Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has announced the origination of a $231 million first-mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood. Loan proceeds retired the existing debt on the property and will fund the conversion of the building into up to 450 residential rental apartments, 25 percent of which will be affordable under the 467-m program.
The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments, two highly experienced New York City real estate sponsors. The joint venture acquired the building in April 2025 with a $90 million acquisition loan from Northwind and has since advanced the property through planning and predevelopment, to being fully ready for execution, with preliminary construction activities already taking place on site. The joint ventu
