Carmel Towers, a 25-story, 216-unit multifamily apartment building in Newark, received a $35 million first mortgage loan from New York City-based Northwind Group to help it complete a comprehensive renovation that will upgrade it into a modern rental apartment building geared toward much needed workforce housing.
Sruly Berger of 440 Elizabeth NJ Urban Renewal, a local real estate development company with extensive experience in Newark, owns and manages the property.
Northwind Group provided the loan through its closed-end debt funds with competitive terms, which will provide the owner with the required capital to complete the renovation and lease the property to stabilization.
Northwind Group’s real estate debt funds are focused on lending on residential assets primarily in the New York City metro area and other major gateway cities across the U.S. During the last 12 months, Northwind Group closed on loans totaling over $1 billion across the country.
Berger was grateful.
“Northwind was able to provide a flexible loan that provided us the required capital to finish our project,” he said. “The team was able to close on the loan quickly and smoothly. We look forward to continuing this relationship with Northwind and to work with their team to complete the renovation of Carmel Towers.”
The financing for the transaction was arranged by Akiva Drew from Meridian Capital.
Ran Eliasaf, founder and managing partner of Northwind Group, said he was thrilled his firm could fill a financial need.
“We are pleased to be able to provide this loan, as we recognize a big gap in the market for financing as commercial banks are slowing down their lending activities due to regulatory and macro-level factors,” he said.
440 Elizabeth NJ Urban Renewal LLC, led by Yisroel Berger, specializes in value-add real estate investing and has an extensive portfolio of multifamily and industrial assets through the greater Newark and New York metro area.