**Bushburg Secures $78M Loan for Residential Conversion of FiDi Office Tower**
Real estate bridge lender Oak Funding, in partnership with OakNorth Bank, has finalized a $78 million co-loan with Bushburg, a vertically integrated real estate firm. The funding will support Bushburg’s acquisition of 100 William Street, a 21-story office tower located in Manhattan’s Financial District, and will also finance pre-development work for a planned office-to-residential conversion.
“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 under-utilized office buildings can be reimagined for long-term residential use,” said Jeremy Levart, co-founder and principal of Oak Funding. “We’re pleased to partner once again with OakNorth on this transaction to support a project that aligns strong sponsorship with a clear market need.”
The financing allowed Bushburg to acquire the current Class A office property and commence pre-development activities, including planning. The conversion project is anticipated to deliver over 400 new residential units, with 25% designated as affordable housing.
