- ONE Street Commercial Properties is a Washington, D.C. Metro-based commercial real estate firm focused on brokerage, advisory, asset management, investments, acquisitions and development services;
- The firm has more than $250m in AUM and has completed over $2bn in residential and commercial sales and $500m in real estate development over the past eight years;
- The $37.8m co-loan from OakNorth and Hickory CRE Lending will support the conversion of the five-story office building at 3333 K Street NW into a 22-unit + retail luxury condominium scheme;
- Located on the Georgetown waterfront, the development will include a 24/7 concierge, valet parking, fitness center, swimming pool, resident lounge and club room, as well as 70 parking spaces.
NYC, US, 12th October, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, and leading commercial real estate lender, Hickory CRE Lending, have provided a $37.8m co-loan to ONE Street Commercial Properties to support the redevelopment of 3333 K Street NW on Washington, D.C.’s Georgetown waterfront.
ONE Street Commercial Properties is a Washington, D.C. Metro-based real estate firm with more than $250m in assets under management. Over the past eight years, the firm has completed more than $2bn in residential and commercial sales and $500m in real estate development, with experience across office-to-residential and other adaptive-reuse projects in the D.C. market.
The financing from OakNorth and Hickory CRE Lending will support the adaptive reuse of the approximately 70,000 sq. ft. former office building, which was acquired by the sponsor in 2025. The proposed scheme will add a sixth storey and create 23 luxury condominiums, including two affordable units, together with retail space. The project has received approvals from the Advisory Neighborhood Commission, Old Georgetown Board and Commission of Fine Arts for the conversion.
Originally constructed in 1988, the property sits at the southern end of historic Georgetown, fronting K Street/Water Street NW, with the C&O Canal to the north and the Potomac River and Georgetown Waterfront Park to the south. The development is expected to offer amenities including a 24/7 concierge, valet parking, fitness center, swimming pool, resident lounge and club room, alongside 70 parking spaces.
Kevin Brandes, Managing Director of ONE Street Commercial Properties, commented on the transaction: “3333 K Street presents a rare opportunity to deliver an exceptional residential development in one of Washington, D.C.’s most desirable and supply-constrained neighborhoods. Having secured key approvals for the conversion, we are excited to move forward with our plans for the property. OakNorth and Hickory CRE Lending understood both the strength of the location and our vision for the project, and we are grateful for their support in bringing the next phase of the project to life.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, said: “Georgetown is one of Washington, D.C.’s most established and sought-after residential submarkets, with significant barriers to new supply. ONE Street has a strong track record across the D.C. real estate market and considerable experience delivering complex redevelopment projects. Combined with an experienced project team and the quality of the underlying location, this made for a compelling opportunity to support the transformation of a vacant office asset into much-needed new housing. It has been a pleasure working with the ONE Street and Hickory teams, and we look forward to seeing the development progress.”
David Hogan, Loan Originator at Hickory CRE Lending, added: “This is an exciting adaptive-reuse project in an outstanding Georgetown location, backed by an experienced local sponsor and project team. The financing required a flexible structure that reflected the development program and wider capital stack, and we are pleased to partner with OakNorth to provide a solution tailored to ONE Street’s plans. We look forward to supporting the team through the delivery of the project.”
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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 $22bn 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.co.uk for more information.