$317M Financing Package Finalized for NJ Mixed-Use Project
Multiple private and public entities provided funding for Phase 1 of the transit-oriented property.

The Crossings at Brick Church Station. Rendering courtesy of Triangle Equities
With a financing package totaling approximately $317 million in place, Triangle Equities and investment partners Goldman Sachs and Basis Investment Group and co-developer partner Incline Capital are moving forward with plans to build Phase 1 of The Crossings at Brick Church Station, a transit-oriented, mixed-use development in East Orange, N.J.
The ground-up development, located at 533 Main St., will be built in two phases and will consist of 820 mixed-income rental units; about 200,000 square feet of retail, restaurants and commercial space; a pedestrian promenade; a 1,200-space parking garage and increased surface parking. A new Shop Rite supermarket will anchor the retail portion of the project, 85 percent of which has already been preleased. Completion is expected in the fourth quarter of 2024.
Josh Weingarten, director of capital markets at Triangle Equities, said in a prepared statement the vision for The Crossings was to create a development that will provide quality fresh food, restaurants, retail amenities and mixed-income housing to the city of East Orange as well as create a transformative economic and community development project. Citing the assistance of the many public and private partners, Weingarten said the project will provide a new focal point for East Orange and catalyze additional investment and economic growth by ensuring social equity goals are interwoven with the development plan.
Michael Lohr, managing director of Goldman Sachs Asset Management, noted in prepared remarks that the completed project will create new jobs and provide affordable housing, an expanded grocery store and community-focused retail, including a Federally Qualified Health Center for the city’s residents.
Complex financing package
Enrico Della Corna, PNC Bank regional president for New Jersey, said in prepared remarks The Crossings is a terrific example of the progress that can be made when public and private resources come together to strengthen the economic vitality of a community.
The residential component will be financed with a $63.8 million construction loan, $24.35 million bridge loan and $14.6 million Low-Income Housing Tax Credit bridge loan from PNC Bank; 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 in LIHTC equity invested by PNC Bank; and $46 million in direct equity from Goldman Sachs, Basis Investment Group, Incline Capital and Triangle Equities.
The residential part of the project also benefits from $20 million in low-income tax credits awarded by the N.J. Housing & Finance Agency. Fannie Mae, through PNC as DUS Lender, provided a forward commitment to provide $88.2 million of mortgage-backed securities at the end of the construction and lease-up period. Stifel Investment Bank sold an equivalent amount of Multifamily Taxable Mortgage-Backed Securities, which are secured by U.S. Treasuries until Fannie Mae delivers the MBS.
The retail and infrastructure potion of the project will be financed with: a $17 million loan from the Reinvestment Fund in partnership with Low-Income Investment Fund and BlueHub Capital; $15 million of New Markets Tax Credit equity invested by PNC Bank; $10.5 million in financing from the NJ Infrastructure Bank; $1.65 million Series 2022A Redevelopment Area Bond; $24.6 million in direct equity from the Urban Investment Group within Goldman Sachs Asset Management, Basis Investment Group, Incline Capital and Triangle Equities.
The project will also benefit significantly from $52 million in NMTC allocation from eight community development enterprises including PNC Bank, DV Community Investment, Urban Action Community Development, Enterprise Community Partners, New Jersey Community Capital, Local Initiatives Support Corporation, Mid-City Community CDE, and the Reinvestment Fund, one of the largest NMTC closings in the program history.
NMTC advisory services were provided by Dudley Ventures.