ONE Street Secures $38M for Georgetown Office-to-Condo Conversion

Digital bank OakNorth and commercial real estate lender Hickory CRE Lending have provided a $37.8 million co-loan to ONE Street Commercial Properties to support the redevelopment of 3333 K Street NW in Washington, D.C.’s Georgetown waterfront.

ONE Street Commercial Properties is a Washington, D.C. Metro-based real estate firm with more than $250 million in assets under management. The financing from OakNorth and Hickory CRE Lending will support the adaptive reuse of the approximately 70,000-square-foot former office building. The five-story boutique office property was acquired by One Street in 2025 in a deal brokered by CBRE.

The proposed plans call for an additional sixth story and the creation of 23 luxury condominiums, along with retail space. Originally constructed in 1988, the property sits at the southern end of historic Georgetown, fronting K Street/Water Street NW, with the C&O Canal to the north and the Potomac River and Georgetown Waterfront Park to the south.