Northwind Group Provides $30 Million Loan to Pro-H Group for Union Square Condominium Site

Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the origination of a $30 million first-mortgage acquisition and predevelopment loan for Pro-H Group's purchase of 110 East 16th Street, a development site in Manhattan's Union Square submarket. The announcement was made Nov. 9.

The site is slated to be developed into a 52-unit, for-sale residential condominium building. Pro-H Group, a New York-based vertically integrated developer and general contractor founded by Burton Hung in 2006, acquired the property.

Union Square Development Site and Planned Project

The property is located on East 16th Street between Union Square East and Irving Place. It is currently improved by a vacant nine-story parking garage that will be demolished to make way for a 22-story project. The building is anticipated to feature 52 condominium residences ranging from one- to four-bedroom homes, along with a full suite of resident amenities.

The parcel measures approximately 6,660 square feet and carries approximately 79,822 square feet of zoning floor area. JLL marketed the opportunity as a fully entitled residential condominium development site. The property had reached approximately 90% completion of its design and permitting phase before the transaction.

The $30 million loan equates to roughly $376 per zoning square foot and an average of about $577,000 per planned unit. These are simple ratios based on the loan amount and site metrics, not construction cost or unit valuation figures.

Loan Originated by Northwind Debt Fund III

The loan was originated by Northwind's latest debt fund, NDF III, which recently announced its final close with $1 billion in capitalization, doubling its $500 million target fund size. The financing is part of the firm's ongoing strategy of providing financing on residential properties in supply-constrained markets. Northwind said NDF III has originated $1.5 billion of loans since its initial close in January 2025.

"We are pleased to finance Burton Hung and the Pro-H Group team on a rare development site just steps from Union Square," said Ran Eliasaf, founder and managing partner of Northwind Group. "With Manhattan's new development condominium inventory at its lowest level in over a decade and limited new supply on the horizon, this project will deliver much-needed housing to one of the city's most supply-constrained and sought-after neighborhoods. As we continue to deploy capital from NDF III, we remain focused on providing flexible, certain financing to experienced sponsors who are delivering high-quality housing where it is needed most."

The Union Square loan follows Northwind's $231 million construction loan for the conversion of 675 Third Avenue, a roughly 337,000-square-foot office tower in Midtown Manhattan, into residential use.

Brokers and Transaction Representation

Robin Schneiderman, managing director at Brown Harris Stevens Development Marketing (BHSDM), represented Pro-H Group, the buyer. Jonathan Hageman, managing director of capital markets at JLL, represented the seller.

"110 East 16th Street is a rare development site in the heart of Union Square, where the new development pipeline is very slim," Schneiderman said. "Pro H Group recognized the site's potential for a marquee project, and it was a pleasure working with them to put together this deal. We look forward to continuing our work with Pro H."

Schneiderman and BHSDM are already working with Pro-H Group as the exclusive marketing and sales team for Loggia NoMad, a 28-story, 94-unit residential condominium development currently in pre-sales at 842 Sixth Avenue.

Burton Hung, president of Pro-H Group, said the company seeks development sites in prime locations with a range of transportation options and an iconic New York feel. "110 East 16th Street will be a signature project for us, and we are excited to bring this luxury residential condominium to fruition," he said.

Market Context for Union Square Condominiums

The announced condominium pipeline in the Union Square area is relatively small compared with larger Manhattan submarkets. Nearby projects include 20 West 15th Street, a nine-unit condominium, and 10 West 17th Street, a 34-unit condominium, indicating that current additions are generally boutique or mid-sized rather than large-scale developments. JLL's marketing materials positioned 110 East 16th Street for presales beginning around mid-2027.

NDF III is Northwind's largest fund and focuses primarily on senior-secured, floating-rate bridge loans in major U.S. cities. Together, the Union Square financing and the 675 Third Avenue loan show the firm lending on both ground-up condominium development and office-to-residential conversion.

About the Companies

Founded in 2008 by Eliasaf, Northwind Group specializes in credit investments through its discretionary, closed-ended debt funds. The firm has executed over $11 billion in real estate transactions in the U.S., across more than 400 real estate and healthcare properties in 28 states.

Pro-H Group is a vertically integrated New York-based real estate development and construction group with expertise spanning development, design, construction and facade systems. The firm has completed more than 100 ground-up development and facade projects throughout New York City and New Jersey.

Sources

PR Newswire: Northwind Group Provides $30 Million Loan for Pro H Group Acquisition of 110 East 16th Street in Union Square