Basis Investment Group Provides $20M Preferred Equity for 396-Unit Mixed-Use Tower in Newark
Basis Investment Group has announced a $20 million preferred equity investment to support the development and lease-up of 22 Fulton Street, a 21-story mixed-use residential tower in downtown Newark, NJ. The project is sponsored by SK Development and Berger Organization.
The development recently held a ceremonial groundbreaking attended by outgoing New Jersey Governor Phil Murphy, Newark Mayor Ras Baraka, and representatives from Basis Investment Group, SK Development, and Berger Organization.
Project Specifications and Affordable Housing Component
The 396-unit building will contain 316 market-rate apartments and 80 affordable housing units available to residents earning up to 60% of the area median income. The property will feature 4,726 square feet of ground-floor retail, 117 storage units, and 106 covered podium parking spaces.
The residential unit mix spans studio, one-bedroom, and two-bedroom configurations, all designed to maximize space and natural light. The project benefits from the NJ ASPIRE tax credit program and the Low-Income Housing Tax Credit (LIHTC) program and will be built to National Green Building Standards (NGBS), exceeding code requirements.
"Basis is proud to partner with SK Development and Berger Organization, alongside the region's elected and appointed officials, to bring 22 Fulton to market," said Tammy K. Jones, Founder and CEO of Basis Investment Group. "This investment demonstrates how institutional capital, aligned with public leadership, can deliver much-needed affordable housing, neighborhood-serving retail, and durable employment opportunities for the community."
Strategic Location in Newark's Central Business District
The development is located within Newark's Downtown Central Business District, bordered by Broad Street and the Passaic River. The property is a 15-minute walk from Newark Penn Station, providing access to PATH and NJ Transit routes into Manhattan, Hoboken, and Jersey City. The development is also located within five miles of Newark Liberty International Airport.
Newark's Downtown Central Business District includes educational institutions like Rutgers University and NJIT.
Financing Structure and Tax Credit Programs
The project leverages the NJ ASPIRE tax credit program and the Low-Income Housing Tax Credit (LIHTC) program. The preferred equity investment from Basis Investment Group supports both the development phase and lease-up period for the property.
The National Green Building Standards (NGBS) certification enhances both sustainability and long-term operational efficiency, exceeding code requirements for the 21-story tower.