NEW YORK CITY — Northwind Group has provided $427 million in construction loans for two metro New York office-to-residential projects. The real estate private equity firm and debt fund manager funded a $208 million first mortgage construction loan for 141 Willoughby Street, a 24-story tower in Brooklyn. The borrowers/developers are Capstone Equities and BH3 Fund Advisors, who acquired the office property in 2025 and spent the past year in predevelopment planning for the building’s partial conversion to multifamily. Loan proceeds retired existing debt and will fund the redevelopment of 239 apartments across floors eight through 23 and the commercial lease-up on floors one through seven.
The commercial space has been rebranded as 385 Gold. The property opened in 2023 as office space but was never occupied. Fogarty Finger, the original design architect for the tower, has been re-engaged as architect for the residential conversion. Newmark has been retained to market the commercial space. The financing was arranged by Rob Turner and Ethan Pond of Eastdil Secured Savills.
For the second project, Northwind provided another first mortgage construction loan in the amount of $219 million for 100 Wall Street, a 29-story, 463,000-square-foot office building in Manhattan’s Financial District. Loan proceeds retired the existing debt on the property and will fund the conversion of floors two through 11 into 168 apartments, while floors 15 through 29 are fully leased and will remain as office space.
The sponsor is a joint venture between BLDG and David Werner Real Estate Investments, which acquired the building in July 2024. Since then, the new owners have relocated office tenants from the base of the building to its top floors. Triton Construction will serve as construction manager. Gensler Architecture, Design & Planning has been engaged as executive architect. A completion date was not disclosed.