Northwind Group supplied the loan, which was collateralized by unsold for-sale residential condo units in The Laurel Rittenhouse Square on 1911 Walnut Street in Philadelphia’s Center City neighborhood. The Laurel’s 65 condo units are on the top floors of the recently completed building, which also includes a 184-unit luxury multifamily community in the lower floors.
Ran Eliasaf, founder and managing partner of Northwind Group, said the deal, which replaced a previous construction loan, was designed to deploy fresh financing that enables sponsorship to complete the condo sales process without an impending maturity. He said the building, which is Philadelphia’s tallest residential tower, has seen 34 of the 65 condo units sold thus far. Collateral for the loan includes the 31 unsold condos plus 81 parking spaces.
Nashville-based Southern Land Company has closed more than $154 million in condo sales for the 34 sold units at The Laurel Rittenhouse Square, which opened to homeowners in January 2023. The building’s apartments, under the name 1909 Rittenhouse, debuted in November 2022 and are currently 90 percent leased.
Northwind also closed a $35 million first-mortgage loan to New Jersey developer Yisroel Berger to renovate his Carmel Towers apartment building in Newark. The loan will fund upgrades to the 25-story, 216-unit property that is geared toward workforce housing, and will stabilize the property through the lease-up process.
Eliasaf said the project will involve a “full gut rehab” by redoing the building’s interior. He said it will be important given the affordability component, as there has been a lack of supply of multifamily developments focused on middle-income residents.
Commercial Observer Channel, Finance, Ben Kroll, Chris Kramer, Dustin Stolly, Jordan Roeschlaub, Marshall Dickson, Michael Dorfman, Nick Scribani, Ran Eliasaf, Tim Downey, Yisroel Berger, New Jersey, Pennsylvania, Philadelphia, Meridian Capital Group, Newmark, Northwind Group, Southern Land Company Southern Land Company has nabbed $70 million of condominium inventory financing for a new 48-story residential tower in Philadelphia, Commercial Observer has learned. Northwind Group supplied the loan, which was collateralized by unsold for-sale residential condo units in The Laurel Rittenhouse Square on 1911 Walnut Street in Philadelphia’s Center City neighborhood. The Laurel’s 65 condo
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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