Walker & Dunlop, Inc. announced that it arranged a comprehensive financing package for the development of 22 Fulton Street, a premier, luxury multifamily project located within a Qualified Opportunity Zone in Newark.
Walker & Dunlop Capital Markets Institutional Advisory arranged the full financing package on behalf of SK Development and Berger Organization, which includes:
- Nearly $119M in financing provided by the Urban Investment Group at Goldman Sachs Alternatives, comprised of a construction loan, 4% LIHTC equity and LIHTC bridge loan
- $20M in preferred equity, provided by an institutional lender
- $100M forward commitment for a permanent loan, provided by an institutional lender
The project leverages multiple government incentive programs, including $90 million in NJ ASPIRE tax credits, supporting deep affordability with 20% of units reserved for households earning 60% of Newark’s AMI.
The Aspire Tax Credits were purchased by Mass Mutual with interim financing provided by Bear Creek Capital. Additional financial benefits include a 30-year Newark Tax PILOT agreement to support the development of the project.
“We’re proud to leverage our industry connections and collaborative relationships to advance 22 Fulton, alongside SK Development, Berger Organization and Goldman Sachs,” said Aaron Appel, senior managing director at Walker & Dunlop. “This project delivers high-quality, mixed-income housing that addresses the city’s need for accessible homes.
“By integrating best-in-class ESG practices and sustainable design, 22 Fulton will be environmentally responsible, socially inclusive and economically viable, a model for community-focused development in Newark and beyond.”
22 Fulton will feature 396 residential units, including 315 market-rate apartments, 80 affordable units and one staff unit, with a mix of studio, one- and two-bedroom apartments in a 21-story building built to National Green Building Standards at 115% above code.
