1,000 Units, One Mission: Gateway’s $350M Vision for Orange, NJ
When Terrence Murray co-founded Gateway Merchant Banking with longtime friend and college classmate Charles Frazier, their mission was clear: bring institutional-quality development to communities that have long been overlooked — and do it in a way that drives both financial returns and long-term community impact.
Murray, a Florida A&M University graduate with a background in real estate investment banking and private equity, brings both Wall Street credentials and deep cultural intention to his work.
Through Gateway, he is redefining what it looks like to lead major real estate deals while embedding economic opportunity into every layer of the process.
Trellis House: A $100M Proof Point
Gateway’s Trellis House, a multifamily development directly across from Howard University’s Towers in Washington, D.C., is a prime example of the firm’s business model. It wasn’t just well-executed — it was a home run.
“We built an institutional-quality product right across from Howard. The market was changing, but it was anchored by a Black institution,” Murray says. “We built it and sold it prior to lease-up— it round-tripped fast. And we proved that you can do $100 million-plus deals in our community and make money.”
The Three P’s: Project, People, Participation
As Gateway has grown, so has its ambition. Murray says his team doesn’t just focus on development — they’re interested in the full capital stack, able to pivot between equity, debt, and development depending on market conditions. But what’s remained constant is a clear three-part framework Murray uses to guide Gateway’s mission:
Project
“We want to build award-winning projects that integrate well into the community,” Murray says.
People
“We want the people of the city — in our current case, the City of Orange, New Jersey — to feel like they have a stake in this. We honor their history and elevate local narratives.”
Participation
This is where Murray’s passion really comes through. “I want to create opportunities for everyday people to participate financially. Not just observe change, but benefit from it.”
A $350M Vision for Orange, New Jersey
One of Gateway’s largest projects to date is underway in Orange, New Jersey — a $350 million undertaking located in the Central Orange Redevelopment Plan Area, just a 30-minute direct train ride from Manhattan.
The project will include 1,005 apartments, ranging from studios to three-bedroom residences, with up to 20% designated as affordable housing. Gateway is also pursuing strategic partnerships to add senior and student housing to the site.
But this development isn’t just about housing — it’s about placemaking.
The site has been reimagined as a family-friendly destination, anchored by over an acre and a half of public space. Planned features include an outdoor ice skating and roller skating rink, a public plaza with swinging benches, terraced seating, children’s play areas, and a restaurant with outdoor dining — creating a vibrant community hub accessible to all.
For residents, the property will offer a long list of amenities: a rooftop pool with cabanas and gardens, sky lounge, fitness rooms, event spaces, secure package rooms, and ample parking, including 200 electric vehicle charging stations.
On the commercial side, 70,190 square feet of retail and commercial space will be developed. While 25,000 square feet will serve as municipal office space for the City of Orange, the remaining units will be leased to local businesses, further anchoring the project within the community’s economic fabric.
Beyond the Deal: Local Partnerships and Long-Term Impact
Gateway’s strategy isn’t just about acquiring land and flipping assets. In fact, Murray envisions partnering with tenants — especially local entrepreneurs — to help them build equity, not just pay rent.
For example, rather than simply leasing to a restaurant operator, Gateway might co-invest, helping cover capital expenditures and offering operational support in exchange for equity.
“That restaurant has an uphill climb. They need money to build out the space, to build a following, and to survive the first year or two. If we can support that and grow together, that’s powerful,” Murray explains.
In many ways, this model turns traditional landlord-tenant relationships into mini joint ventures. And it ensures that wealth generated from large developments doesn’t just leave the community — it recirculates within it.
Opening the Doors to Individual Investors
Traditionally, deals of this size are reserved for institutional investors. But Murray wants to shift that paradigm.
“Our deals are big — $95 million here, $350 million there. So we’re typically working with institutions. But I really want to carve out a sleeve for individual investors,” he says.
He’s thinking seriously about how to structure that — perhaps starting at $50,000 or $100,000 minimums, or through investment clubs that aggregate smaller checks. The goal? Give more people a seat at the table.
“I lived in Brooklyn in the ’90s,” he says. “We all watched the Barclays Center get built. We all complained. Very few of us invested. I don’t want to see that happen again.”
Legacy Thinking in Action
What makes Murray and Gateway Merchant Banking unique isn’t just the size of their deals — it’s how they center community, opportunity, and long-term impact at every stage of the process.
For Murray, development isn’t about gentrification or displacement. It’s about legacy. It’s about bringing institutional capital into communities that have long been overlooked — without stripping away their culture or shutting out local players.
by Tony O. Lawson
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