OakNorth and Oak Funding Close $9.1M Refinance on Converted Multifamily Community in Burlington, NC
OakNorth Bank and Oak Funding have provided a $9.1 million co-loan to GoodHomes Communities to refinance The Louie, a 135-unit multifamily community in Burlington, North Carolina, the firms announced May 27, 2026. The bridge loan replaces the original hotel conversion facility that funded the adaptive reuse project, which has since reached more than 95% occupancy.
Deal Structure and Financing Details
The $9.1 million co-loan is structured as a bridge facility, designed to allow the asset to season and fully stabilize ahead of an anticipated agency or permanent financing takeout, according to the announcement. OakNorth had previously financed the original conversion of the vacant hotel at 2444 Maple Ave into the multifamily community, making this a continuation of an existing lender-borrower relationship.
The loan provides GoodHomes with runway to build the operating history that agency lenders typically require before committing to permanent debt on converted assets.
Adam Feldman, Managing Partner at GoodHomes, said in a statement: "We're delighted to once again partner with OakNorth and Oak Funding on another transformative housing project. As we looked to advance The Louie, it made perfect sense to return to OakNorth given their speed of execution, deep expertise in the region's real estate market, and understanding of our business model. This project will bring much-needed attainable housing to Burlington, while revitalizing an underutilized asset in a rapidly growing community."
The Louie: Hospitality Asset Converted to Multifamily Housing
The Louie, located at 2444 Maple Ave in Burlington, North Carolina, comprises 135 studio apartments offered at attainable rents. The property was converted from a vacant hotel into a residential community as part of GoodHomes' broader strategy of repositioning underperforming lodging and senior housing properties into essential housing.
The community includes an outdoor pool, a fitness and wellness center, tenant storage lockers, a clubhouse and game room, and a landscaped interior courtyard with a picnic and BBQ area. The property also features approximately 4,500 square feet of retail space that will be leased to a commercial tenant.
The site sits within a federally designated Opportunity Zone. Burlington is described in the announcement as one of North Carolina's fastest-growing regions, with proximity to major employment centers including Greensboro, Research Triangle Park, and Buckhorn Industrial Park.
GoodHomes' Development Strategy
Headquartered in New York, GoodHomes Communities describes itself as a vertically integrated private real estate investment company focused on acquiring under-performing hospitality and senior housing assets and converting them into workforce housing. The firm says it has been involved in 16 hotel conversions and has delivered more than 5,000 residential units with total project value exceeding $5 billion.
Dylan Jagjivan, Director of Debt Finance at OakNorth, commented: "GoodHomes has built an impressive track record of successfully converting underutilized hospitality assets into high-quality workforce housing, and we're pleased to continue supporting them following the successful completion and stabilization of The Louie. Having originally financed the hotel conversion, we're delighted to now provide the bridge financing that will support the asset through its final stabilization phase ahead of a longer-term agency or permanent financing takeout. This is exactly the type of project we're keen to back — an experienced sponsor delivering attainable housing in a growing market with strong underlying fundamentals."
OakNorth's Lending Background
OakNorth, a UK-based digital bank launched in September 2015, has provided more than $20 billion in lending to entrepreneur-led businesses across the United Kingdom and the United States. The bank describes itself as serving lower mid-market businesses that are underserved by traditional financial institutions, and says it has maintained credit performance placing it among the top 1% of commercial banks globally.
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