- The note-on-note facility will support Oak Funding’s acquisition loan secured against a development site in Williamsburg, Brooklyn;
- The site supports up to 60,000 sq. ft of buildable area, with plans for a three-storey retail and community facility scheme including commercial units, parking, and signage;
- Williamsburg remains one of Brooklyn’s most sought-after retail submarkets, commanding a meaningful rental premium over wider North Brooklyn.
New York, US, 22nd June 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided Oak Funding with a note-on-note facility to support Oak Funding’s acquisition financing for a development site 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 Williamsburg site supports up to 60,000 sq. ft of buildable area, with a proposed scheme comprising a three-storey retail and community facility building with multiple commercial units, parking, and signage.
Williamsburg continues to attract strong occupier and investor demand, underpinned by excellent transport connectivity across 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 such as Bushwick and Bed-Stuy, reflecting the strength of consumer demand and the quality of the occupier base. The site sits within the same block as several previous OakNorth-financed projects, further demonstrating the team’s conviction in the submarket’s long-term fundamentals.
Jeremy Levart, Co-Founder of Oak Funding, commented: “We’ve worked with OakNorth across a number of transactions now and they continue to impress us with the way they approach deals. On this one, the structure had some moving parts — not least the zoning lot arrangement underpinning the development rights — and Adam and the team took the time to get properly under the hood rather than just running the numbers at a surface level. That depth of understanding translated into a facility that genuinely worked for what we were trying to do.”
Adam Ehrenreich, Associate Director of Debt Finance at OakNorth, continued: “Oak Funding has built a strong and growing track record of identifying well-located opportunities and structuring them thoughtfully, and this acquisition is a good example of that. Williamsburg has consistently demonstrated its resilience as a retail destination, and a well-conceived scheme on this site has a compelling long-term investment case. We’re pleased to continue growing our relationship with Jeremy, Mark and the wider Oak Funding team as they expand their US portfolio.”
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.Â
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.