$81M Loan Lands on Brooklyn Tower That Carried $181M of PIMCO Debt
It is the third lender in five years on the same two lots: PIMCO at $181M in 2021, Corebridge at $70M in 2025, now NDF III Lender A1 LLC.
An $80,998,532 mortgage from NDF III Lender A1 LLC was recorded Sept. 21 against 141 Willoughby Street, the 24-story, 343,701-square-foot tower in Downtown Brooklyn, per ACRIS. The borrower is the Capstone Equities-linked owner that took the building from Savanna in 2025, and it is the third lender on the same two lots in five years.
Why it matters
Northwind Group announced a $208 million first mortgage on the tower on Sept. 11 to fund a conversion into 239 rentals, and said proceeds retired the existing debt. The recorded paper is a debt fund’s, not a bank’s. The ACRIS document does not name Northwind, so we cannot confirm that NDF III is its vehicle, but the amount is 39% of the announced loan and the timing fits.
The ownership story is the one the press release skips. Savanna paid itself a $100,000,000 deed in 2019 (same Park Avenue address on both sides), borrowed $181,000,000 from PIMCO funds in 2021, and was out by mid-2025. Capstone’s vehicle bought the PIMCO mortgages in February 2025 and took title by a $0 deed that July, so the owner of record today got the building through the debt. For developers, the point is that a tenantless tower repriced from $181M of debt to $70M to roughly $208M of conversion money, and each step changed who held the keys.
The numbers
The new mortgage was dated Sept. 9 and covers block 2060 lots 1 and 8. The two 2021 PIMCO mortgages total exactly $181,000,000. The July 2025 deed carried no price, and the same Aug. 19 recording batch includes a $70,000,000 Corebridge mortgage. The 2019 deed was $100,000,000 across three lots. On PLUTO’s 343,701 square feet the new filing is about $236 a foot; the full $208 million works out to about $605 a foot, or about $870,000 per planned apartment.
Our public-record mirror stops in August 2025, so we could not pull a satisfaction of the $70M Corebridge mortgage. Northwind’s release says existing debt was retired, but the recorded satisfaction is the document to watch.
What’s next
Watch for further mortgages from NDF III entities on the same lots, which would show where the rest of the $208M is recorded, and for a satisfaction of the Corebridge loan. More deals are on the New York desk.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS mortgage 2026091500367004 (dated Sept. 9, 2026, recorded Sept. 21) is $80,998,532 from NDF III Lender A1 LLC to 141 Willoughby Fee Owner LLC on block 2060 lots 1 and 8. That is about 39% of the $208M Northwind announced on Sept. 11, so the recorded paper is a slice of the loan or one note of several, and the document does not name Northwind.View the record on a836-acris.nyc.gov
- Public recordThe tower's debt ran PIMCO funds at $181,000,000 (two mortgages, $96,377,665 and $84,622,335, May 2021), then a $70,000,000 Corebridge mortgage (July 2025), then this $80,998,532 filing. On PLUTO's 343,701 square feet that is about $527 per foot in 2021, $204 in 2025 and $236 now.View the record on a836-acris.nyc.gov
- Public recordThe 2025 change of owner was a debt purchase, not a sale. On Feb. 18, 2025 the PIMCO funds assigned the 2021 mortgages to CB 141 Willoughby Owner LLC, listed c/o Capstone Equities at 545 Fifth Avenue; that entity then assigned to Corebridge. On July 22, 2025 a $0 deed moved title from Savanna's 141 Willoughby Property Investors LLC to 141 Willoughby Fee Owner LLC, both listed at Capstone's Suite 1209 address, alongside satisfactions of the PIMCO mortgages and the new $70M Corebridge loan.View the record on a836-acris.nyc.gov
- Public recordThe $100,000,000 deed in 2019 was not an arm's-length sale and not land only. Both sides list 430 Park Avenue, 12th Floor, and Savanna Capital Partners appears c/o on the buyer's later filings. The deed covered three lots: lot 1 (office, 141 Willoughby), lot 4 (385 Gold Street) and lot 8, a vacant lot Savanna bought from the city's economic development agency for $4,007,741.21 in 2018.View the record on a836-acris.nyc.gov
Sources
- NYC Department of Finance, ACRIS Document DetailMortgage dated Sept. 9, 2026, recorded Sept. 21, $80,998,532, 141 Willoughby Fee Owner LLC to NDF III Lender A1 LLC, block 2060 lots 1 and 8
- NYC Department of Finance, ACRIS Document DetailMortgage dated July 25, 2025, recorded Aug. 19, $70,000,000, Corebridge Institutional Investments (U.S.) LLC
- NYC Department of Finance, ACRIS Document DetailDeed dated July 22, 2025, $0, 141 Willoughby Property Investors LLC to 141 Willoughby Fee Owner LLC
- NYC Department of Finance, ACRIS Document DetailMortgage dated May 7, 2021, $96,377,665, PIMCO funds as lender (second mortgage 2021051701317002, $84,622,335)
- NYC Department of Finance, ACRIS Document DetailDeed dated June 27, 2019, $100,000,000, 385 Gold Property Investors IIA LLC to 141 Willoughby Property Investors LLC, lots 1, 4 and 8
- PR Newswire (Northwind Group)Northwind Group announces $208 million first mortgage construction loan; proceeds retired existing debt