Ran Eliasaf's firm has deployed more than $800 million across three construction and conversion loans in Florida and New York.
Northwind, the real estate investment firm led by Ran Eliasaf, closed a $1 billion debt fund focused on financing real estate projects. The fund drew capital from family offices and ultra-high-net-worth individuals alongside pension funds, insurance companies and banks.
The firm has deployed the capital across three loans totaling more than $800 million. Northwind provided a $401 million senior completion-to-condo inventory loan for a project in Palm Beach Gardens, Florida.
In New York, the firm lent $208 million for a construction project converting an office building to residential use in Downtown Brooklyn. Northwind also extended a $219 million construction loan for the redevelopment of 100 Wall Street, where portions of the office building are being converted into apartments.
The fund's structure brought together institutional allocators and private wealth on the same terms. Family offices and ultra-high-net-worth individuals invested alongside larger institutional players in the vehicle.
The three disclosed loans represent more than 80 percent of the $1 billion fund. The concentration suggests Northwind is writing large checks per transaction rather than building a diversified portfolio of smaller loans.
Office-to-residential conversions accounted for two of the three loans. The 100 Wall Street and Downtown Brooklyn projects both involve adaptive reuse of office properties into apartments.
The Deployment Angle
Family Office Real Estate Daily Desk · our analysis, not the source's
The fund offers family offices two routes into construction lending. A direct co-GP stake alongside Northwind would give control over underwriting and loan terms but would require dedicated workout infrastructure if a project stalls. An LP allocation provides passive exposure to a diversified book but limits the ability to cherry-pick loans or negotiate bespoke structures.
The disclosed loans suggest an average cheque size of roughly $270 million. That ticket means family offices writing smaller co-investment checks would own a minority slice of each loan, which weakens their ability to control a restructuring if the sponsor defaults. Family offices underwriting this strategy should confirm whether the fund's governance allows minority lenders to block draws or extensions.
Two of the three loans are financing office-to-residential conversions. That concentration introduces execution risk beyond typical construction lending. Conversion projects often encounter unforeseen structural issues, zoning complications and cost overruns that push schedules out and require additional equity. Family offices should price in a higher probability of extension requests and scrutinize whether the fund has reserved capital to fund cost overruns or whether those become the sponsor's problem.
The fund raised from both institutional and private capital on identical terms. That suggests Northwind priced the fund for institutional appetites rather than offering family offices a premium for patient or flexible capital. Family offices considering an LP stake should compare the fund's yield and fees to direct lending opportunities where their capital flexibility commands a spread premium.
