- Bushburg is a vertically integrated real estate investment, development and management firm investing in transformative and opportunistic projects;
- With approximately $4.0 billion of assets under management (AUM), the firm focuses on unlocking long-term value by transforming underutilised assets and repositioning them for their highest and best use in today’s market;
- The $78m co-loan was used to support the acquisition of 100 William – a 21-story FiDi office block, which will be converted into new, purpose-built residential apartments designed for modern urban living;
- Situated in the heart of Manhattan’s Financial District, the property offers immediate access to major transit connections, leading employment centres, and a vibrant mix of dining, retail, and cultural attractions.
New York, 03 February, 2026; OakNorth, the digital bank for entrepreneurs, by entrepreneurs, and New Jersey-based real estate lending platform, Oak Funding, have completed a $78m co-loan to vertically integrated real estate firm, Bushburg, to support the acquisition of 100 William Street, a 21-story office building in Manhattan’s Financial District, and fund pre-development works ahead of its planned office-to-residential conversion.
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.
The $78m co-loan, originated by Oak Funding, enabled Bushburg to acquire the existing Class A office asset and progress pre-development activity including planning work ahead of a future large-scale residential conversion, which is expected to deliver over 400 new, purpose-built residential apartments designed for modern urban living, including 25% affordable units, helping to address New York City’s housing shortage.
The site is located moments from Fulton Street Station and is within walking distance of major transport links, employment centres, restaurants, bars, and cultural attractions. The conversion will transform the building into a modern residential scheme with high-quality amenities, contributing to the continued evolution of the Financial District as a vibrant mixed-use neighbourhood.
Avi Glickman, Vice President of Bushburg, commented on the transaction: “100 William is a design-forward building that reflects Bushburg’s approach to creating spaces with architectural character and thoughtfully crafted experiences. 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.”
Max Saidman, Director of Debt Finance at OakNorth, said: “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. With experienced sponsors like Bushburg, these projects play an important role in unlocking underutilised commercial space and delivering much-needed housing in locations where demand remains structurally strong.”
Jeremy Levart, Co-Founder & Principal of Oak Funding, added: “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 underutilised office buildings can be reimagined for long-term residential use. We’re pleased to partner once again with OakNorth on this transaction and to support a project that aligns strong sponsorship with a clear market need.”
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Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering breakthrough businesses – profitable and scaling lower-mid-market companies – who are too often overlooked by traditional banks.
To date, it has provided $21bn 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 61,000 jobs, and over 38,000 new homes across the UK and the US – the majority of which are affordable and social housing.
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.
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