Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the closing of a $50 million construction loan for the development of an 18-story luxury residential condominium building located at 10 West 17th Street in Manhattan’s Flatiron submarket. The loan upsizes an $11 million acquisition loan on the property provided by Northwind in 2025.
Prosper Property Group, a vertically integrated real estate firm with a demonstrated track record in New York City residential development, is leading the development of the project located on 17th Street between Fifth and Sixth Avenues. Once complete, the building will feature 34 boutique luxury residences ranging from one to four bedrooms, with thoughtfully designed amenities befitting one of Manhattan’s most coveted neighborhoods. Foundation and excavation is already underway, with completion anticipated in mid-2027.
The loan was originated by Northwind Debt Fund III, the firm’s latest flagship closed-end fund focused on real estate credit investments across major U.S. gateway markets. Earlier this month, Northwind celebrated the closing of its 100th loan and $4.1 billion of debt originations across all lending vehicles. Upsizing the existing acquisition loan reflects Northwind’s continued conviction in the development and its ongoing commitment to supporting experienced sponsors through the full lifecycle of their projects.
Ran Eliasaf, founder and managing partner of Northwind Group, commented, “We are excited to deepen our commitment to this project and to expand our relationship with Prosper Property Group as the development moves into its construction phase. The Flatiron District continues to exhibit strong fundamentals and robust demand for boutique luxury residential product, and we have confidence in the team’s ability to execute on this vision. This upsizing is a natural continuation of the trust and partnership we have built since originating the initial acquisition loan, and it reflects our broader focus on supporting experienced sponsors through the full lifecycle of their projects.”
Eddie Bender, principal of prosper property group, said, “Northwind’s willingness to upsize and support our construction financing needs is a testament to the strong partnership we have built together. Having a lender that understands our vision and can move efficiently through the process has been invaluable, and we look forward to delivering exceptional residences to the Flatiron neighborhood.”
“The Flatiron District is a pocket of Manhattan that has real demand for boutique luxury product and very little supply to meet it. DXA Studio’s design will make this building an immediate standout and Prosper Property Group is a sponsor with the platform to execute flawlessly. We’re proud to have placed this financing”, said Andrew Iadeluca, principal of new development capital.
Northwind was represented by John Vavas of Polsinelli.
The financing was arranged by Andrew Iadeluca of New Development Capital.
