- Oak Funding’s $16.5m loan is secured against a newly completed retail building at 12 Berry Street in Williamsburg, Brooklyn;
- The ground floor of the building — totalling approximately 21,400 sq. ft — and the approximately 18,500 sq. ft roof-level retail space are both let to Padel Haus, a fast-growing US padel
- The Oak Funding loan will also support completion of the roof-level retail buildout;
- Williamsburg remains one of Brooklyn’s most sought-after retail submarkets, commanding a meaningful rental premium over wider North.
New York, US, 21st October 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided financing support to returning customer Oak Funding in connection with its $16.5m loan secured against 12 Berry Street in Williamsburg, Brooklyn.
Founded in 2022 by Jeremy Levart and Mark Meisner, Oak Funding specialises in providing debt and equity financing solutions across the US commercial real estate market, with a focus on supporting experienced sponsors delivering high-quality development projects. The facility from OakNorth supports Oak Funding’s loan secured against 12 Berry Street, a newly completed single-storey retail building in the Williamsburg neighbourhood of Brooklyn. The facility refinances the existing construction loan and will also support the buildout of the roof-level retail space leased to Padel Haus.
The ground floor of the building, spanning approximately 21,400 sq. ft, is let to Padel Haus — a US padel and pickleball club operator founded in 2022, which already operates six venues nationally. Padel Haus has also leased the approximately 18,500 sq. ft roof-level retail space, bringing its total space at the property to approximately 39,900 sq. ft.
Williamsburg continues to attract strong occupier and investor interest, underpinned by excellent transport connectivity via multiple MTA subway lines, a dense and affluent residential population, and a well-established concentration of hospitality, fitness, and creative tenants. The submarket commands a 20–40% rental premium over secondary Brooklyn locations, reflecting the quality of consumer demand and occupier base.
Jeremy Levart, Co-Founder of Oak Funding, commented: “12 Berry Street is exactly the kind of asset we look to back — a well-located, newly completed building with a quality anchor tenant and a clear path to full occupancy. We’re very bullish on padel and have seen firsthand why the sport is growing so quickly. It’s social, competitive and, most importantly, a lot of fun. Padel Haus has built a great brand around that experience, and we’re excited to finance a property that will support their continued growth in Williamsburg. OakNorth was efficient and straightforward throughout the process — they understood the asset, the market and what we were trying to accomplish, and structured something sensible without overcomplicating it.
Adam Ehrenreich, Associate Director of Debt Finance at OakNorth, continued: “12 Berry Street is a well-positioned asset in one of Brooklyn’s most resilient retail corridors, with a strong tenant in Padel Haus and a clear path to completion. Oak Funding has distinguished itself as one of our strongest lending partners, and Jeremy, Mark and the team consistently demonstrate the judgment, creativity and execution we value in a partner. With Padel Haus committed to both the ground-floor and roof-level space, the property has a clear route to stabilization, and we see this as a compelling story in a submarket we know and believe in. We’re privileged to support Oak Funding on another transaction in Williamsburg and look forward to continuing to grow the relationship.”
ENDS
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 $23bn 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 $53bn 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.com for more information.