Latest news with #Northwind
Business Wire
5 days ago
- Business
- Business Wire
Northwind Midstream Partners Announces Permitting of Third AGI Injection Well, Final Approval of MRV Plan, and the Completion of New Compressor Station
HOUSTON--(BUSINESS WIRE)--Northwind Midstream Partners LLC ('Northwind' or the 'Company') today announced that it has received a final order from the New Mexico Oil Conservation Commission approving an additional acid gas injection ('AGI') and carbon sequestration well to be located at the Company's Titan Treating Complex in Lea County, New Mexico. New Devonian AGI Well This will be Northwind's third AGI well, increasing the Company's total permitted daily injection capacity to ~37 million standard cubic feet per day (MMSCFD) of total acid gas ('TAG') when completed in 2026. The injection zone of the new well will target the Devonian formation in the Northern Delaware Basin, and combined with Northwind's existing Devonian AGI well, it will give the Company a total of ~29 MMSCFD of permitted Devonian injection capacity. The new well also provides additional redundancy for Northwind's existing TAG disposal operations at the Titan Treating Complex and will underpin the Company's previously announced expansion of the Titan Complex. The Titan Complex currently operates 150 million cubic feet per day (MMcf/d) of high-circulation amine treating capacity and two AGI and carbon sequestration wells. As part of the buildout of the Titan Complex, Northwind expects to complete its Train #3 by mid-year 2025, which will increase total treating capacity to 200 MMcf/d. Additionally, Northwind has reached FID and customer support to further expand total treating capacity to 400 MMcf/d by 2026. EPA Approval of MRV Plan Northwind has also received a milestone approval from the U.S. Environmental Protection Agency ('EPA') for its monitoring, reporting and verification ('MRV') plan for the permanent sequestration of carbon dioxide ('CO 2 ') at the Titan Treating Complex. Northwind's MRV plan documents how the Company will ensure permanent sequestration of CO 2 in its AGI wells from natural gas treated at the Titan Complex. The MRV approval, in conjunction with meeting other statutory requirements, will allow Northwind to qualify for 45Q tax credits. Completion of Pelham Compressor Station In addition to building out the Titan Complex, Northwind has significantly expanded its natural gas gathering and compression network throughout Lea County. The Company recently placed into service its fifth NACE standard compressor station with initial capacity of 25 MMcf/d. This brings Northwind's total compression capacity to ~225 MMcf/d across its full system. Northwind's gathering and compression network, which is designed specifically to manage produced natural gas with high levels of hydrogen sulfide and carbon dioxide, includes over 200 miles of large-diameter steel pipelines and 47,250 horsepower of compression across five compressor stations. Five Point Perspective David Capobianco, CEO and Managing Partner of Five Point Infrastructure, said, 'Regulatory approval validates Northwind's platform as providing the essential infrastructure needed to expand safe and reliable capacity in Lea County, New Mexico, an increasingly important oil producing region.' Management Perspective 'With these approvals in hand, we look forward to advancing the build out of our Titan Treating Complex, providing our producer partners in Lea County with essential off-spec gas gathering, treating, and sequestration capacity,' said Northwind CEO Matt Spicer. 'The expansion of this facility, along with the addition of our new compressor station, will contribute to the continued growth of the oil and gas industry across the Northern Delaware Basin, while also helping producers manage emissions.' About Northwind Midstream Partners Established in 2022, Northwind's strategy is to develop, own and operate off-spec gas infrastructure in the Permian Basin. Northwind operates a highly efficient, environmentally focused and exceedingly reliable midstream system, which unlocks overall customer value while mitigating customer environmental concerns. Northwind's developed solution provides producers with (i) a superior economic alternative, (ii) significant operational enhancements, (iii) meaningful emissions reductions, and (iv) tangible ESG benefits. Learn more at About Five Point Infrastructure Five Point Infrastructure LLC (formerly known as Five Point Energy LLC) is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For further information, please visit
Yahoo
5 days ago
- Business
- Yahoo
Northwind Midstream Partners Announces Permitting of Third AGI Injection Well, Final Approval of MRV Plan, and the Completion of New Compressor Station
