Polsinelli Advises Northwind Group in $135 Million Loan for Manhattan Office to Residential Conversion
Polsinelli recently represented Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, in a $135 million acquisition loan secured by the fee interest in 235 East 42nd Street, a 33-story Midtown Manhattan office tower. The tower is set to be converted into a Class A multifamily building with approximately 910 units as well as retail and amenity space.
In August 2024, Polsinelli advised Northwind Group when it provided a $75 million first mortgage loan to the same joint venture involved in this transaction for the neighboring property located at 219 East 42nd Street. Together, both properties will be converted into roughly 1,600 multifamily units, marking the city’s largest office to residential conversion to date.
More information about this transaction can be found here.
Shareholder John Vavas led the Polsinelli deal team, which also included Shareholders Cameron B. Weil and Edward J. Hannon as well as Counsel Brandon K. Sudduth. Additional support was provided by Associates Kristin Y. Yu and Monica J. Guzikowski.
