- Co-founded in 2022 by Jeremy Levart and Mark Meisner, Oak Funding is a New Jersey-based real estate lending platform;
- The $28m note-on-note loan from OakNorth will be used to support the acquisition of an 11-story, 466k sq. ft Class A commercial office building in Secaucus;
- New Jersey’s commercial office sector is set for further growth in 2025, driven by a significant increase in leasing activity[1].
New York, USA, 19th March, 2025; OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided an $28m note-on-note facility to New Jersey-based real estate lending platform, Oak Funding.
Founded in 2022 by Jeremy Levart and Mark Meisner, the firm specializes in a wide array of real estate financing solutions, including both debt and equity strategies, for the U.S. commercial real estate sector. The firm’s lending platform prides itself on speed, flexibility, and confidence in deal execution.
The $28m note-on-note loan from OakNorth will be used to support the acquisition of an 11-story, 466k sq. ft, Class A commercial office building in Secaucus, New Jersey. The well-renowned site named, 500 Plaza, consists of a five-story welcome atrium, full-service cafeteria, fitness center, executive conference room and conference center, several outdoor spaces and over 1,400 parking spaces. Situated in the popular Harmon Meadow district and a short drive to Route 3 and the New Jersey Turnpike, the site was first opened in 1985 and was extensively renovated in 2015.
Jeremy Levart, Co-founder & Principal of Oak Funding, commented: “As a premier lender in the commercial real estate space, Oak Funding continues to deliver tailored financial solutions with speed, certainty, and expertise. Our deep understanding of sponsor needs and market dynamics allows us to execute complex transactions efficiently. Partnering with OakNorth for this acquisition was a strategic decision, given our strong relationship and their recognition of our track record. Despite this being a highly complex transaction, Max and the OakNorth team were able to complete it quickly, whilst being highly transparent in the process. We look forward to partnering with them on future projects throughout 2025”.
Max Saidman, Director of Debt Finance at OakNorth, added: “As a direct result of Jeremy and Mark’s leadership, Oak Funding has developed a strong track record of financing commercial real estate assets across New Jersey. With the region’s commercial office sector set for growth this year, driven by a significant increase in leasing activity, this highly impressive site is in a perfect position to capitalize on this tailwind. Furthermore, the building is a HQ for a number of tenants, that will likely drive other tenants to the space, as well as businesses looking to implement return to office policies. We were delighted to have been able to support such a well-renowned and established real estate lender and look forward to supporting them on future projects.”
ENDS
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 £$1m-$100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided c.$15bn 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 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]
[1] NAIOP – Office Space Demand Forecast, Fourth Quarter 2024