Northwind on track to increase total permitted daily injection capacity to ~37 million MMSCFD of TAG by 2026 MRV approval qualifies Northwind for 45Q tax credits Fifth NACE standard compressor station increases total compression capacity to ~225 MMcf/d HOUSTON, May 29, 2025--(BUSINESS WIRE)--Northwind Midstream Partners LLC ("Northwind" or the "Company") today announced that it has received a final order from the New Mexico Oil Conservation Commission approving an additional acid gas injection ("AGI") and carbon sequestration well to be located at the Company's Titan Treating Complex in Lea County, New Mexico. New Devonian AGI Well This will be Northwind's third AGI well, increasing the Company's total permitted daily injection capacity to ~37 million standard cubic feet per day (MMSCFD) of total acid gas ("TAG") when completed in 2026. The injection zone of the new well will target the Devonian formation in the Northern Delaware Basin, and combined with Northwind's existing Devonian AGI well, it will give the Company a total of ~29 MMSCFD of permitted Devonian injection capacity. The new well also provides additional redundancy for Northwind's existing TAG disposal operations at the Titan Treating Complex and will underpin the Company's previously announced expansion of the Titan Complex. The Titan Complex currently operates 150 million cubic feet per day (MMcf/d) of high-circulation amine treating capacity and two AGI and carbon sequestration wells. As part of the buildout of the Titan Complex, Northwind expects to complete its Train #3 by mid-year 2025, which will increase total treating capacity to 200 MMcf/d. Additionally, Northwind has reached FID and customer support to further expand total treating capacity to 400 MMcf/d by 2026. EPA Approval of MRV Plan Northwind has also received a milestone approval from the U.S. Environmental Protection Agency ("EPA") for its monitoring, reporting and verification ("MRV") plan for the permanent sequestration of carbon dioxide ("CO2") at the Titan Treating Complex. Northwind's MRV plan documents how the Company will ensure permanent sequestration of CO2 in its AGI wells from natural gas treated at the Titan Complex. The MRV approval, in conjunction with meeting other statutory requirements, will allow Northwind to qualify for 45Q tax credits. Completion of Pelham Compressor Station In addition to building out the Titan Complex, Northwind has significantly expanded its natural gas gathering and compression network throughout Lea County. The Company recently placed into service its fifth NACE standard compressor station with initial capacity of 25 MMcf/d. This brings Northwind's total compression capacity to ~225 MMcf/d across its full system. Northwind's gathering and compression network, which is designed specifically to manage produced natural gas with high levels of hydrogen sulfide and carbon dioxide, includes over 200 miles of large-diameter steel pipelines and 47,250 horsepower of compression across five compressor stations. Five Point Perspective David Capobianco, CEO and Managing Partner of Five Point Infrastructure, said, "Regulatory approval validates Northwind's platform as providing the essential infrastructure needed to expand safe and reliable capacity in Lea County, New Mexico, an increasingly important oil producing region." Management Perspective "With these approvals in hand, we look forward to advancing the build out of our Titan Treating Complex, providing our producer partners in Lea County with essential off-spec gas gathering, treating, and sequestration capacity," said Northwind CEO Matt Spicer. "The expansion of this facility, along with the addition of our new compressor station, will contribute to the continued growth of the oil and gas industry across the Northern Delaware Basin, while also helping producers manage emissions." About Northwind Midstream Partners Established in 2022, Northwind's strategy is to develop, own and operate off-spec gas infrastructure in the Permian Basin. Northwind operates a highly efficient, environmentally focused and exceedingly reliable midstream system, which unlocks overall customer value while mitigating customer environmental concerns. Northwind's developed solution provides producers with (i) a superior economic alternative, (ii) significant operational enhancements, (iii) meaningful emissions reductions, and (iv) tangible ESG benefits. Learn more at About Five Point Infrastructure Five Point Infrastructure LLC (formerly known as Five Point Energy LLC) is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For further information, please visit View source version on Contacts Media:Daniel Yunger / Nathaniel ShahanKekst /
Associated Press
28-04-2025
- Business
- Associated Press
Northwind Group Provides $45 Million First-Mortgage Loan for the Acquisition and Predevelopment of 300 East 42nd Street, a Midtown East Office Building Slated for Residential Conversion
NEW YORK, April 28, 2025 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the origination of a $45 million senior first-mortgage loan for the acquisition and predevelopment of 300 East 42nd Street, an 18-story office building located in Midtown East submarket of Manhattan. The loan will bridge the property's conversion into a mixed-use asset with 135 multifamily rental units in addition to a long-term leased office component. The loan was originated by Northwind Debt Fund III, the firm's latest closed-ended vehicle focused on real estate credit investments in major gateway urban markets. Northwind structured a competitive and quick financing solution. Since the beginning of the year, Northwind Group has originated approximately $400 million in new loans, building on the platform's strong