OakNorth, the digital bank for entrepreneurs, by entrepreneurs, together with Oak Funding, has provided a $9.1m co-loan to returning customer GoodHomes Communities. The financing refinances OakNorth’s original hotel-conversion facility for The Louie — a 135-unit multifamily community in Burlington, North Carolina — into a bridge loan, allowing the asset to season and stabilise ahead of an anticipated agency or permanent financing takeout.
Located at 2444 Maple Ave, The Louie was created through the conversion of a vacant hotel into a 135-unit apartment community of studio homes at attainable rents, and has now reached over 95% occupancy. Residents benefit from amenities including an outdoor pool, a fitness and wellness center, tenant storage lockers, a clubhouse and game room, and a landscaped courtyard with picnic and BBQ areas, alongside 4,500 sq. ft of retail space. Situated within an Opportunity Zone in one of North Carolina’s fastest-growing regions, the site benefits from proximity to major employment hubs including Greensboro, Research Triangle Park and Buckhorn Industrial Park.
About GoodHomes: Headquartered in New York, GoodHomes Communities is a vertically integrated private real estate investment firm specialising in acquiring under-performing hospitality and senior housing assets and converting them into essential workforce housing across the US. Drawing on decades of combined experience in construction, design, management and development, the firm has delivered more than 5,000 residential units across 16 hotel conversions, with assets valued in excess of $5bn.