Walker & Dunlop secures over $250M financing for Newark mixed-income housing project

Walker & Dunlop, Inc. has arranged a financing package exceeding $250 million to support the development of 22 Fulton Street, a new multifamily housing project in Newark’s Qualified Opportunity Zone. The funding was secured on behalf of SK Development and Berger Organization.

The financing includes nearly $119 million from the Urban Investment Group at Goldman Sachs Alternatives, which covers a construction loan, 4% Low-Income Housing Tax Credit (LIHTC) equity, and an LIHTC bridge loan. An additional $20 million in preferred equity and a $100 million forward commitment for a permanent loan were provided by institutional lenders.

The project benefits from several government incentive programs. These include $90 million in New Jersey Aspire tax credits, which help ensure that 20% of the units are reserved for households earning up to 60% of Newark’s area median income. Mass Mutual purchased the Aspire Tax Credits, with interim financing supplied by Bear Creek Capital. The development also receives financial support through a 30-year Payment In Lieu Of Taxes (PILOT) agreement with Newark.

Aaron Appel, senior managing director at Walker & Dunlop, said: “We’re proud to leverage our industry connections and collaborative relationships to advance 22 Fulton, alongside SK Development, Berger Organization and Goldman Sachs. 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.”

Once completed, 22 Fulton will offer 396 residential units—315 market-rate apartments, 80 affordable units, and one staff unit—in a 21-story building constructed to National Green Building Standards above code requirements. The property will feature studio, one-bedroom, and two-bedroom apartments.

Scott Shnay, principal at SK Development commented: “This project represents a major investment in bringing high-quality, long-term housing to the community, and assembling the right financing partners was essential to making it possible. Walker & Dunlop was instrumental in structuring a complex capital stack that aligned with our vision and timeline. Their team navigated every layer of the transaction with precision and delivered a seamless execution. We’re grateful for their partnership and expertise.”

Located in Newark’s Military Park neighborhood downtown area, residents will have access to shopping and entertainment options as well as more than 4,700 square feet of ground-floor retail space.

Miles Berger, chairman and COO at Berger Organization added: “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,” adding that working with Walker & Dunlop and SK Development had been “a privilege.”

Dan Alger from Goldman Sachs Alternatives stated: “This landmark mixed-income development serves as a blueprint for how we can leverage innovative financial solutions to expand access to quality housing and help revitalize communities. Together with our partners, we are committed to strengthening the fabric of downtown Newark and creating lasting value for its residents.”