Walker & Dunlop delivers $250M+ for Newark Development

On behalf of SK Development and Berger Organization

SK Development©

Newark, NJ — Walker & Dunlop, Inc. has arranged a comprehensive financing package to facilitate the development of 22 Fulton St., a multifamily project located within a Qualified Opportunity Zone in Newark.

Walker & Dunlop Capital Markets Institutional Advisory, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno, and Jackson Irwin, arranged the full financing package on behalf of SK Development and Berger Organization that included:

Nearly $119M in financing provided by the Urban Investment Group at Goldman Sachs Alternatives, comprised of a construction loan, 4% LIHTC equity and LIHTC bridge loan $20M in preferred equity, provided by an institutional lender $100M forward commitment for a permanent loan, provided by an institutional lender The project leverages multiple government incentive programs, including $90 million in NJ ASPIRE tax credits, supporting deep affordability with 20% of units reserved for households earning 60% of Newark’s AMI. The Aspire Tax Credits were purchased by Mass Mutual with interim financing provided by Bear Creek Capital. Additional financial benefits include a 30-year Newark Tax PILOT agreement to support the development of the project.

“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,” said Scott Shnay, principal at SK Development. “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, 22 Fulton offers downtown amenities, shopping, entertainment, and 4,700+ s/f of ground-floor retail. With Passaic River frontage and Manhattan skyline views, it sits steps from Newark Penn and Broad Street stations and less than five miles from Newark Liberty International Airport. Construction is set to begin soon, with completion expected by late 2028.

“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,” said Miles Berger, chairman and COO at Berger Organization. It’s been a privilege working with Walker & Dunlop and SK Development to bring this transaction to fruition.”

“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,” said Dan Alger, head of the Urban Investment Group at Goldman Sachs Alternatives.