Episode summary
The Capital Needed to Build More Housing | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 12 min · Hosts: Carol Massar, Tim Stenovec · Guests: Ran Eliasaf
Summary
Ran Eliasaf said the real estate credit market is being helped by a persistent housing shortage, especially in New York City, even as private homebuyers stay sidelined by high mortgage rates and weak affordability. He argued that professional buyers such as developers and institutions are still active, bid-ask spreads have narrowed, and Northwind Group is seeing a record year with almost $1.2 billion of loan originations so far.
He said the strongest markets need policy predictability and, in New York, some form of tax incentive to make multifamily development work. Eliasaf argued for restoring tools like 421A and J51, saying developers can deliver affordable units if they receive long-term tax breaks in exchange for set-asides at reduced rents. He also framed New York as durable even in an AI-driven economy, saying tech companies are replacing financial firms as a major office driver.
Beyond housing, he pointed to skilled nursing and healthcare as another growth area, saying Northwind has leaned into senior housing and skilled nursing because supply is constrained and demand is rising as the population ages. He said private credit fears are mostly about corporate lending, not asset-backed real estate loans tied to hard collateral.
Key takeaways
- Ran Eliasaf said Northwind is on pace for a record year, with almost $1.2 billion of loan originations by mid-March.
- He said New York development needs tax incentives like 421A and J51 to make affordable housing projects viable.
- Eliasaf argued that the market is rewarding predictability, not political uncertainty, in cities like New York.
- He said AI is too early to judge as a housing disruptor, but tech firms are now a key driver of office demand.
- He said skilled nursing is attractive because supply is capped in many states and demand rises as baby boomers age.
Notable quotes
“What we're seeing in in the investment sales market, transactions between professional buyers are actually much higher”
“it's been a record year so far with almost 1.2 billion of of loans originations”
“you need some tax incentive program to exist”
“I think the public and and policy and and and office holders”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — Really interesting note from our Bloomberg Intelligence team out about how US housing affordability favors renting over owning. Here's what the team writes, Carol. Potential US home buyers are staying on the sidelines as affordability dominates and confidence in the economy and housing is weak. This is based on Bloomberg Intelligence's proprietary survey.
Yeah, it doesn't help. I think at one point we saw some movement in mortgage rates to the downside that was getting things starting to move a little bit, but uh I think we've seen a little bit of a move back up.
Yeah. So, these analysts, Drew Reading and Jeff Langbomb, they they say that single family rental operators, Invitation Homes and AMH, uh also stand to benefit as affordability constraints slow the conversion of renters to owners.
All right, so let's get to it because back with us is Ron Elasaf. He is founder and managing director of Northwind Group. It's a real estate private equity firm in Manhattan that has transacted an over $6 billion worth of debt and equity investments, residential, commercial, senior living, and healthcare properties.
Uh firm has about two and a half billion in assets under management. He's back here in our Bloomberg Interactive Broker studio. Good to have you here with us.
How are you?
I'm great. Thank you, Carol and Tim, for having me. — How's the year going? — Honestly, for us, it started really strong. Uh what we're seeing, it's true what you said on on the private home and and buyers on on the sidelines. What we're seeing in in the investment sales market, transactions between professional buyers are actually much higher.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- private credit
- real estate credit
- housing shortage
- affordable housing
- multifamily development
Companies and tickers mentioned
- Northwind Group
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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