Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, originated a $208-million first mortgage construction loan for 141 Willoughby St., a 24-story, 355,000-square-foot Class A tower in Downtown Brooklyn. Loan proceeds retired the existing debt on the property and will fund its partial conversion into 239 rental apartments across floors 8 through 23 and the commercial lease-up on floors 1-7, which have been rebranded as 385 Gold.
The conversion is being led by a joint venture between Capstone Equities and BH3 Fund Advisors, which took control of the property in 2025 and has spent the past year in predevelopment. Originally delivered in 2023, the tower was built to full Class A institutional specification but was never occupied.
The financing was arranged by Rob Turner and Ethan Pond of Eastdil Secured Savills. Northwind was represented by John Vavas of Polsinelli Group and the JV was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.
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