- Headquartered in New York, NY, GoodHomes Communities is a vertically integrated, private real estate investment company specializing in acquiring well-located, under-performing assets and converting them into residential units;
- With decades of experience in construction, design, management, and development, the firm has delivered over 5k homes, with total assets exceeding $5bn;
- The $14.7m loan from OakNorth will support the conversion of a vacant 13-storey hotel into a new multifamily scheme in Silver Spring, Maryland.
New York, 21 July, 2025: OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a $14.7m loan to leading private real estate investor, GoodHomes Communities, alongside its equity partner in the project, Arctaris Impact Investors.
Headquartered in New York, NY, GoodHomes is a leading vertically integrated, private real estate investment company, focused on acquiring well-located, under-performing hospitality and senior housing assets and converting them into essential housing for America’s workforce. With decades of experience throughout its team in construction, design, management, and development, the firm has been involved in residential development and redevelopment projects, including 12 hotel conversions, consisting of more than 5k residential units with a value in excess of $5bn.
The $14.7m loan from OakNorth will support the conversion of a vacant 13-storey hotel into a new multifamily scheme in Silver Spring, Maryland. Located at 8727 Colesville Road, with direct transit access via the Red Line Metro and major bus routes to Washington DC, the site will offer 227 highly amenitized multifamily units, offering residents a fitness center, rooftop pool, co-working space, tenant lounge, package room and storage facilities.
Daniel Matian, Managing Director of Investments & Capital Markets at GoodHomes, commented on the transaction: “We are thrilled to partner with OakNorth on this exciting conversion in Silver Spring. Dylan and the OakNorth team immediately understood our vision and worked closely with us to structure a loan that supports not just our financial needs, but also our long-term impact goals. This project is a perfect example of how thoughtful reuse can bring new life to old buildings, delivering much-needed housing in a way that’s faster, greener, and more cost-effective than traditional development. The support from OakNorth will allow us to bring much needed high-quality, attainable housing to a location that’s walkable, transit-connected, and rich in opportunity for future residents. We look forward to continuing this partnership across our pipeline of future projects.”
Dylan Jagjivan, Associate Director of Debt Finance at OakNorth, added: “This transaction represents everything we look for in a real estate deal, strong sponsor alignment, a well-located and underutilized asset, clear social impact, and disciplined underwriting. The team at GoodHomes has built an impressive platform that combines development expertise with a mission to address the affordable housing crisis across the U.S. We were particularly impressed by their ability to deliver high-quality, community-integrated housing at scale, and to do so in a way that’s both environmentally and economically sustainable. This deal exemplifies our approach to lending—partnering with visionary developers to help them realise transformative 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 $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 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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Housing on Merit, a 501(c)(3) nonprofit organization, was a partner in the deal.