Walker & Dunlop Arranges $250M+ Financing for Newark Mixed-Income Development
Walker & Dunlop, Inc. has announced the successful arrangement of a comprehensive financing package for 22 Fulton Street, a premier luxury multifamily development located in a Qualified Opportunity Zone in Newark, New Jersey. The project represents a significant investment in Newark’s urban revitalization, combining high-quality market-rate housing with deep affordability.
The capital stack for 22 Fulton was structured by Walker & Dunlop Capital Markets Institutional Advisory, led by senior managing directors Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno, and Jackson Irwin. They orchestrated a complex package on behalf of developers SK Development and Berger Organization, including:
- Nearly $119 million in financing from the Urban Investment Group at Goldman Sachs Alternatives, consisting of a construction loan, 4% Low-Income Housing Tax Credit (LIHTC) equity, and a LIHTC bridge loan.
- $20 million in preferred equity provided by an institutional lender.
- $100 million forward commitment for a permanent loan, also from an institutional lender.
The development leverages several government incentive programs to support affordability. Notably, it incorporates $90 million in NJ ASPIRE tax credits, purchased by Mass Mutual with interim financing provided by Bear Creek Capital, which ensures 20% of the units are reserved for households earning 60% of Newark’s Area Median Income (AMI). Additional support comes from a 30-year Newark Tax PILOT agreement, further strengthening the project’s economic feasibility.
“Walker & Dunlop is proud to leverage our industry 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 while integrating best-in-class ESG practices and sustainable design. It will be environmentally responsible, socially inclusive, and economically viable—a model for community-focused development in Newark and beyond.”
Project Highlights and Design Features
22 Fulton will comprise 396 residential units, including 315 market-rate apartments, 80 affordable units, and one staff unit, featuring a mix of studio, one-, and two-bedroom apartments. The building will rise 21 stories and is being developed to National Green Building Standards at 115% above code, reflecting a commitment to sustainability and energy efficiency.
“This project represents a major investment in bringing high-quality, long-term housing to the community,” said Scott Shnay, principal at SK Development. “Assembling the right financing partners was essential to making it possible. Walker & Dunlop structured a complex capital stack aligned with our vision and timeline, navigating every layer of the transaction with precision to deliver a seamless execution. Their expertise and partnership were invaluable.”
Prime Location and Amenities
Located in Newark’s Military Park neighborhood, 22 Fulton offers residents access to downtown amenities, retail, dining, and entertainment. The building includes more than 4,700 square feet of ground-floor retail, enhancing its role as a vibrant community hub. Situated along the Passaic River, the property provides panoramic views of the Manhattan skyline. It is conveniently connected to regional transit, being steps from Newark Penn Station and Broad Street NJ Transit lines, and less than five miles from Newark Liberty International Airport, making it an attractive location for commuters to Manhattan and New Jersey’s Gold Coast.
Construction is scheduled to begin in the coming months, with projected completion by the end of 2028.
Community and Economic Impact
“This property will help reshape Newark’s historic downtown,” said Miles Berger, chairman and COO at Berger Organization. “We are proud to bring much-needed affordable housing to the community. Partnering with Walker & Dunlop and SK Development has been a privilege, and together we are creating a project that will benefit residents for decades to come.”
Dan Alger, head of the Urban Investment Group at Goldman Sachs Alternatives, added, “22 Fulton demonstrates how innovative financial solutions can expand access to quality housing while revitalizing communities. By combining resources and expertise, we are committed to strengthening downtown Newark and creating lasting value for its residents.”
Walker & Dunlop’s Role in Multifamily Financing
Walker & Dunlop is a leading provider of capital to the U.S. multifamily market. In 2024 alone, the firm originated over $30 billion in debt financing, including more than $25 billion for multifamily properties, solidifying its reputation as a trusted advisor for developers, owners, and operators across all asset classes. Their expertise in complex financing structures, tax credit utilization, and institutional partnerships positions them at the forefront of community-focused development initiatives.
By combining institutional financing, tax incentives, and sustainable design principles, 22 Fulton serves as a benchmark for mixed-income, transit-oriented development, illustrating the potential for private and public sectors to collaborate effectively in urban revitalization efforts. The project exemplifies how well-structured financial solutions can deliver socially inclusive, environmentally sustainable, and economically sound housing, benefiting both residents and the broader community.
In summary, 22 Fulton Street stands as a transformative development in Newark, creating a blueprint for future mixed-income projects in urban centers. Through strategic partnerships, robust financing, and a commitment to quality and sustainability, Walker & Dunlop, SK Development, Berger Organization, and Goldman Sachs are demonstrating how innovative development can drive long-term community impact.
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