Triangle Equities Joint Venture Secures $134 Million for Major New Jersey Development

A Triangle Equities joint venture secures $133.5 million to recapitalize The Crossings at Brick Church Station, a massive 1,000-unit project in East Orange, N.J.

By: AXL Media

Published: Mar 12, 2026, 7:36 AM EDT

Source: https://www.multihousingnews.com/

Complex Debt Recapitalization and Capital Stack

The $133.5 million financing serves as a strategic recapitalization of the construction debt for the project's initial phase. The core of this package is a $115 million senior secured bridge loan provided by affiliates of Fortress Investment Group. This is bolstered by $16.5 million in Low-Income Housing Tax Credit (LIHTC) equity from Affordable Equity Partners and $2 million generated through the partial redemption of Redevelopment Area Bonds. This multifaceted funding approach demonstrates the intricate financial engineering required to bring large-scale, mixed-income urban projects to fruition in today’s market.

Strategic Infrastructure and Local Partnerships

The Crossings at Brick Church Station benefits from a diverse group of stakeholders and existing financial commitments. Beyond the primary joint venture, the project has drawn support from Basis Investment Group, Goldman Sachs Alternatives’ Urban Investment Group, and the New Jersey Infrastructure Bank. Local and state-level involvement is also high, with the New Jersey Housing & Mortgage Finance Agency and the City of East Orange providing critical support. This collaborative model highlights the growing importance of public-private partnerships in addressing regional housing shortages near major metropolitan hubs like Manhattan.

Transformative Impact on Downtown East Orange

Upon its total completion across two planned phases, the development will stand as a cornerstone of downtown East Orange. With a target of 1,000 residences and over 200,000 square feet of retail anchored by a ShopRite supermarket, the project is a textbook example of "transit-oriented development." Located roughly 16 miles from Midtown Manhattan, the site leverages its proximity to the Brick Church train station, offering a high-density, walkable alternative for commuters and local residents alike.