Walker & Dunlop, Inc. has announced it has successfully arranged a comprehensive financing package totaling over $239 million to facilitate the development of 22 Fulton Street, a mixed-income luxury multifamily project in Newark’s Military Park neighborhood.
The project, developed by SK Development and Berger Organization, is located within a Qualified Opportunity Zone and leverages significant New Jersey State and federal incentives to deliver 396 new residential units.
The massive financing package was orchestrated by the Walker & Dunlop Capital Markets Institutional Advisory team. It includes a layered capital stack designed to support both market-rate and deeply affordable housing:
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Nearly $119 Million in financing from the Urban Investment Group at Goldman Sachs Alternatives, which includes a construction loan, 4% Low-Income Housing Tax Credit (LIHTC) equity, and a LIHTC bridge loan.
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$20 Million in preferred equity from an institutional lender.
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$100 Million forward commitment for a permanent loan from an institutional lender.
The project also secured $90 million in NJ ASPIRE tax credits and a 30-year Newark Tax PILOT agreement (Payment In Lieu Of Taxes). The ASPIRE tax credits were purchased by Mass Mutual, with interim financing provided by Bear Creek Capital.
Aaron Appel, senior managing director at Walker & Dunlop, highlighted the project’s broad impact:
“This project delivers high-quality, mixed-income housing that addresses the city’s need for accessible homes… 22 Fulton will be environmentally responsible, socially inclusive, and economically viable, a model for community-focused development in Newark and beyond.”
The 21-story tower will feature 396 residential units, including 315 market-rate apartments, 80 affordable units, and one staff unit. Critically, the affordable units are reserved for households earning 60% of Newark’s Area Median Income (AMI).
The building is being constructed to National Green Building Standards (115% above code), aligning with Environmental, Social, and Governance (ESG) principles.
Miles Berger, chairman and COO at Berger Organization, emphasized the importance of the affordable component.
“This property will help reshape Newark’s historic downtown, and we’re proud to contribute to the significance of bringing much-needed affordable housing to the community,” he added.
The location offers ground-floor retail and is situated along the Passaic River with views of the Manhattan skyline. Its connectivity is stellar, located just steps from the Newark Penn and Broad Street NJ Transit lines and a short drive from Newark Liberty International Airport.
Construction is slated to begin in the coming months, with a projected completion date by the end of 2028.
Dan Alger, head of the Urban Investment Group at Goldman Sachs Alternatives, called the development “a blueprint for how we can leverage innovative financial solutions to expand access to quality housing and help revitalize communities.”
