OakNorth Bank Provides $33.2M Construction Loan for Dual Brooklyn Multifamily Development
NEW YORK — June 23, 2026 — OakNorth Bank Bank has closed a $33.2 million construction loan to 240 Highland Realty LLC and 236 Highland Realty LLC, financing the ground-up development of two Class A multifamily residential buildings in Brooklyn's East New York neighborhood, the bank announced.
The borrowing entities are affiliates of Empire Management & Construction, a New York-based developer and contractor with more than 18 years of experience delivering residential and mixed-use projects across the city. The developments are located at 240 Highland Place and 236 Highland Place, near Atlantic Avenue and Broadway Junction.
Project Details: Affordable Units, Retail, and Resident Amenities
The two projects will together deliver a mix of studio, one-bedroom, and two-bedroom apartments, with more than 20% of units designated as affordable housing. The larger of the two buildings, at 240 Highland Place, will include approximately 3,400 square feet of ground-floor retail space. The smaller companion building at 236 Highland Place will provide additional residential units.
Both developments will offer resident amenities including a gym, rooftop space, recreational facilities, laundry facilities, and bike storage. Specific unit counts and total square footage for each building were not disclosed.
Joel Weiss, Principal of Empire Management & Construction, said the projects would contribute meaningfully to the neighborhood's housing stock. "We are excited to move forward with these developments, which will provide high-quality housing options in a well-connected and growing part of Brooklyn," Weiss said. "East New York continues to evolve, and we believe these projects will make a meaningful contribution to the neighborhood by delivering a mix of market-rate and affordable homes. OakNorth understood our vision for the site and worked closely with us to structure a financing solution that supports our long-term plans."
Location and Transit Access
The projects' location near Broadway Junction and Atlantic Avenue provides residents with access to Downtown Brooklyn, Manhattan, and JFK Airport, according to OakNorth. East New York has seen significant investment in new housing and infrastructure in recent years, according to the bank.
OakNorth
OakNorth, which launched in September 2015 and describes itself as a digital bank for entrepreneurs, has originated more than $22 billion in loans across the United Kingdom and United States, according to the bank's corporate disclosures. The bank states it has maintained credit performance metrics placing it among the top 1% of commercial banks globally.
Adam Ehrenreich, Associate Director of Debt Finance at OakNorth, commented on the transaction: "New York City continues to face a significant housing shortage, with demand for quality rental accommodation consistently outpacing supply across many neighborhoods," Ehrenreich said. "These developments will deliver a strong amount of new homes, including a meaningful affordable housing component, helping address that imbalance while supporting the continued growth of East New York. Joel and his team have extensive experience delivering residential developments across Brooklyn, and we're delighted to support them on these projects and establish what we hope will be a long-term relationship."
OakNorth is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom.
Construction timelines, targeted rents, and stabilization dates for the 240 Highland Place and 236 Highland Place projects were not disclosed.