- CSC Real Estate is an established real estate investment and development firm, with over $4bn in acquisitions and repositioning projects across the US and Mexico;
- Founded in 2017, Bridge City Capital is a New York-based real estate lender that has completed over 200 transactions totaling more than $4bn;
- The $83.5m co-loan will refinance existing debt and support the conversion of a 20-storey office building at 136 East 57th Street into 136 residential apartments;
- The development will deliver 102 market-rate and 34 affordable apartments, alongside ground-floor retail space and a range of resident amenities.
NYC, US, 12th November 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided an $83.5m co-loan alongside Bridge City Capital to support CSC Real Estate’s conversion of a Midtown Manhattan office building into a 136-unit residential development.
Founded in 2017, Bridge City Capital is a New York-based real estate financing platform specializing in acquisition, construction and bridge loans across residential and commercial real estate. Since inception, the firm has completed more than 200 transactions totaling over $4bn, financing a range of multifamily, condominium, mixed-use and other commercial real estate projects across the US.
CSC Real Estate is a real estate investment and development firm led by brothers Alberto and Salomon Smeke, with more than $4bn in acquisitions and repositioning projects across the US and Mexico. The firm has extensive experience across multifamily, mixed-use, hospitality, office and retail assets, with a growing focus on converting underutilized commercial properties into residential accommodation.
Located at 136 East 57th Street, on the corner of Lexington Avenue in Midtown Manhattan, the 20-storey building was originally constructed in 1931 and underwent renovations in 2021. The proposed development will transform the existing office accommodation into 136 Class A rental apartments, comprising 102 market-rate and 34 affordable units, alongside approximately 3,500 sq. ft. of ground-floor retail space. The development will feature a mixture of studio, one-, two- and three-bedroom apartments, complemented by amenities including resident lounges, a library, co-working facilities, a fitness center, sauna and steam room, children’s playroom and games room. Situated within walking distance of Central Park, Fifth Avenue and Rockefeller Center, the property also benefits from excellent transport connections, including nearby access to the Lexington Avenue/59th Street subway station.
Alberto Smeke, Co-founder and Managing Partner of CSC Real Estate, commented on the transaction: “This project represents an exciting opportunity to transform an underutilized office building in one of Manhattan’s most desirable locations into high-quality residential accommodation. With 136 apartments, including 34 affordable units, we’re helping address New York City’s housing needs while bringing new life to an existing asset. OakNorth and Bridge City Capital demonstrated a strong understanding of our vision and the complexities of office-to-residential conversions, providing the tailored financing needed to bring this project forward.”
Louis Lebovits, CEO of Bridge City Capital, said: “CSC Real Estate has extensive experience identifying and repositioning underutilized properties, and this project is another excellent example of that expertise. Its prime Midtown Manhattan location, strong transport connections and planned residential offering make it particularly compelling. Having worked with OakNorth previously, we knew their team would bring the expertise, flexibility and responsiveness needed to structure a financing solution of this scale and complexity. We’re delighted to partner with them again on this transaction.”
Alex Gursky, Director of Debt Finance at OakNorth, added: “New York City’s office-to-residential conversion market continues to present significant opportunities to repurpose underutilized commercial space and deliver much-needed housing. This project stands out given its prime location, experienced development team and the inclusion of 34 affordable apartments. We’re delighted to support CSC Real Estate alongside Bridge City Capital, building on our existing relationship and demonstrating our continued appetite to provide flexible, tailored financing solutions for complex real estate transactions across the US.”
ENDS
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 $24bn 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 $54bn 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.