Northwind Group has closed a $50 million construction loan to support the development of a luxury residential condominium project at 10 West 17th Street in Manhattan’s highly sought-after Flatiron District.
The financing, which expands on an earlier $11 million acquisition loan issued in 2025, will fund the construction of an 18-story building featuring 34 boutique residences. The development is being led by Prosper Property Group, a New York-based real estate firm known for its vertically integrated approach.
Located between Fifth and Sixth Avenues, the project is designed to deliver high-end residences ranging from one- to four-bedroom units. The development will also include a range of premium amenities tailored to meet demand in one of Manhattan’s most desirable neighborhoods.
Construction is already underway, with foundation and excavation work in progress. The project is expected to reach completion by mid-2027.
The loan was originated through Northwind Debt Fund III, the firm’s flagship vehicle focused on real estate credit investments across major U.S. gateway markets. The financing reflects Northwind’s continued commitment to supporting large-scale residential developments in high-demand urban areas.
Ran Eliasaf, Founder and Managing Partner of Northwind Group, highlighted the firm’s confidence in both the project and its development partner.
“We are excited to deepen our commitment to this project and to expand our relationship with Prosper Property Group as the development moves into its construction phase. The Flatiron District continues to exhibit strong fundamentals and robust demand for boutique luxury residential product, and we have confidence in the team's ability to execute on this vision. This upsizing is a natural continuation of the trust and partnership we have built since originating the initial acquisition loan, and it reflects our broader focus on supporting experienced sponsors through the full lifecycle of their projects.”
The Flatiron District remains a prime location for residential development, with limited supply and sustained demand for high-end housing. The project aims to capitalize on these favorable market conditions by delivering a boutique offering that stands out in a competitive landscape.
Eddie Bender, Principal of Prosper Property Group, emphasized the importance of the financing partnership in advancing the project.
“Northwind's willingness to upsize and support our construction financing needs is a testament to the strong partnership we have built together. Having a lender that understands our vision and can move efficiently through the process has been invaluable, and we look forward to delivering exceptional residences to the Flatiron neighborhood.”
Additional support for the project came from New Development Capital, which arranged the financing. Andrew Iadeluca, Principal at the firm, pointed to the area’s strong fundamentals and the project’s design as key differentiators.
“The Flatiron District is a pocket of Manhattan that has real demand for boutique luxury product and very little supply to meet it. DXA Studio's design will make this building an immediate standout and Prosper Property Group is a sponsor with the platform to execute flawlessly. We're proud to have placed this financing.”
This transaction underscores a broader trend in urban real estate, where lenders are increasingly backing experienced developers in supply-constrained markets. Boutique luxury developments, particularly in core neighborhoods like Flatiron, continue to attract investment due to their resilience and long-term value potential.
Northwind Group’s growing lending platform—having surpassed 100 loans and $4.1 billion in originations—positions it as a significant player in construction financing. The firm’s strategy focuses on scaling relationships with proven developers while maintaining disciplined investment across major metropolitan markets.
For Prosper Property Group, the project further strengthens its footprint in New York City’s luxury residential sector, where demand for well-located, design-forward housing remains strong despite broader market fluctuations.
Originally reported by Northwind Group in PR News Wire.
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