Northwind Group Provides $208M Loan for Office-to-Residential Conversion of Downtown Brooklyn Tower
Northwind Group has provided a $208 million construction loan to convert the unoccupied, Class A office tower at 141 Willoughby Street in Downtown Brooklyn into residential and commercial space. The joint venture between Capstone Equities and BH3 Fund Advisors will use the funds to retire existing debt and finance the conversion of floors 8–23 into 239 rental apartments while rebranding floors 1–7 as a commercial hub named '385 Gold.' The building, delivered in 2023 but never occupied, allows for an efficient transformation without tenant disruptions or structural overhauls. The residential conversion will feature high ceilings and modern amenities such as fitness centers, co-working spaces, and rooftop terraces. Commercial tenants will have separate access with no shared circulation. The project is supported by a seasoned development team including Fogarty Finger (original architect) and Newmark for commercial leasing. With Downtown Brooklyn experiencing strong demand for quality residential units and recovering office markets, the conversion aims to deliver premium mixed-use space in a well-connected location.
Topics: commercial real estate real estate development residential conversion