NEW YORK, Dec. 23, 2024 /PRNewswire/ — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announced today that it has provided a $50.0 million loan secured by first mortgage on 40 Exchange Place, a 20-story office property totaling over 292,000 RSF located in Manhattan’s Financial District.
The Property is owned by GFP, a leading New York City owner & operator and a repeat partner of Northwind Group. In 2015, Northwind Group and GFP purchased the property together in a 50/50 JV, transforming the asset into a boutique office option with dynamic floor plates and top tier finishes, and in 2018 GFP bought Northwind’s stake in the property. GFP owns and manages a portfolio of over 13.8 million square feet across 57 buildings.
Northwind Group structured a competitive and quick financing solution. With a strong reputation as a premier lender in the New York City real estate market, Northwind continues to expand its footprint by providing well-structured capital solutions that support high-caliber borrowers and quality real estate properties. Since the beginning of 2024 Northwind Group has successfully closed on over $1.2 billion in loans in NYC and other major gateway cities.
Brian Steinwurtzel, Co-CEO and Principal of GFP Real Estate, said “We believe in the downtown market, and we continue to invest significant amounts in projects like 25 Water Street, 222 Broadway and 40 Exchange Place. Northwind has been a fantastic partner in both debt and equity transactions. We are excited to have completed another deal with Ran Eliasaf, Michael Ainbinder and the Northwind team.”
Ran Eliasaf, founder and managing partner of Northwind Group, said “We are excited to once again partner with our good friends at GFP Real Estate on 40 Exchange Place. As past owners of this property, we are intimately familiar with the property’s unique history and positioning within the New York office market, and how best to work with GFP in order to maximize its potential. Despite the challenges faced in today’s office market, the attractive basis, existing in place cash flow, unique floor plans, and extremely experienced sponsorship give us confidence in a path towards its stabilization. We have evaluated many potential office loans in New York City and elected to finance this project as it meets our criteria with a clear business plan, institutional sponsorship, and distinct place in the market.”
The loan was sourced off market as a direct result of the strong relationship between Northwind and GFP. Northwind was represented by John Vavas of Polsinelli Law Firm and GFP was represented by Elizabeth Smith of GWFG.
About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan-based real estate private equity firm that has executed over $5.5 billion in real estate transactions covering a portfolio of 300+ properties. Northwind invests primarily in credit instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.
About GFP Real Estate
GFP Real Estate is a New York City-based owner and operator of commercial real estate in the New York Tri-State Region, with an emphasis on premier office space. Founded in 1952, the firm has grown its portfolio to over 13.8 million square feet across 57 buildings. In addition to managing and leasing its own properties, GFP also provides management and leasing services to third-party building owners, representing additional buildings that cover more than 5 million square feet.
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SOURCE Northwind Group
