Ran Eliasaf

After a 12-month period from March 2024 to March 2025, in which — deep breath —Northwind originated $1.7 billion in term loan placements for its health care platform and originated another $662 million across 10 bridge loans of broader commercial real estate projects, with an emphasis on office-to-
residential conversions in New York City, construction loans and acquisition and pre-
development bridge financings, the firm could finally exhale a sigh of relief.

Across the following March-to-March time span, Northwind executed $3.36 billion of total transaction activity, including $2.7 billion across health care credit and structured finance including advisory, equity, and debt investment. Not bad at all. 

In November 2025, Northwind announced the final close of Northwind Healthcare Debt Fund II (NHDF II) with a total capitalization of $342.5 million. The fund’s target had been $250 million. 

“The final close of NHDF II capital raise represents a significant milestone for our health care credit platform and is our largest fund to date in the strategy,” Ran Eliasaf said at the time. “We focus on providing acquisition-
bridge capital to income-producing portfolios of skilled nursing and senior living assets in select states in U.S. leading owner/operators who prioritize patient care, invest in their
organizational culture, and implement innovative technologies to enhance clinical outcomes.”

Northwind said that it closed $126.3 million of mezzanine loan originations though the fund, subordinate to $509.2 million in senior financings.  

Beyond the fund, Northwind closed $2 billion, including $1.7 billion in term loan placements, $65 million in accounts receivable facilities and $210 million in asset sales.

Other Northwind deals this past year included a $135 million first mortgage supporting a major Midtown office-to-residential conversion, a $90 million structured financing for a 430-unit residential conversion, a $113 million acquisition and pre-development bridge financing in Brooklyn Heights, and a $58 million senior acquisition loan for a Chicago office asset acquired through court-supervised foreclosure.