In Newark, Iconic Landmark Transformed into Affordable Housing

New Jersey is home to many leading businesses in research, technology and telecommunications, which has led to an increase in the state’s population and the need for affordable housing options. Newark, the state’s largest city, has historically faced economic challenges — yet is proving resilient in its efforts to revitalize the city and create more housing. 

A downtown landmark, the iconic New Jersey Bell tower located on 540 Broad Street is now home to hundreds of city residents — thanks to a Freddie Mac Multifamily partnership with Optigo® lender Citi Community Capital. 

Freddie Mac provided $63 million in financing: a Tax-Exempt loan for $15 million and taxable supplemental financing for just over $48 million. This helped make it possible for one of our 2024 Freddie Mac Multifamily Impact Sponsors, L+M Development Partners LLC, to renovate the office space into modern, affordable housing units. Now known as Walker House, 20% of the units are mission-driven at 40% and 50% of area median income. 

Walker House is a beautiful high-rise tower with 21 stories and 264 units, ranging from studios to three-bedrooms. Each apartment has hardwood flooring, stainless steel appliances, stone countertops as well as in-unit washer and dryers. The building’s prime location gives residents easy access to Washington Park, local transit options and many retail outlets, museums and restaurants. 

And there are many amenities too — such as a yoga and fitness center, an indoor basketball court, a game room with virtual golf and shuffleboard, and a rooftop terrace. The building’s retail includes a grocery store, bank, and a rock-climbing gym, just to name a few of the establishments. 

“Real estate, for the most part, is a thinking-person business, and Freddie Mac has always had a reputation of being thinkers,” said Edward Greene, who worked with Freddie Mac on the deal as chief underwriter for Citi Community Capital. “For this project especially, there were many challenges and complexities involved, so it was great to collaborate with thought leaders to actually solve those problems and get past the finish line.” 

Watch a short video to hear more from Edward on this deal. 

We’re proud to partner with Citi Community Capital to provide affordable housing — central to the revitalization of downtown Newark.