ONE Street Commercial Properties has secured a $37.8 million co-loan from digital bank OakNorth and commercial real estate lender Hickory CRE Lending to advance the conversion of a former office building on Washington, D.C.’s Georgetown waterfront. The financing backs the redevelopment of 3333 K Street NW, a five-story boutique office asset that will be repositioned as a luxury condominium property with street-level retail.
The property, originally constructed in 1988, totals approximately 70,000 square feet and occupies a prominent site at the southern edge of historic Georgetown. It fronts K Street/Water Street NW, with the C&O Canal immediately to the north and the Potomac River and Georgetown Waterfront Park to the south, placing the building within one of the capital’s most established mixed-use neighborhoods.
ONE Street Commercial Properties, a Washington, D.C. Metro-based real estate firm with more than $250 million in assets under management, acquired 3333 K Street NW in 2025 in a transaction brokered by CBRE. The new financing from OakNorth and Hickory CRE Lending will fund an adaptive reuse program that transforms the existing office space into residential and retail uses.
Current plans call for adding a sixth story to the building and creating 23 luxury condominium units, along with retail space at the base. The project will convert what has been a traditional boutique office property into a higher-density residential offering, while retaining a ground-floor commercial component that can serve neighborhood and waterfront activity.
The repositioning reflects an office-to-condominium strategy in a waterfront Georgetown location that already benefits from strong pedestrian traffic and proximity to both recreational and commercial destinations. By leveraging a co-loan structure from OakNorth and Hickory CRE Lending, ONE Street Commercial Properties is moving forward with a capital plan that shifts the building’s primary use from office to residential while maintaining retail potential on a key corridor.
With its adjacency to the C&O Canal, the Potomac River and Georgetown Waterfront Park, 3333 K Street NW is being re-envisioned as a residential-led property within a historically office-oriented structure. The financing arrangement underscores lender appetite for adaptive reuse projects that reposition outmoded office space into for-sale housing product in established urban submarkets.
