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n a recent development, Michael Shvo secured $120 million in financing for unsold units at 685 Fifth Avenue in Midtown, as reported by Bloomberg. The Northwind Group provided the condominium inventory loan for the 50 luxury units still awaiting buyers. Both Shvo's eponymous firm and Deutsche Finance America are contributing cash equity towards the financing. The debt will cover carrying costs and fund marketing campaigns, allowing developers to continue their work on the project despite the slowdown in New York City's luxury condo market due to high interest rates.

    Currently, only 15 of the Mandarin Oriental's 65 units have been sold, leaving Shvo far from his projected sellout of $343 million, as per the developer's offering plan. Sales at the project began three years ago when Shvo and Turkish investor Bilgili Group purchased the upper floors of the building for $135 million, converting them into luxury apartments.

    However, Shvo is facing legal issues as well. A couple who bought a one-bedroom unit sued him, alleging construction defects. They claimed that Shvo failed to deliver promised finishing touches for their $6.1 million unit, including custom millwork and oversized closets.

    On the other coast, dozens of units at the Mandarin Oriental Residences Beverly Hills are up for bulk sale after an investor group led by Shvo defaulted on a $200 million loan linked to the properties. Around 44 condos in the luxury project at 9200 Wilshire Boulevard went up for sale on September 4 after the lender filed a notice of default. The 54-unit, six-story complex was completed in May and has sold ten condos for an average of over $3,200 per square foot.

    Ran Eliasaf's Northwind Group has closed on more than $1.1 billion in loans in the United States this year alone. In February, Northwind provided a $111 million condo inventory loan to the Hawthorne, a development in an affluent neighborhood of Houston.