Northwind Group closes $1 billion real estate debt fund

Northwind Group has completed the final close of Northwind Debt Fund III (NDF III) with $1 billion in committed capital. The amount doubles the firm’s original $500 million target and represents the largest fund raised in the New York-based manager's history.

The fund focuses on originating senior-secured bridge loans within major U.S. gateway markets, targeting sectors such as multifamily properties, condominium inventory, construction, and office-to-residential conversions. Approximately 93 percent of the fund is expected to be geared toward residential properties, with individual loans projected to range between $100 million and $200 million.

Since its first close in January 2025, NDF III has already originated approximately $1.5 billion in loans. Notable transactions include a $401 million loan for Ritz-Carlton-branded residences in Palm Beach Gardens, Florida, and a $208 million construction loan for an office-to-residential conversion in Downtown Brooklyn. The fund is currently 60 percent deployed and aims to reach 90 percent deployment by the end of the year.

The investor base includes pension funds, insurance companies, banks, family offices, and ultra-high-net-worth individuals from both U.S. and international markets.