Unlocking $50M: Northwind’s Major Loan Secures Iconic 40 Exchange Place!
NEW YORK, Dec. 23, 2024 — Big news in the Big Apple! A whopping $50 million loan has just been secured by the renowned Northwind Group, a powerhouse in real estate private equity and debt fund management. This substantial financing is backed by the first mortgage on the prime property at 40 Exchange Place, an impressive 20-story office building that boasts over 292,000 RSF in the bustling Financial District of Manhattan.
This prestigious property belongs to GFP, a trailblazer in New York City real estate and a trusted ally of Northwind Group. Together, they transformed this building into a chic boutique office space back in 2015, and GFP has continued to elevate its value ever since. With a portfolio that spans over 13.8 million square feet across 57 properties, GFP stands as a titan in the industry.
Through swift and strategic financing solutions, Northwind Group has solidified its status as a leading lender in the New York City market. In fact, since the dawn of 2024, Northwind has successfully closed an astounding $1.2 billion in loans across NYC and other major urban centers, underscoring their growing influence and commitment to quality.
Brian Steinwurtzel, Co-CEO of GFP Real Estate, expressed his enthusiasm, stating, “Our belief in the downtown market remains unwavering. We are investing heavily in projects like 25 Water Street, 222 Broadway, and of course, 40 Exchange Place. Northwind has been an incredible partner in all our ventures, and we couldn’t be more thrilled to seal another deal with Ran Eliasaf and the Northwind team.”
Ran Eliasaf, the visionary founder of Northwind Group, echoed this sentiment: “Partnering with our friends at GFP on 40 Exchange Place is a real pleasure. We’re not just familiar with this property; we know its intricate history and its potential within the New York office landscape. Despite the hurdles faced in today’s market, we see extraordinary opportunities here, backed by solid cash flow and a stellar sponsorship team.”
Securing this loan was no easy feat; it was sourced off-market thanks to the strong rapport between Northwind and GFP. The transaction was expertly navigated with legal guidance from John Vavas of Polsinelli Law Firm for Northwind and Elizabeth Smith of GWFG for GFP.
About Northwind Group
Founded in 2008, Northwind Group has made a significant mark in the industry, executing over $5.5 billion in real estate transactions across a diverse portfolio of more than 300 properties. Their expertise lies in credit instruments through discretionary closed-ended debt funds, making them a trusted name in the business.
About GFP Real Estate
Established in 1952, GFP Real Estate is a dominant force in commercial real estate within the New York Tri-State Region, focusing primarily on premium office spaces. Their portfolio reflects a commitment to excellence, managing over 13.8 million square feet across 57 buildings, while also providing unparalleled management and leasing services for third-party properties exceeding 5 million square feet.
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