Northwind Group Closes $1B Debt Fund
It's already deployed capital for several nine-figure deals.
Northwind Group has made the final close of its Northwind Debt Fund III with $1 billion in committed capital. The vehicle doubled its $500 million target.
It’s the largest fund in Northwind’s history, which launched its flagship real estate credit strategy in 2017, and is the firm’s third real estate debt strategy. Since the first close of NDF III in January 2025, the platform has originated $1.5 billion in loans in markets including New York City, Los Angeles, Chicago and South Florida.
NDF III primarily originates senior-secured bridge financing across major U.S. gateway markets, with a focus on acquisition, bridge, condo inventory, construction, office-to-residential conversions, pre-development, lease-up and other solutions. Asset classes targeted include multifamily and for-sale condos as well as office, hospitality and industrial properties.
READ ALSO: 6 Overlooked Questions for Your Investment Advisor
While many longtime capital partners participated in NDF III with increased commitments, there were also a number of new institutional investors. Its investor base includes pension funds, insurance companies, banks, family offices and domestic and international ultra-high-net-worth individuals.
Already an active fund
NDF III is Northwind’s fifth credit fund overall. The firm also provides structured financing and bridge-to-HUD loans through its healthcare credit platform. Northwind has transacted on more than $11 billion in real estate debt and equity investments across all its strategies.
In May, Northwind provided a $401 million first-mortgage completion-to-inventory note from NDF III to Catalfumo Cos., the developer of The Ritz-Carlton Residences, Palm Beach Gardens, a luxury condominium project in Palm Beach Gardens, Fla. The development comprises 106 residences across three towers on a 14-acre site. The community will have 20,000 square feet of amenities, all operated by The Ritz-Carlton, in addition to a 29-slip marina.
In June, the fund also provided a $180 million acquisition loan, including a future good-news funding facility, to 601W Cos. for the purchase of a 55-story, Class A office tower at 333 S. Grand Ave. in the Bunker Hill submarket of Los Angeles. The 1.4 million-square-foot property includes roughly 1,700 parking spaces. Brookfield sold the distressed asset, also known as Wells Fargo Center’s North Tower.
In September 2025, Northwind originated a $98 million senior-secured loan for a partnership led by Terra to acquire 1250 West Ave., an existing condominium building in the South Beach submarket of Miami, through the debt fund. The group plans to transform the Biscayne Bay-front property into a 100-unit luxury condo tower.
