BETHESDA, Md.--(BUSINESS WIRE)--Dec 8, 2025--
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.
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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:
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.
22 Fulton AI Rendering. Photo Credit: SK Development
DUBAI, United Arab Emirates (AP) — The U.S. Treasury Department announced Thursday it was taking steps to further ease sanctions on Russian oil as crude prices surge during the Iran war.
The agency said that it was granting a license that authorizes the delivery and sale of some sanctioned Russia crude oil and petroleum products for the next month.
Trump signaled earlier this week that he would take further action to ease restrictions on sanctioned oil to help make for the loss of oil flowing on the market because of the effective closure of the Strait of Hormuz.
The move follows the Trump administration granting temporary permission for India to buy Russian oil.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
DUBAI, United Arab Emirates (AP) — Iran’s secretive new leader issued his first public statements Thursday, resolving to keep fighting, promising more pain for Gulf Arab states and threatening to open “other fronts” in a war that has already disrupted world energy supplies, the global economy and international travel.
The hard-line stance revealed by Supreme Leader Ayatollah Mojtaba Khamenei came as Israeli Prime Minister Benjamin Netanyahu said his country's attacks were creating conditions for the Iranian population to topple the government.
“It is in your hands,” Netanyahu said at a news conference, addressing the Iranian people. “We are creating the optimal conditions for the fall of the regime.”
Since the start of the war, U.S. and Israeli strikes have targeted security checkpoints in Iran to undermine the government’s ability to suppress dissent, according to Armed Conflict Location and Event Data, the U.S-based independent monitoring group known as ACLED.
Netanyahu denounced Khamenei as a “puppet of the Revolutionary Guards."
Khamenei is close to Iran’s paramilitary Revolutionary Guard and is widely seen as even less compromising than his father, Ayatollah Ali Khamenei. His location is unknown, and he is likely a prime target for the U.S. and Israel.
Khamenei said in a statement read by a state TV news anchor that he was keeping a “file of revenge.” He did not appear on camera and has not been seen since his father and wife were killed in the war’s opening salvo, which also wounded him, according to an Iranian ambassador.
The war continued to escalate on its 13th day as oil prices spiraled up again to $100 per barrel, and stocks sank worldwide over fears that the conflict could drag on longer than hoped.
Iran has made clear it plans to keep up attacks on energy infrastructure across the region and use the effective closure of the strategic Strait of Hormuz as leverage against the United States and Israel.
At a news conference Thursday, Iran’s ambassador to Tunisia, Mir Masoud Hosseinian, said Iranian naval forces “have established full control” over the strait and “carried out precise strikes in response to attacks on our oil infrastructure.” A fifth of the world’s traded oil flows through the waterway leading from the Persian Gulf toward the Indian Ocean.
“Global energy security is contingent on respect for Iran’s sovereignty,” he said.
He told The Associated Press the new supreme leader was wounded in the attack on his family’s home, but “it is not serious.” The hope is he will attend the massive, state-organized Eid prayer next week that his father traditionally led.
Hosseinian added that Iran’s strikes on Gulf nations have also been strategic.
“Even when we targeted hotels, we had precise information that they were hosting American and Israeli soldiers,” he said.
Khamenei called on Gulf Arabs to “shut down” U.S. bases in the region, saying protection promised by Washington was “nothing more than a lie.”
He also said Iran has studied “opening other fronts in which the enemy has little experience and would be highly vulnerable” if the war continues. He did not elaborate, but Iran has been linked to previous attacks on U.S., Israeli and Jewish targets around the world.
U.S. President Donald Trump said in a social media post Thursday that ensuring Iran does not develop a nuclear weapon was a higher priority than soaring oil prices.
Hours later, Netanyahu announced Israeli attacks had killed a top Iranian nuclear scientist and hit others but gave few details.
Israel said earlier it struck a nuclear facility in Iran in recent days that it had destroyed with an airstrike in October 2024. Earlier this year, satellite photos raised concerns that Iran was working to restore the facility.
As Netanyahu spoke, the Israeli military said it had detected a new barrage of missiles launched from Iran toward Israel.