performance in 2024, when it closed more than $1.1 billion across its credit platform. The acquisition and conversion of 300 East 42nd Street are being led by a group of seasoned New York City-based developers, with whom Northwind has a longstanding lending relationship. Located at the corner of 42nd Street and 2nd Avenue, the property spans a full blockfront just steps from Grand Central Station and the United Nations. The conversion plan takes advantage of the building's as-of-right zoning and efficient floor plates that support residential layouts without requiring additional light and air shafts. The mid-section of the building, which is already vacant and not subject to tenant buyouts, will be converted to residential use. The upper and lower floors, currently occupied by a roster of diplomatic tenants, will remain as office space. The asset will feature dedicated lobbies and elevator banks for the residential and office components, enabling a clean separation of uses. The project is expected to benefit from the 467-m tax abatement program, which incentivizes residential conversions and supports mixed-income housing. Ran Eliasaf, Founder and Managing Partner of Northwind Group, commented, 'We identified an opportunity to originate this loan at a favorable basis, representing a 75% discount to the prior ownership's cost basis for a project that is zoned as-of-right, with no need to relocate tenants, and a clean path to conversion capitalizing on the experience we gained lending on similar assets in NYC. The building's layout is naturally suited for residential use with three sides of light-and-air as the asset spans the full Second Avenue block from 42nd to 41st Street. At the same time, the remaining office component continues to generate consistent long-term cash flow leased to diplomatic tenants. Given its proximity to Grand Central and other transit hubs, employment centers, schools, hospitals, and the UN, the property is wellpositioned to meet residential demand in a supply-constrained market. Northwind is proud to be at the forefront of financing office to residential conversion projects in NYC unlocking much-needed new rental supply'. The financing was arranged by Morris Betesh at Arrow Real Estate Advisors. About Northwind Group Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm specializing in debt investments through discretionary, closed-ended funds. The firm has successfully executed over $5.6 billion in real estate transactions across more than 320 properties. For further information, go to Media Contact: [email protected] View original content to download multimedia: SOURCE Northwind Group
New York Post
27-04-2025
- Business
- New York Post
East 42nd Street office building to be converted to apartments
There's a major new player, and a new plan, for 300 E. 42nd St., an 18-story, 235,000 square-foot office and retail building which investor David Werner was reported to be buying at a deep discount. Although not yet posted in public records, the purchase closed last Wednesday for $52 million, as expected — less than half the property's last sale price in 2019. But the twist is that Werner is flipping most of the building for a partial residential conversion, while keeping its valuable 7,300 square feet of retail for himself. Advertisement David Werner's purchase of 300 E. 42nd St., above, closed last Wednesday. Steve Cuozzo The conversion project will first come to life with a $45 million, pre-development acquisition loan from Ran Eliasaf's private equity firm Northwind Group. The loan also closed last week. A construction loan is likely nine months to a year away. Northwind a few years ago provided a $313 million construction loan to revive the then-stalled 125 Greenwich St. condo tower and has been a very active lender on the development scene. Advertisement Eliasaf declined to identify Werner's flipee. Nor would he confirm what residential-market sources told Realty Check — that the new owner of most of the building is CSC, a real estate investment firm specializing in the redevelopment and repositioning of distressed assets. CSC's New York City projects include the adaptive reuse of a former Catholic church at 2045 Madison Ave. in East Harlem, and the conversion of a decayed hostel into the hip Riff Chelsea Hotel at 397 Eighth Ave. in Chelsea. Eliasaf did share that the plan at 300 E. 42nd St. is to leave about 90,000 square feet on higher floors, which are mainly leased to diplomatic and government tenants, as offices. Ran Eliasaf runs private equity firm Northwind Group. JW Headshots/Northwind Group Advertisement But more than 93,000 vacant square feet will be converted to 135 rental apartments, Eliasaf said. The project will likely enjoy a tax abatement under the state's 467-m program to facilitate residential conversions, in exchange for earmarking 20% of units as affordable. Eliasaf noted, 'The ability to deliver mostly free-market new supply is very attractive, especially in Midtown.' The building at 300 E. 42nd St. stands diagonally across the Second Avenue intersection from two former Pfizer buildings that are being converted into a city-high 1,600 rental apartments. Werner is a partner in that ambitious project with Nathan Berman's MetroLoft.
