Northwind Group Closes $1B Debt Fund
The private lender doubled its initial $500 million target for its third real estate-focused credit vehicle
By Andrew Coen October 21, 2026 8:00 am
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Northwind Group has executed its third real estate-focused credit fund after doubling its fundraising target, Commercial Observer has learned.
The private lender’s Northwind Debt Fund III (NDF III) closed with $1 billion in committed capital after setting a $500 million goal for the credit vehicle in January 2025. The fund has already originated $1.5 billion in loans involving multifamily, condominium and office-to-residential properties across the largest supply-constrained U.S. gateway markets.
“This is our largest fund to date, and I think it it takes us to the next level as a fund manager,” Ran Eliasaf, founder and managing partner at Northwind Group, told CO. “We raised the initial closing in 2025, and the fund was active and we started investing. Then we increased the capitalization of the fund over the investment period.”
Eliasaf said the successful fundraise reflects the success of Northwind’s first two real estate credit funds of $220 million and $326 million, with many of those investors returning to support the new vehicle. The investor base for NDF III includes pension funds, insurance companies, banks, family offices and ultra-high-net-worth individuals.
NDF III, which will primarily focus on senior loans, has so far originated debt in America’s largest markets, including New York, South Florida, Los Angeles and Chicago. Among the fund’s notable deals thus far were a $401 million senior completion-to-condo inventory loan for Catalfumo Companies’ Ritz-Carlton Residences project in Palm Beach Gardens, Fla., and a $208 million construction loan for an office-to-residential conversion at 141 Willoughby Street in Downtown Brooklyn.
The fund is nearly 60 percent deployed now and should hit the 90 percent mark by the end of 2026, with typical loan sizes in the $100 million to $200 million range, according to Eliasaf. He said about 93 percent of the fund will be geared toward residential properties.
A large part of the fund will target multifamily and condo assets in New York City, a market Eliasaf remains bullish on despite a higher-for-longer interest rate environment.
“It’s still one of the most supply-constrained markets in the country, and, as a lender, we like that because it gives us some sort of stability,” Eliasaf said. “Rates are increasing and there’s a question on values, so I think you have to show conservatism right now to select the right properties and, most importantly, also the right sponsors.”
Andrew Coen can be reached at acoen@commercialobserve.com.
