Real estate bridge lender Oak Funding, along with OakNorth Bank, has closed a $78-million co-loan to Bushburg, a vertically integrated real estate firm, to support its acquisition of 100 William St., a 21-story office building in Manhattan’s Financial District. Proceeds will also fund pre-development work ahead of its planned office-to-residential conversion.
“Bushburg has a proven track record of executing large-scale conversion projects in New York, and 100 William Street is a compelling example of how under-utilized office buildings can be reimagined for long-term residential use,” said Jeremy Levart, co-founder and principal of Oak Funding. “We’re pleased to partner once again with OakNorth on this transaction to support a project that aligns strong sponsorship with a clear market need.”
The financing enabled Bushburg to acquire the existing Class A office asset and begin pre-development activities, including planning. The project is expected to deliver more than 400 new residential apartments, including 25% affordable units.
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