14A — December 2025 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
On behalf of SK Development and Berger Organization Walker & Dunlop delivers $250M+forNewarkDevelopment
Rittwager inks lease at 449 Doremus Ave. Advance Industrial brokers Newark lease
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EWARK, NJ — Walker & Dunlop, Inc. has arranged
delivered a seamless execu- tion. We’re grateful for their partnership and expertise.” Located in Newark’s Mili - tary Park neighborhood, 22 Fulton offers downtown amenities, shopping, enter- tainment, and 4,700+ s/f of ground-floor retail. With Pas - saic River frontage and Man- hattan skyline views, it sits steps from Newark Penn and Broad Street stations and less than five miles from Newark Liberty International Air - port. Construction is set to begin soon, with completion expected by late 2028. “This property will help re- shape Newark’s historic down - town, and we’re proud to con- tribute to the significance of bringing much-needed afford- able housing to the community,” said Miles Berger , chairman and COO at Berger Organiza - tion. It’s been a privilege work- ing with Walker & Dunlop and SK Development to bring this transaction to fruition.” “This landmark mixed-in- come 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. MAREJ
SK Development ©
a comprehensive financing package to facilitate the de- velopment of 22 Fulton St., a multifamily project located within a Qualified Opportu - nity Zone in Newark. Walker & Dunlop Capital Markets Institutional Advi- sory, 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 De- velopment and Berger Or- ganization that included: Nearly $119M in financ - ing provided by the Urban Investment Group at Gold- man Sachs Alternatives , comprised of a construction loan, 4% LIHTC equity and LIHTC bridge loan $20M in preferred equity, provided by an institutional lender $100M forward commitment for a permanent loan, provided by an institutional lender The project leverages multiple government incentive pro- grams, 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
449 Doremus Ave.
22 Fulton St. rendering
NEWARK, NJ — Advance Industrial Group has facili- tated the leasing of 449 Dore - mus Ave., a nearly seven- acre industri- al site near Port Newark- Elizabeth, on behalf of Garden State Cold Storage and Ruggiero Seafood Inc. & Affiliates. The property has been re- positioned and modernized by ownership groups Deugen In- vestment Group and Devli Anthony Rittwager ENGLEWOOD, NJ — Sitex Group , a leading privately held investor and developer of indus- trial real estate in New York, New Jersey, and South Florida, announced four new hires and internal promotions as part of its continued growth. The company appointed Wayne Farquharson as vice president of Construc - tion; Amanda Galasso as property manager; and Sam Bass as analyst. In addi- tion, Abe Mandel has been promoted to vice president of Property Management. “These individuals bring tre- mendous experience, energy, and perspective to our busi- ness,” Zach McHugh , a Prin- cipal at Sitex Group, said of the new hires. “Their skills and commitment are critical as we continue to expand our presence in the region’s most dynamic industrial markets.” In his new role, Farquharson will oversee construction strat- egy and execution across Sitex’s industrial assets, focusing on complex redevelopment and repositioning projects as well as ground-up development. Previ- ously, he served as senior man-
Real Estate . Their invest- ment has transformed the site into a rare, low-coverage infill industrial parcel that com- bines functional warehouse space with critical industrial outdoor storage (IOS) and trailer parking capacity in one of the most supply-constrained markets in the country. Anthony Rittwager, CCIM, SIOR of Advance Industrial Group represented Garden State Cold Storage and Ruggerio Seafood Inc. while the landlord was repre- sented by The Blau & Berg Company . MAREJ
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 de- velopment of the project. “This project represents a major investment in bringing high-quality, long-term hous- ing to the community, and assembling the right financ - ing 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 vi- sion and timeline. Their team navigated every layer of the transaction with precision and
Sitex Group expands team with key hires & promotions
Stanbery, Claremont & PCCP hit 65% retail leasing at District 15Fifteen in Parsippany, NJ
Wayne Farquharson
Amanda Galasso
Sam Bass
Abe Mandel
ager of Commercial Properties at real estate firm Mapletree. Mandel, who joined Sitex in 2024, will lead property man- agement initiatives while ad- vancing operational efficiency and tenant experience. Galasso, a former property manager with JLL, joins Sitex with experience in the manage- ment of multi-tenant industrial properties, while Bass, a recent Georgetown University gradu- ate, will support Sitex Group’s investment and asset manage- ment teams with financial analy - sis and market research. MAREJ
District 15Fifteen located at 1515 Route 10, Parsippany
and retail providers are in pro- cess, with commercial avail- ability ranging from 1,447 s/f to 7,358 s/f. The overall redevelopment is continually taking new shape. Smyth at District 15Fifteen (Building A), the first resi - dential building with 262 units, remains strong with a greater-than 75 percent lease up. Momentum also is acceler- ating with the successful lease launch of Mason East, offering a luxury 55-and-older lifestyle
community, with move-ins beginning now. The third and final residential building, Mason, is anticipated to come online for leasing by winter 2025-2026. Upon completion of the entire project, District 15Fif - teen will feature a pedes- trian-friendly town-square- style footprint with 58,600 s/f of retail and restaurant space, 498 luxury apartment rentals and a Residence Inn by Marriott. MAREJ
PARSIPPANY, NJ — Stanbery Development Group, Claremont Devel- opment and PCCP LLC , developers of District 15Fif - teen, reports the mixed-use redevelopment has confirmed more than 65% of the nearly 60,000 s/f of high-end retail space is now leased. This latest surge in activity adds seven new leases, for a total of 12,849 s/f in final - ized commitments. Currently, leases with essential service
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