Northwind Group Provides $23 Million Loan for New Condos in Los Altos

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">NEW YORK<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; Northwind Group&comma; a <span class&equals;"xn-location">Manhattan<&sol;span>-based real estate private equity firm and debt fund manager&comma; announced its closed-end debt funds provided a <span class&equals;"xn-money">&dollar;23 million<&sol;span> first mortgage&comma; senior secured condo inventory loan collateralized by the remaining 18 unsold residential condominium units in the recently completed 4-story residential property located at 450 First Street in <span class&equals;"xn-location">Los Altos&comma; CA<&sol;span>&comma; in the heart of Silicon Valley&period;<&sol;p>&NewLine;<p>The property was built by Edge Development Group&comma; a developer&comma; general contractor&comma; and investment group founded by principals <span class&equals;"xn-person">Farzin Shakib<&sol;span> and <span class&equals;"xn-person">Mark Yazdani<&sol;span>&comma; who have deep experience developing high-end residential and commercial properties in the <span class&equals;"xn-location">San Francisco Bay Area<&sol;span>&period; &&num;8220&semi;The Northwind team worked tirelessly to close our loan much faster than we had anticipated&period; It was an arduous task&comma; but they masterfully navigated us through the entire process&period; We appreciate their professionalism&comma; expertise&comma; and speed with which they performed&comma;&&num;8221&semi; said <span class&equals;"xn-person">Amir Farhid<&sol;span>&comma; Chief Operating Officer of Edge Development Group&period;<&sol;p>&NewLine;<p>The property achieved substantial completion in 2024 and has experienced strong sales momentum&comma; selling over a third of the available units&comma; including all three penthouses&comma; within the first two months since the TCO was issued&period; Sales are led by the Joyce and Tatum team from Christie&&num;8217&semi;s International Real Estate Sereno&comma; industry veterans with over 20 years of experience in the Bay Area&period;<&sol;p>&NewLine;<p>Northwind Group structured a fast and flexible solution to refinance the existing construction loan and provide Edge Development with the time to strategically sell the remaining unsold units to achieve maximum sales value&period; This is the first loan in the Bay Area provided by Northwind&&num;8217&semi;s debt funds&comma; highlighting Northwind&&num;8217&semi;s strategy of providing financing to high-quality assets in gateway markets across the US&period; In the first quarter of 2024&comma; Northwind Group successfully closed on over <span class&equals;"xn-money">&dollar;540 million<&sol;span> in loans&period; This loan shares the same investment thesis as Northwind&&num;8217&semi;s recently closed <span class&equals;"xn-money">&dollar;111 million<&sol;span> first mortgage condo inventory loan on a 17-story residential condominium tower in <span class&equals;"xn-location">Houston&comma; Texas<&sol;span> and further demonstrates Northwind&&num;8217&semi;s breadth and capabilities&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Condo inventory loans are our bread and butter and we have become one of the more active lenders in this space&period; Despite the challenges in the <span class&equals;"xn-location">Greater San Francisco<&sol;span> market&comma; the strength of sales&comma; quality of construction&comma; and the value proposition of condo ownership within one of the nation&&num;8217&semi;s most expensive housing markets gives us confidence in this loan and the sponsor&&num;8217&semi;s business plan&period; This is a straight down the fairway loan for our funds&&num;8217&semi; investment risk profile&comma; and we are excited to begin this relationship with Edge Development Group&comma;&&num;8221&semi; said Ran Eliasaf&comma; founder and managing partner of Northwind Group&period;<&sol;p>&NewLine;