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The loan marks the firm's single-largest origination to date and represents a move beyond its South Florida development stronghold.
The loan will fund Edge Property Group’s 276-unit, 321-bed project at 465 West 165th Street in Manhattan’s Washington Heights submarket.
A convergence of demographic momentum, bank retreat and housing undersupply has created a rare and durable opportunity in Australian commercial real estate debt, says Andrew Schwartz, group managing director and co-founder at Qualitas.
The firm has been one of the most active construction and bridge lenders in South Florida, with 20% of its 2025 originations derived from the market.
The loan is one of the largest ever originated by the New York-based real estate private equity and credit manager.
Private real estate loan deals for residential schemes such as Northwind’s $401 million bridge package are becoming more commonplace.
The firm raises $850m in discretionary commitments, with $465m in co-investment capital.
As construction financing demand returns, real estate private credit managers are picking their niches by location and type of project.
Development activity has dropped significantly over the past three years, leaving an opening for new construction.
The firm’s $223m anchor loan to revitalize the former Cal Neva Hotel in Lake Tahoe, Nevada, signals an effort to return the storied property from road bumps to another heyday.