NEW YORK, Sept. 14, 2023 /PRNewswire/ — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announced today that through its closed-end debt funds it provided a $70 million senior secured condo inventory loan collateralized by unsold for-sale residential condominium units in The Laurel Rittenhouse Square, a 48-story luxury residential building located in Rittenhouse Square, one of the most coveted locations in Philadelphia. The Laurel’s 65 condo units are situated on the top floors of the recently completed residential tower that also includes 1909 Rittenhouse, a 184-unit luxury multifamily community in the lower floors of the building. The Laurel is the tallest residential building in Philadelphia and features ultra high-end finishes and amenities, as well as 44,000 square feet of high-end restaurant and retail space on the first three floors.
The developer is Southern Land Company, a developer who has extensive experience building high-end properties throughout the country.
Open to residents for less than one year, The Laurel and 1909 Rittenhouse have demonstrated strong initial success. The Laurel welcomed its first homeowners in January 2023, and to date, Southern Land Company has closed more than $154 million in condominium sales. 1909 Rittenhouse opened to residents in November 2022 and is currently 90% leased.
“We greatly appreciate the Northwind team’s expertise and diligence,” said Tim Downey, founder and CEO of Southern Land Company. “Their acumen was apparent throughout the entire refinancing process for our remaining available condos at The Laurel, and we are incredibly satisfied to have closed with them.”
Northwind Group provided the condo inventory loan with flexible terms, providing the Sponsor with the required capital and time to sell out the remaining unsold units. The loan is emblematic of Northwind’s strategy to pursue investment opportunities in gateway cities across the country, with a focus on residential transactions.
“We are pleased to announce the closing of this residential condo inventory loan in Philadelphia, which is a result of our ongoing strategy to provide loans to high quality sponsors in major gateway cities across the US in which we recognize supply shortages of both housing units and financing solutions. Northwind is actively providing loans in New York City and other major gateway cities across the US, with a focus on residential transactions. During the last 12 months we have deployed over $1 billion in loans through our debt funds,” said Ran Eliasaf, founder and managing partner of Northwind Group. “We look forward to a successful partnership with best-in-class Sponsors such as Southern Land Company.”
The financing was arranged by team led by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Ben Kroll, Michael Dorfman, and Marshall Dickson of Newmark Debt and Structured Finance Group.
Northwind was represented by King & Spalding LLP.
About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.
About Southern Land Company
Southern Land Company is a national, full-service real estate developer that has been reimagining the industry since 1986. Rooted in the belief that visionary design and cultivation of community are at the heart of every successful development project, the company brings extraordinary living spaces and experiences within reach in the form of master-planned, single-family, multifamily, mixed-use, and hospitality developments, all created by a diverse team of industry-leading, in-house experts.
Headquartered in Nashville, Tennessee, Southern Land Company has market-leading projects in nine states, with regional offices in New York, New York; Philadelphia, Pennsylvania; Plano, Texas; Denver, Colorado; and Vallejo, California. Southern Land Company’s current project pipeline is valued at $4 billion. To learn more, visit www.southernland.com.
SOURCE Northwind Group
Originally published at https://www.prnewswire.com/news-releases/northwind-group-provides-a-70-million-first-position-senior-secured-condo-inventory-loan-for-the-laurel-rittenhouse-square-in-philadelphia-pa-301927572.html
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