Walker & Dunlop Orchestrates $250M+ Highly Structured Financing Package for Newark’s Flagship Mixed-Income Community

Key Terms

preferred equity financial

Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.

debt financing financial

Debt financing is the process of raising money by borrowing it from lenders, which must be paid back over time with interest. It is like taking a loan to fund a project or investment, allowing a business or individual to access funds immediately while agreeing to repay the amount borrowed later. For investors, understanding debt financing helps assess how a company funds its operations and manages financial risk.

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it arranged a comprehensive financing package to facilitate the development of 22 Fulton Street, a premier, luxury multifamily project located within a Qualified Opportunity Zone in Newark, New Jersey.

22 Fulton AI Rendering. Photo Credit: SK Development

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.

“We’re proud to leverage our industry connections and collaborative relationships to advance 22 Fulton, alongside SK Development, Berger Organization and Goldman Sachs,” said Appel, senior managing director at Walker & Dunlop. “This project delivers high-quality, mixed-income housing that addresses the city’s need for accessible homes. By integrating best-in-class ESG practices and sustainable design, 22 Fulton will be environmentally responsible, socially inclusive, and economically viable, a model for community-focused development in Newark and beyond.”

22 Fulton will feature 396 residential units, including 315 market-rate apartments, 80 affordable units and one staff unit, with a mix of studio, one- and two-bedroom apartments in a 21-story building built to National Green Building Standards at 115% above code.

“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 urban amenities, shopping and entertainment, along with more than 4,700 square feet of ground-floor retail. Positioned along the Passaic River with panoramic Manhattan skyline views, it is steps from the Newark Penn and Broad Street NJ Transit lines and less than five miles from Newark Liberty International Airport, providing strong connectivity to Manhattan and New Jersey’s Gold Coast. Construction will begin in the coming months with projected completion by end of 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,” added 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. “Together with our partners, we are committed to strengthening the fabric of downtown Newark and creating lasting value for its residents.”

Walker & Dunlop is one of the top providers of capital to the U.S. multifamily market; in 2024 the firm originated over $30 billion in debt financing volume, including over $25 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

About the Urban Investment Group (UIG) at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.2 trillion in assets under supervision globally as of March 31, 2025.

Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $20 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251208704570/en/

Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com

Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

nhvwaldegg@walkerdunlop.com

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

Source: Walker & Dunlop, Inc.