A joint venture between The Berger Organization and SK Development has secured a capital package of more than $250 million for the development of a partially affordable, 396-unit project in Newark, N.J., dubbed 22 Fulton. Walker & Dunlop arranged the financing. Construction is set to kick off in the coming months, with completion expected by the end of 2028.
The financing includes a $119 million package, comprising a construction loan, 4 percent LIHTC equity and a bridge loan to cover the tax credits. Goldman Sachs Alternatives’ Urban Investment Group provided these funds. Other institutional lenders issued $20 million in preferred equity and a $100 million forward commitment for a permanent loan.
The venture incorporated additional government incentive programs into the project’s capital stack. These consist of $90 million in NJ ASPIRE tax credits, which MassMutual purchased with interim debt issued by Bear Creek Capital. The property also benefits from a 30-year Newark Tax PILOT program.
Of the 396 total unit count, 80 apartments—or 20 percent—will be income-restricted and serve future residents earning up to 60 percent of the area median income.
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Rising 21 stories, the tower is set to comprise a mix of studio, one- and two-bedroom layouts. The project adheres to National Green Building Standards, being 115 percent above code.
Located at 22 Fulton St., the construction site is in Newark’s city center, near the Rutgers University campus. Downtown Jersey City, N.J., is about 10 miles east, while Lower Manhattan is approximately 11 miles away. Interstate 280 runs within less than 1 mile.
Walker & Dunlop Senior Managing Directors Aaron Appel and Keith Kurland, together with Jonathan Schwartz and Adam Schwartz, in addition to Managing Director Jordan Casella and Senior Director Michael Ianno, as well as Director Jackson Irwin, arranged the financing package.
Affordable deliveries tick up, while overall completions ease slightly
Northern New Jersey’s housing completions clocked in at more than 9,900 apartments year-to-date through December, just 5.7 percent lower than the entire 2024 completion count, according to Yardi Matrix data. While overall completions ticked down slightly, fully income-restricted properties made up 10.3 percent of 2025 deliveries, up from just 1.9 percent in 2024.
However, the fully affordable pipeline included only about 300 apartments underway in December, accounting for 1.3 percent of the entire under-construction total, which stood at more than 24,300 units, the same source shows.
The overall attainable housing under-construction unit count may be higher, since other mixed-income projects are underway, such as Lions Group’s Homestead Gateway, a 360-unit development in Jersey City. The developer landed a $200 million loan last month for the project, which will include 90 affordable apartments.
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