One Street Commercial Properties lands $37.8M loan for D.C. office-to-condo conversion

One Street Commercial Properties secured a $37.8 million loan from OakNorth and Hickory CRE Lending to convert a vacant Washington, D.C., office building into condominiums, Commercial Observer reported on Oct. 13. The financing covers 3333 K Street NW, a 70,000-square-foot former office building on the Georgetown waterfront.

One Street bought the property for $19 million in May 2025, according to records cited by Commercial Observer — about $271 per square foot of existing building. The new loan is roughly twice that acquisition basis. The 1988-vintage property sits between the C&O Canal and the Potomac River. The sponsor plans to add a sixth floor and convert the building into 22 condominiums, two of them affordable units, plus ground-floor retail, a 24-hour concierge, valet parking, a fitness center, a swimming pool and a resident lounge and club room.

The D.C.-based sponsor holds more than $250 million in assets under management and has completed more than $500 million in development in the past eight years, including adaptive reuse projects in the D.C. market. OakNorth has provided more than $23 billion in loans since it launched in 2015.