Oak Funding and OakNorth Bank Close $78 Million Loan to Support Bushburg’s Acquisition and Redevelopment of a New York City Office Building
100 William Street to be converted into over 400 Apartments, 25 percent of them affordable
New York, NY/Jersey City, NJ, Feb. 06, 2026 (GLOBE NEWSWIRE) -- 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 Street, 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 Jersey City, Jersey-based 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 work. The project is expected to deliver more than 400 new residential apartments designed for modern urban living, including 25% affordable units, helping to address New York City's housing shortage.
"This transaction builds on our strong relationship with Oak Funding and reflects OakNorth's growing track record of supporting complex office-to-residential conversions across major US urban markets,” said Max Saidman, director of debt finance at UK-based OakNorth. “With experienced sponsors like Bushburg, these projects play an important role in unlocking underutilized commercial space and delivering much-needed housing in locations where demand remains strong."
Located moments from Fulton Street Station, the site is within walking distance of major transportation links, employment centers, restaurants, bars, and cultural attractions. The conversion will transform the existing building into a modern residential scheme with high-quality amenities, contributing to the continued evolution of the Financial District as a vibrant mixed-use neighborhood.
"100 William is a design-forward building that reflects Bushburg's approach to creating spaces with architectural character and thoughtfully crafted experiences,” said Avi Glickman, vice president of Bushburg. “Following our recent conversion of 80 Pine Street nearby, this project continues our vision for a cohesive, design-driven Lower Manhattan. Great buildings aren't just defined by architecture-they're defined by how people experience them, and 100 William delivers a more thoughtful, resident-focused living experience in the heart of the Financial District. It’s precisely this shared emphasis on quality, vision, and long-term value creation that makes us excited to partner with lenders Oak Funding and OakNorth.”
In 2025, Oak Funding originated approximately $320 million across a range of commercial real estate transactions nationwide. The firm continues to actively deploy capital and welcomes new opportunities. Momentum remains strong this year, with over $150 million of new originations scheduled to close in Q1.
About Oak Funding
Oak Funding is a real estate bridge lender that provides short-term financing to real estate investors and developers. With years of experience in the industry, the company has built a reputation for providing flexible, efficient, and reliable financing options to its clients. Oak Funding specializes in financing commercial and residential properties, including multifamily units, office buildings and retail centers. The company’s highly experienced team works closely with its clients to understand their unique needs and goals. To learn more, visit www.oakfunding.com or call (212) 290-1297. For deal submissions or inquiries, please contact deals@oakfunding.com.
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks. To date, it has provided $17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US-the majority of which are affordable and social housing. It is authorized 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. For press inquiries, please email press@oaknorth.com.
About Bushburg
Founded in 1999 by Joseph Hoffman, Bushburg is a vertically integrated New York-based real estate investment, development and management firm with more than 25 years' experience delivering ground-up and adaptive-reuse projects across New York City and New Jersey. The firm manages a portfolio of over $4bn of assets, spanning more than 9 million sq ft, and oversees the full real estate lifecycle in-house, including acquisition, development, leasing, property management and asset management. Bushburg has developed a strong track record in large-scale residential development and office-to-residential conversions, including several major projects in Lower Manhattan, positioning it as a leading sponsor in the ongoing transformation of New York's urban core.
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