Triangle Equities and Incline Capital close on $135.5m recapitalization of construction financing for Phase I of The Crossings at Brick Church Station

East Orange, NJ Co-developers Triangle Equities and Incline Capital closed 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 $133.5 million, led by a $115 million senior secured bridge loan from funds managed by affiliates of Fortress Investment Group (Fortress), and $16.5 million in Low Income Housing Tax Credit (LIHTC) equity provided by Affordable Equity Partners. Additionally, there was $2 million 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, ultimately delivering approximately 1,000 new residences and over 200,000 s/f 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.

“This investment from Fortress and Affordable Equity Partners is more than just an investment in The Crossings. 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,” said Josh Weingarten, executive vice president at Triangle Equities. “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.”

The development team has launched leasing at Embark at The Crossings, delivering 400 apartments, ranging from studios to three-bedroom apartment homes equipped with luxury finishes and upscaled features, set within a best-in-class community anchored by retail and transit access. The units are designed to meet the rigorous sustainability standards for EnergyStar, Enterprise Green Communities, and Fitwel One Star certifications.

“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,” said Spencer Garfield, global co-head of real estate debt at Fortress Investment Group. “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.”

“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.”

“This close of construction financing is a large step forward in the development of The Crossings,” said Tammy Jones, founder & CEO 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.”

Situated at NJ Transit’s Brick Church Station 25 minutes to Midtown Manhattan, the development offers unmatched regional connectivity while also serving as a long-term catalyst for economic investment and community development in East Orange.