Manhattan-based real estate private equity firm and debt fund manager Northwind Group has provided a $50 million loan secured by first mortgage on 40 Exchange Place, a 20-story office property totaling over 292,000 square foot located in Manhattan’s Financial District.
The property is owned by GFP, a repeat partner of Northwind Group. In 2015, Northwind Group and GFP purchased the property together in a 50/50 joint venture, 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. The loan was sourced off market as a direct result of the strong relationship between Northwind and GFP.
“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,” said Brian Steinwurtzel, co-CEO and principal of GFP Real Estate. “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.”
Since the beginning of 2024, Northwind Group has successfully closed on over $1.2 billion in loans in NYC and other major gateway cities.
“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,” said Ran Eliasaf, founder and managing partner of Northwind Group. “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.”
Northwind was represented by John Vavas of Polsinelli Law Firm and GFP was represented by Elizabeth Smith of GWFG.
