Newark’s next multifamily project is getting a boost from one of the biggest names on Wall Street.
Goldman Sachs’ Urban Investment Group lent $119 million in debt for the multifamily development at 22 Fulton Street, the Commercial Observer reported. The stack features Low-Income Housing Tax Credit financing, as well as an additional $120 million in debt and preferred equity from a pair of unnamed institutional lenders.
A Walker & Dunlop team including Aaron Appel, Keith Kurland and Jonathan Schwartz arranged the financing.
The debt is going to a joint venture of SK Development and the Berger Organization, which is leading the charge at 22 Fulton. The partners are developing a 395-unit complex, which has been in the works for almost five years.
The 21-story building will include one- and two-bedroom apartments. A total of 315 units will be market-rate, while the other 80 units will be designated for affordable housing. The development will also include 4,700 square feet of retail space.
Construction is expected to begin in the coming months and close by the end of 2028.
SK Development has kept busy this year. In February, SK Development and CB Developers secured $158 million in construction financing from TYKO Capital for an 83-unit condo project at 401 East 51st Street in Turtle Bay.
The project is a 26-story, 116,000-square-foot development featuring condos ranging from studios to two-bedroom layouts; delivery is expected in the fall of 2027.
Berger, meanwhile, is based in Newark and has set its sights on residential and transit-oriented mixed-use development projects in the New Jersey city. Other ongoing projects include the Firemen’s Building Apartments.
This is the second time in a couple of weeks Goldman Sachs’ Urban Investment Group has financed a large project in New Jersey.
Goldman Sachs also provided the $200 million financing for a 34-story development spearheaded by Lions Group NYC at 701 Newark Avenue in Jersey City’s Journal Square neighborhood. That financing took the shape of a construction loan, bridge facility, low-income housing tax credit equity and other public capital.
— Holden Walter-Warner
Read more
SK Development, CB Developers land $158M construction financing Â
Lions Group lands $200M construction loan for Jersey City high-rise
