Northwind Group Provides $62M Loan for Queens Condo Building

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A joint venture between SB Development and Hazelton Capital Group has secured a $62 million loan for Nova, a residential building in Long Island City, Queens, Commercial Observer can first report.

Northwind Group provided the two-year condo inventory loan that also covers the building’s completion.

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Located at 41-05 29th Street, Nova is a residential condominium with 86 units, and over half of the inventory has been sold. Amenities include a children’s playroom, a dog washing station, a resident’s lounge and a rooftop deck.

“This loan was sourced directly by our team in an off-market transaction. We continue to believe in the long-term success of the New York City residential market and continue to provide loans even in current market conditions to properties and borrowers that meet our underwriting criteria,” Ran Eliasaf, founder and managing partner of Northwind Group, said. 

“Northwind was able to structure a flexible loan at an attractive basis and moved swiftly with our timeline. We look forward to continuing our relationship and to a successful execution of the business plan as we finish construction and complete the sell-out of this new Long Island City  landmark,” Joseph Stern, managing partner of SB Development Group, said in prepared remarks. 

Emily Fu can be reached at efu@commercialobserver.com.