Barings Provides $133.4 Million Forward Permanent Loan for Multifamily Real Estate Development in Newark

Barings, one of the world's largest diversified real estate investment managers, announced it has provided a forward permanent loan commitment for up to $133.4 million for the development of 22 Fulton, a 396-unit mixed-income multifamily property in downtown Newark, New Jersey.

The commercial real estate financing commitment from Barings' Affordable Housing Investments team provides a private placement execution for both taxable and tax-exempt debt. The real estate development project will include 80 units (20%) restricted to tenants earning 60% area median income and 316 units (80%) at market rents.

Complex Capital Structure for Mixed-Income Development

The 22 Fulton project required two years to structure and close due to its elaborate capital stack. The financing includes Barings' $133.4 million forward permanent loan commitment, an $85 million construction loan by Goldman Sachs, over $60 million in sponsor and tax credit equity, and other state tax credit program sources.

Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings, said the forward permanent loan commitment underscores Barings' ability to deliver certainty of execution for a multi-layered debt structure coupled with federal tax credits and incentives. "22 Fulton will add much-needed, high-quality mixed-income housing in downtown Newark — a meaningful investment in the city's long-term vitality," Tubian said.

Joint Venture Partnership Drives Real Estate Development

The multifamily real estate project will be developed by a joint venture partnership between SK Development and Berger Organization. David Manheimer of SK Development said the project represents years of collaboration, creativity, and persistence to bring a highly complex, mixed-income development to fruition in the heart of downtown Newark.

"Barings' forward permanent loan commitment provided critical certainty of execution across a multi-layered capital structure," Manheimer said. "This partnership was essential to delivering high-quality housing across multiple affordability levels and making a meaningful, long-term investment in Newark's continued growth."

About Barings

Barings manages over $470 billion in assets as of September 30, 2025, as a subsidiary of MassMutual. The firm seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets, and capital solutions.

Sources

Barings