675 Third Avenue Lands $231M Northwind Construction Financing

Northwind Group announced on November 2, 2026 that it originated a $231 million first-mortgage construction loan for 675 Third Avenue in Manhattan, financing the office tower’s conversion into as many as 450 residential rental apartments.

The 32-story, 337,000-square-foot property is in Midtown East. Loan proceeds retired the building’s existing debt and will fund the conversion. The residential plan designates 25% of the apartments as affordable under the 467-m program.

A joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments (DWREI) is leading the conversion. The venture acquired the building in April 2025 using a $90 million acquisition loan from Northwind. It has since advanced the property through planning and predevelopment, which Northwind characterized as leaving it fully ready for execution.

Collaborative Construction Management will serve as construction manager, and Gensler Architecture, Design & Planning has been engaged as architect of record. John Vavas of Polsinelli Group represented Northwind in the transaction.

Ran Eliasaf, Northwind’s founder and managing partner, said the transaction is the firm’s ninth New York City conversion financing and a recapitalization intended to carry the project through construction, citing the lender’s familiarity with the asset and sponsors since acquisition.

“These are complex projects that require a lender who can underwrite every phase, from acquisition through construction and lease-up,” Eliasaf said.

David Werner, president of DWREI, called Metro Loft a “best-in-class operator” and credited Northwind with providing certainty of execution on complex projects. Nathan Berman, founder and principal of Metro Loft, thanked the Northwind team for bringing the transaction over the finish line.

Northwind Debt Fund III

NDF III, Northwind’s latest debt fund, originated the loan. Northwind separately announced the fund’s final close on October 21, 2026, with $1 billion in committed capital, double its $500 million target. The fund’s investor base includes pension funds, insurance companies, banks, family offices and ultra-high-net-worth individuals, both domestic and international.

The fund primarily originates senior-secured bridge loans across major U.S. gateway markets. Its financing areas include acquisitions, construction, office-to-residential conversions, predevelopment and lease-up. NDF III is Northwind’s third real estate debt fund and fifth credit fund overall, continuing a flagship real estate credit strategy launched in 2017.

Northwind reported that NDF III held its first close in January 2025 and had originated $1.5 billion in loans by the final-close announcement. Its loan activity covered markets including New York City, South Florida, Los Angeles and Chicago.

Preliminary construction activities are already taking place at 675 Third Avenue. The announcement does not disclose a completion date for the residential conversion.