Prosper Property Obtains Financing Totaling $50 Million for Luxury Condo Development

Features April 3, 2026| | Amy Wolff Sorter

Prosper Property Group obtained $39 million in construction financing from Northwind Group’s Debt Fund III to develop 10 West 17^th Street, an 18-story, 34-unit luxury residential condominium building in New York City’s Flatiron District.

The two-year, first-mortgage senior loan was added to an $11 million acquisition loan that Northwind provided to the sponsor for the site’s purchase from Anbau in July, 2025.

John Vavas of Polsinell represented Northwind, and Andrew Iadeluca of New Development Capital arranged the financing.

Groundbreaking took place in late 2025, with completion anticipated in mid-2027. The price per square foot for the residences is $2,000.

Northwind founder and managing partner Ran Eliasaf told ApartmentBuildings.com that the deal made sense because of Prosper’s local experience and proven track record in developing boutique residential projects throughout Manhattan. “We hope this is the first of many future deals,” he added.

Eliasaf explained that the Flatiron District has little available planned inventory to entice young professionals, empty nesters or investors targeting luxury condo residences. “The projects that were recently completed have seen strong absorption and pricing,” he added.

Northwind’s Debt Fund III is the firm’s latest flagship closed-end fund. It focuses on real estate credit investments across major U.S. gateway markets. Eliasaf said the fund has over $600 million in executed term sheets, including ground-up development, residential pre-development, office lease-up, traditional bridge financing and built and construction-to-completion condo product.

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Prosper Property Obtains Financing Totaling $50 Million for Luxury Condo Development

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout