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Northwind Group Closes $50 Million Pre-Development Loan for a Hudson River Waterfront Development Site in Edgewater, New Jersey

PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.
December 22, 2022 GMT
Northwind Group Logo (PRNewsfoto/Northwind Group)
Northwind Group Logo (PRNewsfoto/Northwind Group)

NEW YORK, Dec. 22, 2022 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm, today announced that its real estate debt funds provided a $50 million first mortgage pre-development loan secured by a ~14-acre Hudson River waterfront land parcel at 615 River Road in Edgewater, New Jersey. Northwind provided the loan closing with flexible terms, which will provide the borrower with additional time and capital to prepare the site for development in 2023.

The borrower, a joint venture between the Maxal Group, EnviroFinance Group, and Equity Resource Investments, plans to develop the site into three towers with up to 1,200 residential multifamily units, commercial space, and a wide range of amenities, including a 2.5-acre waterfront park. The project will also feature a new direct water ferry station connecting it to Midtown and Downtown Manhattan and a New Jersey Transit bus stop which will also provide direct service to New York City.


Northwind remains committed to lending in the area and is actively lending to quality borrowers with well-located assets. Within the last month, Northwind has originated over $112 million in new loans and is equipped to continue to provide flexible financing solutions from its three discretionary debt funds under management, which have deployed over $1 billion in loans combined.

“Our team has been very active closing multiple loans this year. As we remain bullish on the New York area, Northwind’s familiarity with the rapidly growing Edgewater market enabled our team to underwrite and execute this financing quickly and efficiently,” said Ran Eliasaf, founder and managing partner of Northwind Group. “We are excited about the opportunity to work with such a high-quality borrower on one of the last largest remaining vacant land parcels on New Jersey’s Gold Coast.”

“It has been a great opportunity to work with Northwind on financing this exciting development of 1200 units on the edge of the Hudson River”, said Bruce Sturman, a Managing Director of Maxal Group. “Northwind has a clear vision as to how to finance large scale projects such as 615 River Road and we look forward to continuing to work with the Northwind team as we undertake development of this exciting project and future innovative high end developments along the Hudson River.”


Ed Elanjian, CEO of EnviroFinance Group added “how pleased he was with Northwind’s prompt execution and commitment to a timely closing.”

About Northwind Group
Northwind Group is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to

Maxal Group
Maxal Group is a privately capitalized real estate investor and developer of real estate in New York and the New Jersey Gold Coast. The firm is managed by professionals that have completed more than $5 billion of real estate acquisition and development transactions and is led by Tom O’Gara and Bruce Sturman.


Equity Resources Investments
Equity Resources Investments is a Boston based private equity real estate fund focused on multifamily and commercial real estate with more than 30 years of experience valuing, transacting in, and partnering with managers of real estate assets and is led by Eggert Dagbjartsson and Victor J. Paci.

EnviroFinance Group
EnviroFinance Group is a provider of debt financing services with a focus on impaired lands. The company specializes in providing financing for the clean-up and redevelopment of contaminated sites. The firm is led by Ed Elanjian who has over 30 years of experience in the sector.

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SOURCE Northwind Group