Associated Press
10-04-2025
- Business
- Associated Press
Northwind Group Provides a $90 Million First-Mortgage Loan for the Acquisition and Partial Development of 675 Third Avenue, a 335K SF Class A Office in Midtown Manhattan Scheduled to be Converted to Multifamily Rentals
Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has announced the origination of a $90 million senior first-mortgage loan for the acquisition and pre-development of 675 Third Avenue, a 32-story, Class A office building slated for conversion into approximately 430 multifamily rental units, a direct response to New York City's increasing housing demand. The loan, structured and originated by Northwind's latest debt fund, Northwind Debt Fund III, aligns with the firm's strategic focus on delivering tailored financing solutions to highly qualified sponsors and premier projects within New York City and other major gateway markets nationwide. NDF III launched in January 2025 and has quickly built momentum, with Northwind Group closing on approximately $300 million in new originations within the first quarter alone, following a strong 2024 performance that saw over $1.1 billion in loan originations across Northwind's credit platform. NDF III represents Northwind's fifth credit-focused fund, alongside two dedicated healthcare debt funds and two prior real estate debt funds. The acquisition and conversion of 675 Third Avenue are led by an experienced partnership between David Werner Real Estate Investments (DWREI) and Nathan Berman's Metro Loft Management. This joint venture is notably responsible for the nearby redevelopment of the former Pfizer headquarters into 1,600 residential units, marking New York City's largest office-to-residential conversion project to date also financed by Northwind Group. This new loan transaction continues Northwind's established relationship with both DWREI and Metro Loft. In August 2024, Northwind provided a $75 million acquisition loan for 219 East 42nd Street and followed in January 2025 with a $135 million loan for the fee interest in the adjacent 235 East 42nd Street property, reinforcing its confidence in the sponsors' capabilities and vision. David Werner, President of David Werner Real Estate Investments, said, 'We are pleased to announce yet another successful loan closing with Northwind Group, whom we have developed a great partnership with. Northwind worked quickly and efficiently to meet a quick closing timeline while adhering to the terms of our agreement and providing flexible structure. I am excited for what is to come and look forward to working with the Northwind team on future transactions.' Nathan Berman, Founder and Principal of Metro Loft, said, 'We are excited to once again partner with David Werner, with critical financing support from Northwind Group, to bring Metro's 30 years of experience in residential conversions to this prime midtown location.' Ran Eliasaf, Founder and Managing Partner of Northwind Group, commented, 'We are excited to deepen our relationship with David Werner and Nathan Berman. 675 Third Avenue is exceptionally well-suited for residential conversion due to its ideal location in Midtown East, excellent natural light, and efficient floorplates. Having witnessed DWREI and Metro Loft's significant progress at the former Pfizer buildings, we are confident in their ability to replicate that success here. Given the city's ongoing housing shortage and the supportive environment created by new legislative initiatives such as the City of Yes and updated affordable tax abatement programs, converting office space into residential units represents a significant opportunity, it is amazing to see how, between the 3 loans we have made, a full city block on 42nd Street between 3rd and 2nd Avenues is being converted from office to residential rental units. Northwind Group is proud to be on the forefront of financing these market-leading, trend-setting projects.' The acquisition was arranged by Adam Spies and Jordan Roeschlaub of Newmark. About Northwind Group Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm specializing in debt investments through discretionary, closed-ended funds. The firm has successfully executed over $5.6 billion in real estate transactions across more than 320 properties. For further information, go to About Metro Loft Established in 1997 by Nathan Berman, Metro Loft is a vertically integrated real estate development and management firm known for its transformative office-to-residential conversions throughout New York City. The firm has significantly contributed to the residential landscape of Lower Manhattan by developing and managing numerous prominent condominium and rental properties. About David Werner Real Estate David Werner Real Estate Investments, based in New York City and led by industry veteran David Werner, boasts over four decades of successful investment in commercial real estate. With extensive experience across office and residential sectors, the firm is recognized for its ownership and strategic management of some of New York City's iconic properties.
