Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $77.2 million first mortgage condo inventory loan through its closed-end debt fund, the company announced Monday. The loan is collateralized by 167 remaining units at Vesper, the 270,000-square-foot, 41-story residential condominium tower recently completed at 84 East Avenue in Austin’s Rainey Street District.
Completed in 2024, Vesper was developed through a joint venture between Pearlstone Partners, one of Austin’s leading condominium developers, and ATCO, a New York-based real estate investment and ownership platform led by the Hemmerdinger Family.
Northwind structured the loan with flexible terms, enabling the sponsorship to effectively manage the sales process for the remaining units.
“We’re excited to embark on this new partnership with Northwind, a move that provides us with the flexibility to execute our business strategy with precision and care,” said Pearlstone Partners’ Bill Knauss. "This transaction allows us to approach each phase thoughtfully, ensuring the best possible outcomes for all stakeholders involved in the Vesper project.”
“Loans backed by high-quality condominiums are our core focus, and we have strong confidence in Vesper given that 40% of its units have already been sold and it stands as the only new inventory available in the Rainey Street submarket,” Northwind's Ran Eliasaf said. "Austin’s ongoing growth and the rising demand for premium residences, driven by an influx of relocating professionals, further reinforce our confidence. We look forward to partnering with Pearlstone and ATCO to support the success of this project.”
Northwind Group was represented by John Vavas of Polsinelli Law Firm in the transaction.
