OakNorth, the digital bank for entrepreneurs, by entrepreneurs, together with New Jersey-based real estate lending platform Oak Funding, has completed a $78m co-loan to Bushburg. The financing supported the acquisition of 100 William Street, a 21-storey office building in Manhattan’s Financial District, and funds pre-development works ahead of its planned office-to-residential conversion.
Originated by Oak Funding, the co-loan enabled Bushburg to acquire the existing Class A office asset and progress pre-development activity, including planning work ahead of a large-scale residential conversion expected to deliver over 400 purpose-built apartments — 25% of them affordable — in support of New York City’s housing shortage. Located moments from Fulton Street Station, the building sits within walking distance of major transport links, employment centres, restaurants, bars and cultural attractions, and its conversion will contribute to the continued evolution of the Financial District as a vibrant mixed-use neighbourhood.
About Bushburg: Founded in 1999 by Joseph Hoffman, Bushburg is a vertically integrated New York–based real estate investment, development and management firm with more than 25 years’ experience delivering ground-up and adaptive-reuse projects across New York City and New Jersey. Managing a portfolio of over $4bn of assets spanning more than nine million sq ft, the firm oversees the full real estate lifecycle in-house and has built a strong track record in large-scale residential development and office-to-residential conversions, including several major projects in Lower Manhattan.