The Crossings completes $133M recapitalization

Co-Developers Triangle Equities and Incline Capital today announced the close on the recapitalization of construction financing for the first phase of The Crossings at Brick Church Station, a transformative, amenity-rich, mixed-use development located directly adjacent to NJ Transit’s historic Brick Church Train Station.

The recapitalization totals $133.5M, led by a $115M senior secured bridge loan from funds managed by affiliates of Fortress Investment Group (“Fortress”), and $16.5M in Low Income Housing Tax Credit (LIHTC) equity provided by Affordable Equity Partners. Additionally, there was $2M in proceeds from the partial redemption of Redevelopment Area Bonds. JLL’s Debt Advisory Capital Markets team representing the borrower was led by Geoff Goldstein and Gerard Quinn. This additional financing builds upon an existing capital stack for the retail and residential portions of the project, including funding from co-developers Triangle Equities and Incline Capital, Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, NJ Infrastructure Bank, NJ Housing & Mortgage Finance Agency (NJ HMFA), City of East Orange and other public and private sources.

The Crossings at Brick Church Station is poised to reshape downtown East Orange, ultimately delivering approximately 1,000 new residences and over 200,000 square feet of retail. The first phase includes the Embark at The Crossings residential building and a grocery-anchored retail component, highlighted by a full-service ShopRite supermarket, as well as community-serving tenants including Newark Community Health Center, Dunkin’ Donuts, Ashley Stewart, Rita’s Italian Ice, and Angel Nails, with additional retail announcements expected soon.

Read more coverage of the recapitalization below:

CRE Marketbeat: East Orange MXU Development Secures $133M in First Phase Recapitalization

Connect CRE: First Phase of East Orange MXU Closes on $133M Recapitalization

Real Estate NJ: Developers of massive mixed-use project in East Orange land $134 million recap

Multi Housing News: Triangle Equities JV Lands $134M for New Jersey Project

ROI New Jersey: The Crossings at Brick Church Station sees close on first phase of $133.5M recapitalization in East Orange