Developers have secured $317 million in financing to complete phase one of The Crossings at Brick Church Station in East Orange, New Jersey. Anchored at 533 Main Street, the two-phase development is referred to simply as The Crossings and will comprise around 200,000 square feet of retail and commercial space, 820 mixed-income apartments, public outdoor space, a parking garage for 1,200 vehicles, and additional surface-level parking spaces.
The developers leading the project include Triangle Equities and Incline Capital, along with primary investment partners Goldman Sachs and Basis Investment Group. According to the team, The Crossings is scheduled to commence construction this November, with completion anticipated by the end of 2024. When complete, the complex will be the largest-ever development to debut in East Orange.
“Since acquiring the first site in the assemblage, our vision for this project has been to create a development that will not only provide quality fresh foods, restaurants, retail amenities, and mixed-income housing to the City of Easts Orange, but also create a transformative economic and community development project,” said Triangle Equities director of capital markets Josh Weingarten. “Upon completion, The Crossings will provide a new focal point for the City of East Orange and catalyze additional investment and economic growth in the City by ensuring that social equity goals are interwoven with the development plan.”
Rendering of retail and residential spaces at The Crossings at Brick Church Station
The complex financial package includes funding from nearly a dozen public and private supporters.
Completion of the retail component and necessary infrastructure to support the sprawling development 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 equity invested by PNC Bank, $10.5 million of financing from the NJ Infrastructure Bank, and $1.65 million Series 2022A Redevelopment Area Bond. An additional $24.6 million in direct equity will be provided by the Urban Investment Group within Goldman Sachs Asset Management, Basis Investment Group, Triangle Equities, and Incline Capital.
To date, more than 85 percent of available retail space is pre-leased, including a new ShopRite supermarket that will anchor the complex.
Funding for the residential portion of the project will largely be provided by PNC Bank. This includes a $63.8 million construction, a $24.35 million bridge loan, a $14.6 million LIHTC bridge loan, and $17.6 million of LIHTC invested equity all provided by the institution. Support from the City of East Orange includes a $2 million loan and $24.35 million in Redevelopment Area Bonds.
Goldman Sachs, Basis Investment Group, Triangle Equities, and Incline Capital have committed $46 million in direct equity for the residential component. The latter also benefits from $20 million in Low Income Tax Credits awarded by the NJ Housing & Finance Agency. Fannie Mae, through PNC as DUS Lender, committed to provide $88.2 million of mortgage-backed securities at the end of the construction through lease-up.
The project also received $52 million in New Markets Tax Credit 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 new markets tax credit closings in the program history.
“The Crossings at Brick Church Station is a terrific example of the progress that can be achieved when public and private resources come together to strengthen the economic vitality of our communities,” said Enrico Della Corna, PNC regional president of New Jersey. “PNC, as a national main street bank, is committed to delivering our expertise and capabilities—from real estate finance to public finance to tax credit solutions—that help advance economic equality and enable all to move forward financially.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
I feel like the name could be longer. At least match the number of facade colors.
Look at all that asphalt.
Man I wish we could get past this awful five-over-one architecture with a half dozen facades and twice as many materials mandated by the local municipality to “break up” the facade. It’s dreadful. Yes i know we’re supposed to be happy about the density, the added housing and the economic impact, but how much better would this have looked as two flanking 10+ floor towers with a better integrated glassy commercial base instead of strip-mall-with-gated-apartment-complex-on-top style that “urban-suburban” TOD development has been suffering from for 25+ years.
It’s great the development along the Midtown Direct rail line is spreading eastward from South Orange through Orange and East Orange. This is long overdue. I agree with the previous comment about the mix-and-match facade materials, but not that towers would be better. There’s enough of that along South Harrison Street in East Orange.
I PERSONALLY AND MOST RESIDENTS CAN NOT WAIT ESPECIALLY HOW HORRIBLE AND DIRTY THE PROPERTY WAS BEFORE IT WAS TORN DOWN AND WITH THE HORIBLE CUSTOMER SERVICE AT SHOPRITE AND ONLY HOPE IT WILL BE MUCH BETTER WITH BETTER CUSTOMER SERVICE EMPLOYEES. WE WHY WE HAVE TO LEAVE EAST ORANGE TO SHOP AND FIND NICE RESTUARANTS? WE ARE THE SECOND LARGEST CITY IN ESSEX COUNTY SO PEOPLE SHOULD BE TRAVELING TO EAST ORANGE TO SHOP AND DINE AND WANT TO MOVE HERE TO LIVE AS WITH OUR TRAIN SERVICE TAKES YOU RIGHT INTO NEW YORK CITY WITHOUT CHANGING TRAINS.
LETS HOPE THAT THE MAYOR AND THE CITY STAFF WILL HAVE MUCH MORE DEVEOPMENTS VERY SOON SO THE CITY CAN BE DIVERSE IN RACE, CULTURE, ALL INCOME LEVEL, ALL TYPES OF BUSINESSES TO BE BETTER THAN HOBOKEN AND OR JERSEY CITY WHERE ALL THE MAJOR DEVELOPMENTS AND NEW BUSINESSES KEEP OPENING EVERY DAY ON A MASSIVE SCALE. PROGRESS IS HERE!