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 first apartments at a major mixed-use project in East Orange have hit the market, with leasing now underway at the collection of 400 homes at NJ Transit’s Brick Church Station.
Its developers, Triangle Equities and Incline Capital, aim to lure renters with the promise of immediate access to commuter rail service, upscale finishes and the property’s long list of amenity spaces. The first phase of The Crossings at Brick Church Station also includes a retail component anchored by a full-service ShopRite supermarket, adding to the appeal of the building at 533 Main St. and just north of Interstate 280.
Bozzuto Management will oversee residential leasing and management. March Associates Construction is the construction manager and general contractor for the building, while Minno & Wasko Architects and Planners leads the design team for a project that has enjoyed broad support from local and state officials.
“The Crossings at Brick Church Station represents the next chapter for East Orange, offering residents modern living, curated retail and direct train access to New York City in just 25 minutes,” said Josh Weingarten, executive vice president at Triangle Equities. “This long-overdue project is designed as a true live-work-play destination, delivering housing, shopping and amenities that will benefit both new residents and the wider community. We are deeply grateful to Governor Phil Murphy, Mayor Ted Green, City Council Chairman Christopher Awe and our partners at Goldman Sachs, PNC Bank and Basis Investment Group for their support and collaboration.”
Known as Embark at The Crossings, the first phase has floorplans ranging from studios to three-bedroom units that are designed to meet the rigorous sustainability standards for Energy Star, Enterprise Green Communities and Fitwel One Star certifications, the developers said. Amenities include 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, according to a news release. Triangle and Incline expect to announce additional retail deals soon.
“The Crossings at Brick Church Station is a shining example of responsible redevelopment that puts the community first, by providing job opportunities and creating a vibrant sense of place,” said Rodger Bucchianeri, founder and managing partner of Incline Capital. “The Crossings is transformative and will meet the ever-present needs of inclusionary housing and transit-oriented development within a modern, thriving, dynamic New Jersey community.”
The launch of leasing comes three years after the developers broke ground on the $500 million first phase. At full-build-out, The Crossings will have 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 Crossings at Brick Church demonstrates what’s possible when mixed-use design and affordable housing work hand in hand,” said Tammy K. Jones, CEO and founder of Basis Investment Group. “By helping deliver apartments and key community resources, like ShopRite and Newark Community Health Center, in East Orange, we’re investing in developments that uplift residents and strengthen the local fabric.”
Triangle Equities and Incline Capital worked directly with the City of East Orange to involve the community in the project via efforts such as the new Rising Builders Program, which provides job training and certification opportunities in construction trades, workforce readiness and the arts for local residents, the news release said. The developers, meantime, noted that financing for Embark includes a broad mix of private and public sources, including:
- PNC Bank, which provided a $63.8 million construction loan, a $24.35 million bridge loan and a $14.6 million Low-Income Housing Tax Credit bridge loan
- A $2 million loan from the City of East Orange
- $24.35 million in Redevelopment Area Bonds issued by the City of East Orange
- $17.6 million of Low-Income Housing Tax Credit equity invested by PNC Bank
- $46 million in direct equity from Goldman Sachs, Basis Investment Group, Triangle Equities and Incline Capital
The project also benefits from $20 million in Low-Income Housing Tax Credits awarded by the New Jersey Housing and Mortgage Finance Agency and a forward commitment from Fannie Mae, through PNC as DUS Lender, to provide $88.2 million of permanent financing.
The developers added that the retail and infrastructure components were financed with:
- $17 million from The Reinvestment Fund (in partnership with Low-Income Investment Fund and BlueHub Capital)
- $15 million of New Market Tax Credit equity from PNC Bank
- $10.5 million from the New Jersey Infrastructure Bank
- $1.65 million Series 2022A Redevelopment Area Bond
- $24.6 million in direct equity from Goldman Sachs, Basis, Triangle and Incline.
The project further benefits from $52 million in New Markets Tax Credit allocation, one of the largest in program history, the news release said. And, in September, the state Economic Development Authority approved a $279.9 million tax credit under New Jersey’s Aspire program for the second phase, which will include $35.7 million allocated for land acquisition and $262.2 million for other eligible project costs.
East Orange project with 420 rentals, commercial space lands $298 million Aspire award
