Northwind Group has been on a roll in New Jersey to begin 2024. And developers welcome the activity, with many banks going slow on commercial real estate lending.

Last month, the New York-based real estate private equity firm and debt fund manager provided a $70 million first-mortgage loan through its closed-end debt funds. The project is 622 Summit Ave., a 209-unit multifamily property in Journal Square near the PATH station. Jersey City-based GN Management is the developer. “Northwind Group’s unwavering commitment to excellence has been demonstrated as they worked diligently to provide a critical loan at a pivotal moment,” said GN President Arvinder Minhas.

In January, Northwind issued a $22 million first-position mortgage loan secured by an adaptive reuse project in Newark. What was once a five-story office property, 303 Washington St. will become a 10-story, 92-unit multifamily building. The funds will go toward completing construction and leasing the property.

At that time, Northwind founder and Managing Partner Ran Eliasaf told NJBIZ that the firm has doubled where it was during the first month of 2023 and that it did about $1 billion in loans last year.

In this edition of NJBIZ Conversations, Eliasaf elaborates on the firm’s activities in New Jersey, discusses the state of the lending market and assesses the overall strength of the commercial real estate space.

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