Triangle Equities and Incline Capital have launched leasing at the first phase of The Crossings at Brick Church Station on Main Street in East Orange, which includes 400 apartments and retail space anchored by ShopRite. — Renderings courtesy: Triangle Equities
By Joshua Burd
The team behind The Crossings at Brick Church Station in East Orange has closed on nearly $134 million in new financing and capital for the project, where leasing is underway for 400 apartments and new retail space adjacent to NJ Transit rail service.
The firms, Triangle Equities and Incline Capital, said the deal includes a $115 million senior secured bridge loan from funds managed by affiliates of Fortress Investment Group, as well as $16.5 million in Low Income Housing Tax Credit equity provided by Affordable Equity Partners and $2 million in proceeds from partially redeemed Redevelopment Area Bonds. The developers have now recapitalized construction debt tied to the project’s first phase, which includes upscale rentals ranging from studios to three-bedroom units and a retail component anchored by a full-service ShopRite.
JLL’s Geoff Goldstein and Gerard Quinn sourced the financing, the latest milestone for the sweeping development on Main Street and directly across from the historic Brick Church station.
“This investment from Fortress and Affordable Equity Partners is more than just an investment in The Crossings,” said Josh Weingarten, executive vice president at Triangle Equities. “It is an investment in East Orange and the region at large, allowing us to deliver hundreds of new housing units, along with much-needed retail offerings and job opportunities. I want to thank the Fortress team for its commitment to The Crossings and for its solutions-based approach to pushing this complex closing across the finish line.”
Spencer Garfield, global co-head of real estate debt at Fortress, added: “We’re pleased to support the ongoing development of The Crossings and the enhancements that the development will bring to East Orange for existing and new residents. This financing is a great example of our focus on working with established and skilled developers to support the development of high-quality, high-demand commercial real estate across the country. We believe this property represents a compelling investment opportunity for our investors.”
According to a news release, the new financing builds upon a capital stack for The Crossings that includes funding from Triangle, Incline, Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, New Jersey Infrastructure Bank, the New Jersey Housing & Mortgage Finance Agency, the City of East Orange and other public and private sources. The full project is slated to include roughly 1,000 new homes and more than 200,000 square feet of retail, transforming the former site of the Brick Church Plaza shopping center and leveraging a location with strong mass transit and highway access.
The developers announced late last year that they had launched leasing at Embark at The Crossings, the first phase of rentals, with amenities including two landscaped courtyards with firepits, outdoor screening areas and grilling stations, as well as a high-end fitness center, a coworking lounge and a resident clubroom, among others. Renters also have access to on-site garage parking, as do patrons of a retail section that also includes Newark Community Health Center, Dunkin’, Ashley Stewart, Rita’s Italian Ice and Angel Nails.
Bozzuto Management will oversee residential leasing and management, following a project by March Associates Construction with a design team led by Minno & Wasko Architects and Planners. RIPCO Real Estate’s Jake Frantzman oversees commercial leasing.
“We’re proud to invest in The Crossings at Brick Church Station to support the delivery of affordable housing in a community where the need is significant,” said Walker Smith, president of Affordable Equity Partners. “Our mission is to invest in quality housing where our families would be proud to live, and we’re pleased to advance a strong development effort that will contribute to the revitalization of downtown East Orange.”
Triangle and Incline broke ground on the $500 million first phase in late 2022, part of a high-profile event that drew broad support from public officials at all levels of government.
“This close of construction financing is a large step forward in the development of The Crossings,” said Tammy K. Jones, CEO and founder of Basis Investment Group. “We are happy to be a part of this growing team, united in the central mission of delivering high-quality housing, shopping and employment opportunities to the people of East Orange.”
Triangle, Incline unveil 400 rentals in sweeping project at East Orange’s Brick Church Station
