Goldman Sachs Loans $119M to Build Newark Multifamily Project
Two institutional investors provided a further $120 million in debt and preferred equity to construct the nearly 400-unit at 22 Fulton Street
By Brian Pascus December 11, 2025 12:26 pm
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A joint venture between SK Development and the Berger Organization has secured $239 million in construction financing to build 22 Fulton Street, a 395-unit, partially affordable multifamily tower in Newark, N.J.
Goldman Sachs’ Urban Investment Group provided a $119 million construction loan that includes Low-Income Housing Tax Credit (LIHTC) debt, while two unnamed institutional lenders provided an additional $120 million of debt and preferred equity to finance construction.
The Walker & Dunlop Capital Markets team of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Ianno and Jackson Irwin arranged each arm of the financing.
Named for its address, 22 Fulton Street will sitt off the Passaic River in Downtown Newark, near Military Park, Harriet Tubman Square and the Newark Museum of Art, and will be a short walk from New Jersey Transit lines into Manhattan. The building will stand 21 stories and feature one- and two-bedroom apartments broken down into 315 market-rate units and an additional 80 units reserved for affordable housing.
The building will feature 4,700 square feet of ground-floor retail. 22 Fulton Street will also be less than five miles from Newark Liberty International Airport.
Plans for the development date back to 2021. Construction is expected to begin within the next few months and finish by the end of 2028.
Brian Pascus can be reached at bpascus@commercialobserver.com.
