Walker & Dunlop Arranges $250M+ Financing for Newark Mixed-Income Multifamily Development

NEWARK, N.J. — Walker & Dunlop, Inc. announced that it arranged a financing package exceeding $250 million for the development of 22 Fulton Street, a 21-story mixed-income multifamily project located in Newark’s Military Park neighborhood, according to a Dec. 16 company release.

The financing supports the construction of a 396-unit residential building that will include 315 market-rate apartments, 80 affordable units, and one staff residence. The project is being developed by SK Development and Berger Organization within a Qualified Opportunity Zone, according to Walker & Dunlop.

Structured Financing Package

Walker & Dunlop’s Capital Markets Institutional Advisory team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno, and Jackson Irwin, arranged the financing package on behalf of the developers. The structure includes nearly $119 million from the Urban Investment Group at Goldman Sachs Alternatives, comprising a construction loan, 4% Low-Income Housing Tax Credit (LIHTC) equity, and a LIHTC bridge loan. Additional components include $20 million in preferred equity and a $100 million forward commitment for a permanent loan from institutional lenders.

The project also benefits from $90 million in New Jersey ASPIRE tax credits, purchased by MassMutual, with interim financing provided by Bear Creek Capital. A 30-year Payment in Lieu of Taxes (PILOT) agreement with the City of Newark further supports the project’s financial structure.

Mixed-Income and Sustainable Development

According to Walker & Dunlop, 20% of the residential units will be reserved for households earning up to 60% of the area median income. The building will be constructed to National Green Building Standards at 115% above code, reflecting sustainability goals integrated into the project’s design.

“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, in the firm’s announcement.

Project Context

The 22 Fulton project contributes to Newark’s ongoing downtown development efforts. The site is located near major transit connections and is part of broader investment activity in the city’s core. The project’s financing structure combines private capital with public incentives, including tax credits and a PILOT agreement.

Construction timelines and completion dates were not disclosed in the announcement.

Source

Source: Walker & Dunlop press release