Northwind, BHI Lend $170M to UWS Condo

Northwind Group and BHI provided a $170 million construction loan to a luxury condo development in Manhattan’s Upper West Side, TheRealDeal has learned.

The financing will fund the construction of Nortco Development’s 36-unit condo project at 200 West 88th Street, the former home of Mermaid Inn, a popular seafood restaurant that closed in 2022.

Nortco, led by Haim and Rony Nortman, acquired 200 West 88th Street and three other properties between West 87th and West 88th streets in December 2018 for $46 million, according to Crain’s. Last year, the developer filed plans for the project at 200 West 88th Street. It’s unclear if the other three properties will be part of this development.

The boutique development will offer three- to five-bedroom units. Many of the units will have private outdoor space.

“We have supported this project from the pre-development phase and are excited to continue our involvement through construction,” said Ran Eliasaf, founder of Northwind Group in a statement.

Northwind financed the project through its debt fund. The firm has emerged as one of the more active lenders in New York City, specializing in office conversions and condo inventory loans.

Notably, the alternative lender provided the financing to restart 125 Greenwich, a supertall condo development in Lower Manhattan. Nortco has a few other boutique condo projects in Manhattan, including 11 Hancock Place and 165 Chrystie Street.