FiDi's Next Chapter: $78M Loan Fuels Major Office-to-Home Conversion

NEW YORK, NY – February 06, 2026 – A significant step in the ongoing transformation of Lower Manhattan was solidified today as real estate developer Bushburg secured a $78 million co-loan to acquire and redevelop 100 William Street. The financing, provided by bridge lender Oak Funding and its partner OakNorth Bank, will catalyze the conversion of the 21-story Financial District office building into a modern residential complex, promising to deliver over 400 new apartments to a housing-strapped city.

This project represents a critical piece of a larger trend reshaping New York's urban core, where the lingering effects of remote work have left prime office real estate underutilized. The conversion will not only introduce new housing but also includes a commitment to designate 25% of the units as affordable, directly addressing one of the city's most pressing needs.

From Desks to Dwellings: A New Era for Lower Manhattan

The conversion of 100 William Street is emblematic of a broader strategic shift occurring across New York City. The Financial District, once a neighborhood that fell silent after the closing bell, has been steadily evolving into a vibrant, 24/7 community. This project accelerates that evolution, turning empty office space into desperately needed homes. This adaptive reuse strategy tackles two of the city's most significant post-pandemic challenges: a historic housing affordability crisis and a glut of vacant commercial space.

New York City officials have actively encouraged this trend, rolling out programs to streamline the conversion process. Incentives like the 467-m tax abatement, which offers a 35-year tax break for projects that include a 25% affordable housing component, create a powerful financial motive for developers. These initiatives are part of a wider goal to generate tens of thousands of new homes in Manhattan by reimagining the purpose of its iconic skyline.

"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."

Located just a short walk from the Fulton Street Station transit hub, the future residential building will offer its residents unparalleled access to transportation, employment centers, and the growing array of restaurants, parks, and cultural attractions that now define the neighborhood.

The Financial Blueprint for Urban Renewal

The $78 million financing package is more than just a transaction; it's a vote of confidence in the economic viability of adaptive reuse. The deal highlights the crucial role of specialized lenders who understand the complexities of transitional real estate. Oak Funding, a Jersey City-based bridge lender, specializes in providing the short-term, flexible capital necessary for developers to acquire properties and complete pre-development work before securing long-term financing. The firm has demonstrated significant momentum, originating approximately $320 million in 2025 with another $150 million in deals scheduled to close in the first quarter of this year.

Partnering on the loan is OakNorth Bank, a UK-based digital bank known for its focus on empowering mid-market businesses and tackling complex projects often overlooked by traditional institutions. The bank has a growing portfolio in the United States, with a specific interest in office-to-residential conversions that deliver both market-rate and affordable housing.

"This transaction builds on our strong relationship with Oak Funding and reflects OakNorth's growing track record of supporting complex office-to-residential conversions across major US urban markets,” said Max Saidman, director of debt finance at OakNorth. “With experienced sponsors like Bushburg, these projects play an important role in unlocking underutilized commercial space and delivering much-needed housing in locations where demand remains strong."

This financial backing is critical for navigating the intricate process of converting a 1970s-era office tower, which involves everything from zoning and planning approvals to a complete interior overhaul.

Bushburg's Vision for a Design-Driven Neighborhood

At the helm of the project is Bushburg, a vertically integrated real estate firm with a $4 billion portfolio and a deep history in New York City development. The company has established itself as a leader in adaptive reuse, most notably with its recent conversion of 80 Pine Street, another major Financial District office tower being transformed into over 700 apartments. This experience provides a clear blueprint for the successful execution at 100 William Street.

Bushburg's approach goes beyond simply creating new units; it focuses on crafting a distinct living experience. The firm oversees the entire real estate lifecycle in-house, from acquisition and development to leasing and property management, ensuring a cohesive vision from start to finish.

"100 William is a design-forward building that reflects Bushburg's approach to creating spaces with architectural character and thoughtfully crafted experiences,” said Avi Glickman, vice president of Bushburg. “Following our recent conversion of 80 Pine Street nearby, this project continues our vision for a cohesive, design-driven Lower Manhattan. Great buildings aren't just defined by architecture-they're defined by how people experience them, and 100 William delivers a more thoughtful, resident-focused living experience in the heart of the Financial District."

This resident-focused philosophy is central to the project's appeal and its contribution to the neighborhood's ongoing renaissance. By transforming the Class A office asset into a modern residential scheme with high-quality amenities, the project aims to attract a new generation of residents to Lower Manhattan, further cementing its status as one of the city's most dynamic mixed-use districts.