- The loan is to an SPV backed by 2218 Jerome Operating LLC, a Manhattan-based commercial real estate development and investment firm;
- The capital will be used to support the acquisition and conversion of a vacant two-story building in The Bronx into a new Storefront Academy Charter School;
- Established in 2015 and operating two primary schools, Storefront Academy specializes in educating urban youth of all learning abilities, from kindergarten through fifth grade.
New York, USA, 5th January, 2026; OakNorth – the leading digital bank for entrepreneurs, by entrepreneurs, has provided a $10.7m loan to 2218 Jerome Operating LLC, to support the acquisition and conversion of a vacant two-story building in The Bronx into a new Storefront Academy Charter School.
The capital from OakNorth will support the acquisition and conversion of the two-story, 29,600 sq. ft property at 2218 Jerome Avenue, into a new campus for Storefront Academy Charter School. Storefront Academy, founded in 2015, currently operates two primary schools in East Harlem and the South Bronx, serving students from kindergarten through fifth grade. Once the renovation works are complete, the school will then relocate its South Bronx campus to the new Jerome Avenue property, which benefits from significantly improved space, modernized facilities, and a more dynamic learning environment for its students.
Commenting on the transaction, a spokesperson from 2218 Jerome Operating LLC, said: “The revitalisation underway across this part of the Bronx presents a tremendous opportunity to create community-focused developments that genuinely meet local needs. With thousands of new housing units planned and continued demand for high-quality educational infrastructure, this project will help ensure that families have access to a modern, purpose-built school in their own neighbourhood. Once complete, the new Storefront Academy campus is expected to serve more than 265 students, delivering meaningful long-term impact for local families. We’re delighted to partner with OakNorth on a project that aligns so closely with both our firm’s mission and the borough’s ongoing transformation.”
Tommy Tran, Director of Debt Finance at OakNorth, added: “The Jerome Avenue corridor is undergoing significant rezoning and regeneration, and with thousands of new homes planned, the need for high-quality social and educational infrastructure has never been more important. Storefront Academy has a strong track record of serving local families, and its new campus will provide a modern, uplifting environment for more than 265 students. Supporting projects like this where experienced developers are delivering essential community assets in high-growth neighbourhoods, is exactly what OakNorth was built for, and we’re proud to play a role in the Bronx’s ongoing revitalisation.”
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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 the lower mid-market (businesses with £5m-£100m in revenue), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $18bn 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.com for more information.
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