Bay Area Condos Line Up Inventory Loan

Northwind Group provided the financing.

Exterior of condo property

The property is located in Los Altos, Calif. Image courtesy of Sereno Group

Northwind Group provided a $23 million first mortgage to a Bay Area condo property. The senior secured inventory loan was collateralized by the remaining 18 unsold residential condominium units in the recently completed four-story property in Los Altos, Calif.

Situated at 450 First Street, the property was constructed by Edge Development Group, a developer, general contractor and investment group founded by principals Farzin Shakib and Mark Yazdani.

Northwind Group was represented by John Vavas of Polsinelli Law Firm.

The loan refinances a previous loan and allows Edge Development time to sell the remaining unsold units to achieve maximum sales value.

Evan Kinne from George Smith Partners arranged the financing. The property was completed this year, with more than one-third of the available units having been sold.

Northwind previously provided a $111 million first mortgage condo inventory loan for a 17-story residential condominium tower being constructed by Pelican Builders and Ember Group in Houston. That financing closed in February. The firm also provided financing for a New York City hotel-to-apartment conversion last year in the form of a $100 million senior A-Note.

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