Northwind Group Provides $30 Million Loan for Pro H Group's Union Square Development
Northwind Group has originated a $30 million first-mortgage acquisition and predevelopment loan for Pro H Group to facilitate the purchase of 110 East 16th Street in Manhattan's Union Square submarket. The site, currently occupied by a nine-story parking garage, is slated for demolition to make way for a new 22-story residential condominium building featuring 52 luxury units. The financing was provided through Northwind's NDF III debt fund, which recently reached a final close of $1 billion. This transaction underscores the firm's strategy of targeting supply-constrained residential markets in New York City, where new condominium inventory is at its lowest level in over a decade.
Topics: condominium construction debt financing private equity real estate development