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Triangle Equities and Incline Capital have successfully closed on the recapitalization of construction financing for Phase One of The Crossings at Brick Church Station. This transformative mixed-use development is strategically located adjacent to NJ Transit’s historic Brick Church Train Station in East Orange, New Jersey.
The recapitalization totals $133.5 million, and is anchored by a $115 million senior secured bridge loan from funds managed by affiliates of Fortress Investment Group. In addition, $16.5 million in Low Income Housing Tax Credit equity was provided by Affordable Equity Partners, along with $2 million in proceeds from the partial redemption of Redevelopment Area Bonds.
JLL’s Debt Advisory Capital Markets team, led by Geoff Goldstein and Gerard Quinn, represented the borrower in securing the financing. The new financing builds upon an existing capital stack for both the retail and residential components of the project. Other funding partners include Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, NJ Infrastructure Bank, NJ Housing & Mortgage Finance Agency, the City of East Orange, and additional public and private contributors.
The Crossings at Brick Church Station aims to serve as a catalyst for the revitalization of downtown East Orange, offering a dynamic blend of residential, retail, and transit-oriented development.
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