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First Phase of East Orange MXU Closes on $133M Recapitalization
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 mixed-use development located directly adjacent to NJ Transit’s historic Brick Church Train Station in East Orange, NJ.
The recapitalization totals $133.5 million, led by a $115-million senior secured bridge loan from funds managed by affiliates of Fortress Investment Group and $16.5 million in Low Income Housing Tax Credit 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. The additional financing builds upon an existing capital stack for the retail and residential portions of the project, including funding from the co-developers, Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, NJ Infrastructure Bank, NJ Housing & Mortgage Finance Agency, City of East Orange and other public and private sources.
- ◦Development
- ◦Financing
