Real estate private equity firm and debt fund manager The Northwind Group recently announced the issuing of a $95 million senior mortgage acquisition loan to a joint venture between Lloyd Goldman’s BLDG and David Werner’s DWREI.
The partnership acquired 100 Wall St., a 29-story high-rise incorporating nearly 520,000 square feet of Manhattan office space that stood apart from other office properties in the Financial District. According to the new owners of the tower, the low basis, efficient floor plans, and good air and light on all four sides were among the most attractive features of the asset.
“100 Wall is an extraordinary asset that presents an array of opportunities to enhance value and tenant experience,” said Justin Kleinman, executive vice president and COO of BLDG. “BLDG is thrilled to own this investment in partnership with DWREI.”
“I am proud to once again partner with BLDG,” added David Werner, president of DWREI. “It was a pleasure doing business with Ran Eliasaf and Michael Ainbinder of Northwind Group. They are an efficient, accurate and fast-moving lender while providing flexibility where needed. Their proactive engagement and professional coordination were instrumental in achieving our objectives efficiently and with precision. I am deeply appreciative of the professionalism and dedication displayed by the entire Northwind team, and I look forward to working with them again in the near future.”
Founded in 2008 by Ran Eliasaf, Northwind Group has more than $2 billion in assets under management and invests primarily in debt instruments through its discretionary, closed-ended debt funds. Represented by John Vavas of Polsinelli Law Firm, Northwind Group structured a competitive and quick financing solution for 100 Wall St.
“We are pleased to partner with prolific New York City owners Lloyd Goldman and David Werner, which reinforces our commitment to expanding our relationships with high-quality sponsors,” Eliasaf said. “This iconic office building, situated in the heart of Manhattan’s Financial District, represents a cornerstone of our commitment to strategic investment and innovative financing solutions in core urban markets. Despite the challenges faced in today’s office market, the attractive basis; existing, in-place cash flow; strong top-floor WALT and tenancy; and potential for residential conversion give us confidence in a path towards stabilization in the building. We have underwritten many offices [in] NYC and elected to finance this project as it checks all the boxes with a clear and simple business plan.”
The 29-story tower at 100 Wall St., incorporates nearly 520,000 square feet of top tier Financial District office space in Manhattan. Property image courtesy of CommercialEdge.com
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