Barings, one of the world’s largest diversified real estate investment managers, announced today it provided a forward permanent loan commitment for up to $133.4 million for the development of 22 Fulton. 22 Fulton is a to-be-built 396-unit mixed-income housing multifamily property in downtown Newark, New Jersey. 80 units (20%) will be restricted to tenants earning 60% AMI and 316 units (80%) will be at market rents. The commitment from the Affordable Housing Investments (“AHI”) team at Barings provides a private placement execution for both taxable and tax-exempt debt.
Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings, said, “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.”
22 Fulton will be developed by a joint venture partnership between SK Development & the Berger Organization.
“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,” said David Manheimer of SK Development. “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.”
22 Fulton took two years to structure and close given its complicated and elaborate capital stack, which includes: over $60 million of sponsor and tax credit equity, $85 million construction loan by Goldman Sachs, and other state tax credit program sources.
About Barings
Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*As of September 30, 2025
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