Northwind Group Provides $21 Million Acquisition Loan for Greenpoint Condo Site Backed by Investmates Real Estate & Development

Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has originated a $21 million first-mortgage acquisition and predevelopment loan for 148–150 Green Street, a development site in the Greenpoint submarket of Brooklyn, the firm announced July 1, 2026. The borrower is Investmates Real Estate & Development, a Brooklyn-based developer with more than 20 completed residential and mixed-use projects in the Greenpoint and Williamsburg submarkets.

The loan was originated through Northwind Debt Fund III, the firm's latest flagship closed-end credit vehicle focused on real estate debt investments across major U.S. markets. The transaction was sourced off-market through a direct relationship between Northwind and the sponsor.

Project Details: A Seven-Story Condo Building in the Heart of Greenpoint

The property at 148–150 Green Street is an existing vacant commercial building with approximately 170 feet of frontage along Green Street, situated between Manhattan Avenue and Franklin Street. The existing structure is slated for demolition and redevelopment into a seven-story, for-sale residential condominium building with ground-floor retail.

The planned development will deliver 73 units comprising a mix of one-, two-, and three-bedroom residences. Amenities are expected to include a full-time doorman, spa, and gym. The building has been designed by INOA Architecture. Loan proceeds were applied toward the property's acquisition and predevelopment costs to prepare the site for construction.

Investmates Real Estate & Development is a vertically integrated firm that operates across the full development lifecycle — from acquisition and design through permitting, construction, and delivery — including a fully in-house, self-performing general contracting team. The firm was founded by Koby Telyas and Idan Shitrit and is headquartered in Greenpoint.

Repeat-Borrower Relationship and Lender Commentary

Northwind Group characterized Investmates as a repeat borrower, citing the developer's track record in the neighborhood as a key underwriting consideration.

"We are pleased to provide this loan to Investmates, a repeat borrower of Northwind with a consistent track record in residential development," said Ran Eliasaf, Founder and Managing Partner of Northwind Group. "This is a submarket that has established itself as one of Brooklyn's most sought-after neighborhoods with deep buyer demand, limited new supply, and sustainable pricing that continues to strengthen. The neighborhood's evolution over the past decade has been significant, attracting both end-user buyers and institutional capital, and we expect that trajectory to continue. We are confident in Investmates' ability to execute their business plan and look forward to supporting them through the full development of this project."

Koby Telyas and Idan Shitrit of Investmates also commented on the transaction. "We are thrilled to be acquiring this prime Greenpoint site and to continue building in a neighborhood we know well," they said. "Greenpoint remains one of Brooklyn's most desirable residential markets, and we look forward to delivering condominium units to our buyers. Northwind has been a reliable and trusted capital partner, and we appreciate their confidence in our team and our business plan. We look forward to continuing our partnership as we advance this development."

Northwind was represented by John Vavas of Polsinelli in the transaction.

About the Firms

Northwind Group is a Manhattan-based real estate private equity firm and debt fund manager specializing in credit investments through discretionary, closed-ended debt funds. The firm was founded in 2008 by Ran Eliasaf and has executed more than $10 billion in real estate transactions across more than 400 properties in 25 states.

Investmates Real Estate & Development is a vertically integrated, Brooklyn-based real estate development firm founded by Koby Telyas and Idan Shitrit and headquartered in Greenpoint, New York. The firm has a 15-plus year track record and more than 20 completed residential and mixed-use projects.

Sources

Northwind Group press release via PR Newswire, July 1, 2026