Developers SK Development and Berger Organization have landed more than $250 million in financing for a 396-unit luxury multifamily project in Newark, New Jersey.
The debt package was arranged by Walker & Dunlop. Urban Investment Group at Goldman Sachs Alternatives provided $119 million in financing, an institutional lender issued $100 million and another $20 million came from another institution. That comes out to $239 million — but it's unclear if there were any other loans that were listed, as W&D reported the entire package exceeds $250 million.
The 22 Fulton site will feature 80 affordable units, with 315 market-rate units. The apartments will range from studios to one bedrooms. The 21-story building will be situated in the Military Park neighborhood, which offers 4,700 square feet of ground-floor retail, views of Manhattan and urban amenities. Within walking distance of 22 Fulton is Broad Street NJ Transit and Newark Penn.
“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,” Dan Alger, head of the Urban Investment Group at Goldman Sachs Alternatives, said in a statement.
“Together with our partners, we are committed to strengthening the fabric of downtown Newark and creating lasting value for its residents.”
Construction of 22 Fulton is set to begin in the coming months, according to the developers, with delivery scheduled by late 2028.
According to data from RentCafe, apartment rents in Newark have jumped by 7.12 percent in the past year to reach $1,741, as of November 18. By unit, two bedrooms go for the most, at $2,083, outpacing three bedrooms by over $160.
According to Berger Organization, it has been serving Newark for five decades and has 18 properties throughout New Jersey and New York.
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