- Headquartered in New York, NY, GoodHomes Communities is a vertically integrated, private real estate investment company specializing in acquiring well-located, under-performing assets and converting them into residential units;
- With decades of experience in construction, design, management, and development, the firm has delivered over 5k homes, with total assets exceeding $5bn;
- The $9.1m co-loan refinances the original hotel conversion facility following the successful completion and lease-up of The Louie, a 135-unit multifamily community in Burlington, North Carolina.
New York, 27th May, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, and Oak Funding have provided a $9.1m loan to returning customer and Private real estate investor, GoodHomes Communities
Headquartered in New York, NY, GoodHomes is a leading vertically integrated, private real estate investment company, focused on acquiring well-located, under-performing hospitality and senior housing assets and converting them into essential housing for America’s workforce. With decades of experience throughout its team in construction, design, management, and development, the firm has been involved in residential development and redevelopment projects, including 16 hotel conversions, consisting of more than 5k residential units with a value in excess of $5bn.
OakNorth originally financed the conversion of the vacant hotel into a new multifamily scheme in Burlington, North Carolina. Located at 2444 Maple Ave, the site, named The Louie, now comprises a 135-unit apartment community featuring studio apartments priced at attainable rents. Following the successful completion of the conversion and lease-up of the property to over 95% occupancy, the new $9.1m co-loan refinances the existing facility into a bridge loan, allowing the asset to season and fully stabilize ahead of an anticipated agency or permanent financing takeout.
The property includes an outdoor pool, a fitness and wellness center, tenant storage lockers, a clubhouse and game room, and a beautifully landscaped interior courtyard with a picnic and BBQ area. There is also 4,500 square feet of retail space that will be leased to a commercial tenant. Located within an Opportunity Zone, the development is positioned in one of North Carolina’s fastest-growing regions, benefiting from strong population growth and proximity to major employment hubs including Greensboro, Research Triangle Park, and Buckhorn Industrial Park.
Adam Feldman, Managing Partner at GoodHomes, commented on the transaction: “We’re delighted to once again partner with OakNorth and Oak Funding on another transformative housing project. As we looked to advance The Louie, it made perfect sense to return to OakNorth given their speed of execution, deep expertise in the region’s real estate market, and understanding of our business model. This project will bring much-needed attainable housing to Burlington, while revitalizing an underutilized asset in a rapidly growing community.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, said: “GoodHomes has built an impressive track record of successfully converting underutilized hospitality assets into high-quality workforce housing, and we’re pleased to continue supporting them following the successful completion and stabilization of The Louie. Having originally financed the hotel conversion, we’re delighted to now provide the bridge financing that will support the asset through its final stabilization phase ahead of a longer-term agency or permanent financing takeout. This is exactly the type of project we’re keen to back — an experienced sponsor delivering attainable housing in a growing market with strong underlying fundamentals.”
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Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.