Landau Properties closes on Brooklyn Heights site - securing pre-development acquisition financing from Northwind Group
Brooklyn, NY National real estate development firm Landau Properties, in partnership with the Mizrachi family’s Third Millennium Group and Midtown Equities, has closed on the purchase of 205 Montague St. As part of its pre-development financing, the partnership secured a $113 million senior loan from Northwind Group and $100 million in equity, including $25 million in preferred equity from Atlas Capital Group. The transaction — which marks the first phase of a $500 million development, signifying one of New York City’s largest deals of 2025 — is for the highly anticipated mixed-use development in Brooklyn Heights.
With the land acquisition complete and financing in place, Landau and Mizrachi are poised to transform the storied Montague St. corridor with a ground-up mixed-use development that will introduce 46 design-forward luxury condo residences, 90 rental residences and 40,000 s/f of retail space to one of the city’s most desirable neighborhoods. Demolition and construction are expected to begin in early 2026.
Atlas Capital Group, a New York City owner and developer, provided the preferred equity for the acquisition and pre-development construction. Atlas’ preferred equity platform delivers flexible capital and provides development and operational expertise, partnering on select New York City residential projects. The acquisition and pre-development construction financing were originated by Northwind Debt Fund III, the firm’s latest flagship closed-ended fund focused on real estate credit investments across major U.S. gateway markets.
The financing was facilitated by Raffi Landau of Estreich & Co., representing Landau Properties, and Aaron Jungreis of Rosewood Realty Group, acting on behalf of Atlas Capital Group.
“This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets,” said Jonathan Landau, founder and CEO of Landau Properties. “205 Montague’s striking design, panoramic views and curated amenities will create an unparalleled residential experience while contributing meaningfully to the continued evolution of Brooklyn’s iconic waterfront community.”
Ran Eliasaf, founder and managing partner of Northwind Group, said, “We are pleased to provide financing for the acquisition and predevelopment of 205 Montague St., consistent with our continued focus of well-located residential projects supported by strong market fundamentals. We closed this transaction on an expedited timeline of 30 days, reflecting our ability to move swiftly for deals that fit our credit criteria. We remain strong believers in New York City’s residential market and the long-term fundamentals that sustain it, due to inherent supply constraints. Brooklyn Heights exemplifies these characteristics, and this upcoming project is well positioned to benefit from sustained demand in this supply-stricken neighborhood. We are pleased to support this sponsorship group as they advance the project through predevelopment, and we have confidence in the highly experienced project team they have assembled to execute the business plan.”
Located in the center of Brooklyn Heights, 205 Montague St. is surrounded by tree-lined brownstone blocks, cafés and boutiques, cultural institutions and several subway lines, offering access to Downtown Manhattan. With promenades, waterfront parks and commercial corridors moments away, the area blends classic Brooklyn charm with modern convenience and remains one of the city’s most desirable neighborhoods.