Barings announced it has provided a forward permanent loan commitment of up to $133.4 million to finance the development of 22 Fulton, a planned 396-unit mixed-income multifamily property in downtown Newark, New Jersey.
The firm said the commitment was arranged by its Affordable Housing Investments team and is structured as a private placement that can be executed with a combination of taxable and tax-exempt debt. The project’s unit mix will include 80 apartments, or 20% of the total, restricted to households earning 60% of area median income, while the remaining 316 units will be offered at market rents.
22 Fulton is being developed through a joint venture between SK Development and The Berger Organization. Barings said the development required an extended structuring process due to a complex capital stack that includes more than $60 million of sponsor and tax credit equity, an $85 million construction loan from Goldman Sachs, and additional sources tied to state tax credit programs.
Barings, a subsidiary of MassMutual, reported more than $470 billion in assets under management as of Sept. 30, 2025.
KEY QUOTES:
“Barings’ Affordable Housing Investments team is proud to support the development of 22 Fulton through this forward permanent loan commitment. This forward, permanent loan commitment underscores Barings’ ability to deliver certainty of execution for a multi-layered debt structure coupled with federal tax credits and incentives. 22 Fulton will add much-needed, high-quality mixed-income housing in downtown Newark — a meaningful investment in the city’s long-term vitality.”
Daron Tubian, Managing Director and Head of Affordable Housing Investments, Barings
“22 Fulton represents years of collaboration, creativity, and persistence to bring a highly complex, mixed-income development to fruition in the heart of downtown Newark. Barings’ forward permanent loan commitment provided critical certainty of execution across a multi-layered capital structure. This partnership was essential to delivering high-quality housing across multiple affordability levels and making a meaningful, long-term investment in Newark’s continued growth.”
David Manheimer, SK Development
