The property involved in this transaction is a multifamily asset located at 22 Fulton Street in Newark, featuring a total of 396 units and encompassing approximately 407,000 square feet. The transaction involved a significant loan amount of $239,000,000 designated for construction purposes.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $239,000,000
• Address: 22 Fulton Street
• Market: Newark
• Units: 396
• Square Footage: 407,000
• Lender: Goldman Sachs UIG, Barings & Basis Investment Group
• Landlord: Scott Shnay & David Manheimer - SK Development; Miles Berger - The Berger Organization
• Brokers: Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer & Jordan Casella - Walker & Dunlop
• Loan Type: Construction

This transaction benefited from multiple government incentive programs, including $90.0 million in NJ ASPIRE tax credits aimed at supporting affordability. The part of the project includes reserving 20% of the units for households earning 60% of Newark’s AMI. The Aspire Tax Credits were acquired by Mass Mutual, with interim financing arranged by Bear Creek Capital. Additionally, the project secured a 30-year Newark Tax PILOT agreement to support its development. Walker & Dunlop's New York Capital Markets facilitated the construction financing, preferred equity, and forward permanent financing for this deal.