Northwind Group Provides $50M Construction Loan for Luxury Manhattan Property

Prosper Property Group has secured $50 million in construction financing to build 10 West 17th Street, an 18-story luxury residential condominium in Manhattan’s Flatiron District, Commercial Observer can first report. 

Northwind Group provided the construction debt out of its Northwind Debt Fund III. The new financing follows the $11 million acquisition loan Northwind made to Prosper Property Group in 2025.

New Development Capital’s Andrew Iadeluca arranged the financing. 

Earlier in March, Northwind announced the closing of its 100th loan and a total of $4.1 billion of debt originations since the firm was founded in 2008. 

Ran Eliasaf, founder and managing partner of Northwind Group, said in a statement that the deal with Prosper Property Group allows his firm to deepen an existing relationship as it constructs a boutique apartment building in a Manhattan neighborhood that exhibits “strong fundamentals and robust demand” for luxury apartments. 

“This upsizing is a natural continuation of the trust and partnership we have built since originating the initial acquisition loan,” Eliasaf said. “It reflects our broader focus on supporting experienced sponsors through the full life cycle of their projects.”

Located on 17th Street between Fifth Avenue and Avenue of the Americas, 10 West 17th Street will deliver 34 apartment residences to Manhattan that range from one-bedrooms to four-bedrooms.

Eddie Bender, principal of Prosper Property Group, said in a statement that his development firm “looks forward to delivering exceptional residences to the Flatiron neighborhood.”

The asset is expected to finish construction in the third quarter of 2027. 

Brian Pascus can be reached at bpascus@commercialobserver.com.