- The $33.2m loan from OakNorth will support the ground-up development of two Class A multifamily residential schemes in Brooklyn, NY;
- The developments will deliver numerous new homes, alongside ground-floor retail space and resident amenities, in the East New York submarket;
- The schemes will comprise a mix of studio, one-bedroom and two-bedroom apartments, with more than 20% of units designated as affordable housing;
- The projects are being led by experienced New York developer and contractor, Empire Management & Construction, which has over 18 years of experience delivering residential and mixed-use developments across the city.
NYC, US, 23rd June, 2026;Â OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a $33.2m loan to 240 Highland Realty LLC and 236 Highland Realty LLC.
The financing will support the ground-up development of two Class A multifamily residential schemes located at 240 Highland Place and 236 Highland Place in Brooklyn’s East New York neighborhood. Together, the projects will deliver numerous residential units, including a significant number of affordable homes, as well as ground-floor retail space and a range of resident amenities.
The larger development at 240 Highland Place will comprise of a considerable number of apartments and approximately 3,400 sq. ft of retail space, while 236 Highland Place will deliver further apartments. Residents will benefit from amenities including a gym, rooftop space, recreational facilities, laundry facilities and bike storage. Located close to Atlantic Avenue and Broadway Junction, the schemes benefit from strong public transport connectivity, providing convenient access to Downtown Brooklyn, Manhattan, and JFK Airport. The developments will also contribute to the continued regeneration of East New York, an area that has seen significant investment in new housing and infrastructure in recent years.
Joel Weiss, Principal of Empire Management & Construction, commented on the transaction: “We are excited to move forward with these developments, which will provide high-quality housing options in a well-connected and growing part of Brooklyn. East New York continues to evolve, and we believe these projects will make a meaningful contribution to the neighborhood by delivering a mix of market-rate and affordable homes. OakNorth understood our vision for the site and worked closely with us to structure a financing solution that supports our long-term plans.”
Adam Ehrenreich, Associate Director of Debt Finance at OakNorth, added: “New York City continues to face a significant housing shortage, with demand for quality rental accommodation consistently outpacing supply across many neighborhoods. These developments will deliver a strong amount of new homes, including a meaningful affordable housing component, helping address that imbalance while supporting the continued growth of East New York. Joel and his team have extensive experience delivering residential developments across Brooklyn, and we’re delighted to support them on these projects and establish what we hope will be a long-term relationship.”
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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 £40bn 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.