Northwind Group announced that it provided a $63 million senior secured construction loan for the development of a 13-story residential condominium building located at 305 1st Ave. in Manhattan’s Gramercy submarket. Upon completion, the project will consist of 54 for-sale residential units and 18 parking spaces. The building amenities will include a full-time doorman, residents’ lounge, gym, bike storage room and rooftop terrace.
The project is being developed by a joint venture led by NYC-based developers T&E 1 Development, in partnership with Minrav Group, an Israeli-based development and infrastructure company. Foundation and excavation work is already underway. Estimated completion is 2026.
Northwind was represented in this transaction by Polsinelli Law Firm.
Financing for the transaction was arranged by Richard and Ryan Horowitz of Cooper Horowitz.
