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Development Partners Secure $317M Financing Package for East Orange Mixed-Use
Triangle Equities, along with investment partners Goldman Sachs and Basis Investment Group and co-developer partner Incline Capital, finalized a complex financing package totaling approximately $317 million to build Phase 1 of The Crossings at Brick Church Station, a ground-up, transit-oriented mixed-use development in East Orange, NJ.
The project’s retail and site infrastructure will be financed with a $17-million loan from the Reinvestment Fund in partnership with the Low-Income Investment Fund and BlueHub Capital; $15 million of New Markets Tax Credit (NMTC) equity invested by PNC Bank; $10.5 million of financing from the NJ Infrastructure Bank; $1.65 million Series 2022A Redevelopment Area Bond; and $24.6 million in direct equity from the Urban Investment Group within Goldman Sachs Asset Management, Basis Investment Group, Triangle Equities and Incline Capital.
In addition, the project benefits from $52 million in NMTC allocation from eight community development enterprises. NMTC advisory services were provided by Dudley Ventures
- ◦Development
- ◦Financing