The U.S. military said American forces have now struck more than 6,000 targets since the operation against Iran began, including more than 30 minelaying vessels.
British officials said several U.S. personnel suffered minor injuries Wednesday night when drone strikes in northern Iraq hit a base in Irbil that houses both British and American troops.
And on Thursday in western Iraq, rescue efforts were underway after an American military refueling plane went down. U.S. Central Command, which oversees the Middle East, said in a statement that the mishap involved two aircraft, including one that landed safely, and that the cause was not related to hostilities.
Israeli warplanes pummeled Lebanon, targeting even the busy heart of Beirut, in response to missiles from Iran-backed Hezbollah fighters launched into Israel. One strike hit in a neighborhood that is close to Lebanon’s parliament, United Nations offices and international embassies.
Israeli military spokesperson Avichay Adraee said forces were targeting a “facility affiliated with Hezbollah.”
An Israeli strike also hit in the vicinity of Lebanon’s only public university, killing a professor and the director of the science faculty at the campus in Hadath, on the outskirts of Beirut’s southern suburbs. There was no immediate comment from Israel.
An Israeli strike on a village in southern Lebanon killed nine people, including five children, the Lebanese Health Ministry said, adding that seven others were wounded. An AP photographer who visited the scene found several buildings flattened and widespread destruction, while rescue workers searched through the rubble.
Two other Israeli strikes on separate towns in southern Lebanon killed six more people, the health ministry said.
The U.N. refugee agency said up to 3.2 million people in Iran have been displaced by the ongoing war. It said most have fled from Tehran and other major cities toward the north of the country or rural areas. Around 800,000 people have been internally displaced in Lebanon, prompting fears of a humanitarian crisis.
Ben Mbarek reported from Tunis, Tunisia. El-Deeb reported from Beirut. Watson reported from San Diego. Associated Press writers David Rising in Bangkok; Mike Corder in The Hague, Netherlands; Natalie Melzer in Mitzpe Hila, Israel; Koral Saeed in Herzliya, Israel; Sally Abou AlJoud and Kareem Chehayeb in Beirut; Luena Rodriguez-Feo Vileira and Ben Finley in Washington; and Jill Lawless in London contributed to this report.
Israeli authorities inspect homes damaged by a projectile launched from Lebanon, in Haniel, central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
Residents watch as smoke rises from a nearby building during an Israeli strike in central Beirut, Lebanon, Thursday, March 12, 2026. (AP Photo/Hussein Malla)
A woman gathers belongings from her family's home after it was damaged by a projectile launched from Lebanon, in Haniel, central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
People inspect homes damaged by a projectile launched from Lebanon, in Haniel central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
Workers inspect damage caused by a drone strike overnight at the Address Creek Harbour hotel in Dubai, United Arab Emirates, March 12, 2026. (AP Photo/Fatima Shbair)
An oil tanker burns after being hit by an Iranian strike in the ship-to-ship transfer zone at Khor al-Zubair port near Basra, Iraq, late Wednesday, March 11, 2026. (AP Photo)
A woman sits on rubble across from a residential building damaged last Monday during the U.S.-Israeli air campaign in Tehran, Iran, Thursday, March 12, 2026. (AP Photo/Vahid Salemi)
Israeli authorities inspect homes damaged by a projectile launched from Lebanon, in Haniel central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
Israel Ambassador to the United Nations Danny Danon speaks during a meeting of the Security Council at U.N. headquarters, Wednesday, March 11, 2026. (AP Photo/Seth Wenig)
A family enjoys the sunset with the view of the city skyline and Burj Khalifa, at Dubai Creek Harbour in Dubai, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Fatima Shbair)
Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
Smoke rises after an explosion at the airport in Irbil, Iraq, late Wednesday, March 11, 2026. (AP Photo/Leo Correa)
A man inspects a car damaged in an Israeli airstrike at the Ramlet al-Baida public beach in Beirut, Lebanon, early Thursday, March 12, 2026. (AP Photo/Bilal Hussein)
