- The $25.5m loan from OakNorth will support the ground-up development of a Class A 11-storey, multifamily scheme in Brooklyn, NY;
- Offering 87-units and 4.5k sq. ft of ground floor retail space, the site is located in the popular East New York submarket and benefits from strong transit connectivity;
- The development will include a mix of studio, one, two, and three-bedroom apartments, with over 20% of units designated as affordable housing.
NYC, US, 13th April, 2026; OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a $25.5m loan to 2916 Atlantic Ave LLC.
The $25.5m loan from OakNorth will support the ground-up development of a Class A 11-storey, multifamily scheme in Brooklyn, NY. The project will deliver 87 residential units alongside approximately 4,500 sq. ft of ground floor retail space. Located at 2916 Atlantic Avenue in the East New York submarket, the site benefits from strong public transport connectivity, with access to multiple subway lines, bus routes, and key road networks.
The development will include a mix of studio, one, two, and three-bedroom apartments, with over 20% of units designated as affordable housing, supporting local housing needs. Residents will benefit from a range of amenities including a rooftop terrace, gym, bike storage, and communal spaces designed to enhance urban living.
The Managing Member of 2916 Atlantic Ave LLC, commented on the transaction: “We see significant potential in this part of Brooklyn and are excited to deliver a high-quality residential scheme that responds to both market demand and local affordability needs. This project reflects our continued commitment to developing well-located, design-led assets across New York. OakNorth’s flexibility and deep understanding of real estate development has been instrumental in getting this transaction over the line.”
Adam Ehrenreich, Associate Director of Debt Finance at OakNorth, added: “The borrower has built a strong reputation across the New York market, with a proven track record of delivering high-quality residential and mixed-use schemes. This development will bring much-needed housing, including affordable units, to a well-connected part of Brooklyn undergoing continued regeneration. We’re pleased to support the borrower on this project and look forward to building our relationship further.”
ENDS
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 $20bn 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 £38bn 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.
For press inquiries, please email: [email protected]