Northwind closes third real estate credit fund at $1B, doubling its target
What's the deal? Northwind GroupDealroom has a profile for this one. Try Dealroom → has closed its third real estate-focused credit fund, Northwind Debt Fund III, with $1 billion in committed capital. The Manhattan-based private equity firm set a $500 million target for the vehicle in January 2025, then doubled it over the investment period.
Why now? Founder and managing partner Ran Eliasaf said the fund raised its initial close in 2025 and began investing immediately. "We increased the capitalization of the fund over the investment period," he told Commercial Observer.
What's the endgame? The fund has already originated $1.5 billion in loans across multifamily, condominium, and office-to-residential properties in supply-constrained US gateway markets. It focuses primarily on senior loans, with typical sizes of $100 million to $200 million; about 93% is geared toward residential assets.
Notable deals include a $401 million loan for Catalfumo Companies'Dealroom has a profile for this one. Try Dealroom → Ritz-Carlton Residences project in Palm Beach Gardens, Florida, and a $208 million construction loan for an office-to-residential conversion in Downtown Brooklyn. The fund is nearly 60% deployed and should reach 90% by the end of 2026.
Who's backing it? The investor base spans pension funds, insurance companies, banks, family offices, and ultra-high-net-worth individuals. Eliasaf said many are returning backers from Northwind's first two credit funds of $220 million and $326 million.
What could go wrong? A large share of the fund targets New York City multifamily and condo assets amid rising rates and questions over property values. "You have to show conservatism right now to select the right properties and, most importantly, also the right sponsors," Eliasaf said.
The signal: The raise caps an active stretch for Northwind, which closed its healthcare debt fund at $342.5 million in November 2025 and struck a $300 million capital partnership with Apollo-backed Atlas SP in May 2026. "This is our largest fund to date, and I think it takes us to the next level as a fund manager," Eliasaf said.
Read more: commercialobserver.com
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