Ran Eliasaf

In a year when alternative lenders further expanded their slice of the capital markets pie, Ran Eliasaf’s Northwind Group distinguished itself as one of the country’s premier debt funds. 

In deals that largely prioritized New York City but also touched several other major U.S. markets, Northwind leaned into condo inventory and multifamily loans, bridge and senior loans to finance office-to-residential conversions, pre-development loans, and special situation loans. 

“We’re always basis  driven when lending — lending on good bricks, good locations, great sponsors that are buying these buildings at a low price,” explained Eliasaf, speaking specifically of loans for office-to-residential conversions.

All told, from March 2024 to March 2025, Northwind originated $2.23 billion in loans that served its multifamily and health care platforms, favored first-position senior secured loans in the multifamily space, and mezzanine and B-note loans for senior care and health care properties. 

Last year the firm loved New York City, where it originated a $135 million senior-
secured loan for the office-to-resi conversion of 235 East 42nd Street into a 910-unit, Class A multifamily and retail property; a $75 million loan to convert 219 East 42nd Street into a 660-unit Class A multifamily destination; and a $95 million senior mortgage acquisition loan to finance the $116 purchase that Bldg Management and David Werner’s DWREI made for 100 Wall Street, a 1969 office building ripe for conversion to housing. 

“New York is the most supply-constrained market in the country,” explained Eliasaf. “Everything that’s happened from COVID to now has created further pressure on supply, and that’s why you see rents remain high, and high occupancy levels.”

And as much as Eliasaf might love financing different types of loans for multifamily construction or office conversion, his firm is a major player in the health care real estate space, where it finances mezzanine and bridge loans, typically for income-producing health care properties, or advises industry-specific REITs such as  CARETrust.  

The firm has originated financing on more than 300 health care properties holding more than 30,000 units across 21 states, according to Eliasaf. He believes that the growing population of aging adults in the U.S. has created a long-term trend for lucrative investment. 

“It’s a demographic trend, it’s where the U.S. is heading, and it’s very clear that it’s infrastructure like,” he said. “We refer to it as ‘social infrastructure,’ as you’re providing a public service.”