Northwind Group Closes $1 Billion Debt Fund, Its Largest Yet

Northwind Group, the New York real estate investment and debt fund manager founded by Ran Eliasaf, closed its third real estate credit fund, Northwind Debt Fund III, at $1 billion in committed capital. The total is double the $500 million target the firm set when it launched the raise in January 2025, according to Commercial Observer. NDF III is now Northwind’s largest vehicle by a wide margin, well ahead of its first two credit funds, which closed at $220 million and $326 million.

Why it matters

NDF III lends almost entirely in senior position, with about 93 percent of the fund aimed at residential assets: multifamily, condominium and office-to-residential conversion. Typical loan sizes run $100 million to $200 million, and the fund targets supply-constrained gateway markets including New York, South Florida, Los Angeles and Chicago, with a large share of capital earmarked for New York City multifamily and condo deals. Eliasaf told Commercial Observer, “It’s still one of the most supply-constrained markets in the country,” describing why New York remains the fund’s heaviest concentration even as rates rise.

This is the same strategy that has already shown up in our own coverage. NDF III is the vehicle behind the $219 million construction loan BLDG Management and David Werner Real Estate Investments drew for the 100 Wall Street conversion, and the $208 million loan behind the 141 Willoughby Street conversion in Downtown Brooklyn. Those two loans alone account for $427 million, close to a third of the $1.5 billion NDF III has originated since it started lending.

The numbers

The fund is close to 60 percent deployed, and Northwind expects to reach 90 percent deployment by the end of 2026. Investors include pension funds, insurance companies, banks, family offices and ultra-high-net-worth individuals, with many backers from the first two funds returning for NDF III. Northwind separately lined up a $300 million capital partnership with Atlas SP Partners to lower its cost of capital for the strategy.

What’s next

With roughly 40 percent of the fund still to deploy, and Eliasaf’s own account of rising rates and softening property values, underwriting discipline becomes the binding constraint rather than available capital. For sponsors chasing conversion and multifamily construction debt in New York, NDF III’s scale means Northwind can keep writing $100 million-plus checks on new deals while it works through the remaining allocation, keeping it among the few debt funds able to lead financing on conversions the size of 100 Wall Street and 141 Willoughby.