haim Nortman. The firm specializes in condominium and multifamily development projects across NYC.
About BHI
BHI, the U.S Branch of Bank Hapoalim, B.M., Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, https://www.bhiusa.com.
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