Northwind Closes 2nd Health Care Fund at $343M
The fund surpassed its target by nearly $100 million.
Real estate private equity firm Northwind Group has announced the final close of Northwind Healthcare Debt Fund II (NHDF II), its second health care real estate and senior housing investment vehicle. The fund’s $342.5 million final closing amount eclipses the firm’s initial $250 million target.
To date, the fund represents Northwind’s most sizable health care vehicle. It sustains the firm’s strategy of delivering structured financing and bridge-to-HUD loans secured by income-producing skilled nursing and senior housing property portfolios.
Northwind’s health care platform launched in 2016. Since then, the firm has transacted more than $4.6 billion in healthcare assets in 26 states, totaling more than 48,000 beds and units in states including Florida, New Jersey, Ohio, Kentucky, Virginia as well as North and South Carolina.
Other endeavors
Northwind has had an active year in other asset classes, as well. In April of this year, the firm, in a joint venture with BHI, Bank Hapoalim B.M.’s U.S. branch, originated $170 million in construction financing for 200 W. 88th Street and 18-story, 215-foot-tall luxury condominium project located in Manhattan’s Upper East Side.
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Developed by Nortco Development, the property will feature 36 three- to five-bedroom residences, each with private outdoor terraces. The building will offer 1,620 square feet of retail space and a wide array of common-area amenities. The property has quick access to shopping, restaurants and nightlife options, as well as bus and subway stations near Central Park.
After BHI furnished $134 million of the total amount of financing, Northwind Group arranged the remainder through its Northwind Debt Fund III, its fifth credit fund. That vehicle passed $300 million in originations during the first quarter of this year.
Last year, Northwind originated a total of $1.1 billion in loans.
