US real estate private equity and debt fund manager Northwind Group has held a $1bn (€890m) final close for its third real estate fund, doubling its $500m target.
Northwind Debt Fund III (NDF III) was backed by existing investors alongside new institutional backers, including pension funds, insurers, banks, family offices and high-net-worth individuals.
NDF III will primarily originate senior-secured floating-rate bridge loans in major US gateway markets, targeting acquisitions, construction, condo inventory, office-to-residential conversions and specialised pre-development financing.
Northwindn said that NDF III has originated $1.5bn in loans across New York City, South Florida, Los Angeles and Chicago since has since its first close in January 2025.
Ran Eliasaf, founder and managing partner of Northwind, said: “I’m especially proud that we completed this capital raise entirely in-house, without the use of a third-party placement agent. We believe the current environment presents one of the most attractive lending opportunities we have seen, and NDF III positions us to capitalise on it on a greater scale than ever before.
“Sponsors increasingly look to Northwind as a dependable source of capital, and NDF III allows us to meet that demand while staying true to our disciplined investment philosophy. Our ability to underwrite complex situations, from condo inventory to office-to-residential conversions, and to close with speed and certainty is what continues to set us apart.”
Michael Ainbinder, partner and head of commercial real estate credit at Northwind, said: “Demand for flexible, reliable bridge capital remains strong in New York City and other supply-constrained markets across the US, as sponsors navigate a shifting interest rate environment and a wave of upcoming loan maturities.
“The market dislocation we’ve seen over the past several years has fundamentally changed the role private lenders play in commercial real estate finance. With NDF III, we have greater capacity to step into that gap, support high-quality sponsors and capitalise on opportunities where complexity and speed matter. We believe this is an especially compelling time to be deploying capital in real estate credit.”
To read the latest IPE Real Assets magazine click here.
