East Orange, NJ – Co-Developers Triangle Equities and Incline Capital today announced the close on the recapitalization of construction financing for the first phase of The Crossings at Brick Church Station, a transformative, amenity-rich, mixed-use development located directly adjacent to NJ Transit’s historic Brick Church Train Station.
The recapitalization totals $133.5M, led by a $115M senior secured bridge loan from funds managed by affiliates of Fortress Investment Group (“Fortress”), and $16.5M in Low Income Housing Tax Credit (LIHTC) equity provided by Affordable Equity Partners. Additionally, there was $2M 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. This additional financing builds upon an existing capital stack for the retail and residential portions of the project, including funding from co-developers Triangle Equities and Incline Capital, Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, NJ Infrastructure Bank, NJ Housing & Mortgage Finance Agency (NJ HMFA), City of East Orange and other public and private sources.
The Crossings at Brick Church Station is poised to reshape downtown East Orange, ultimately delivering approximately 1,000 new residences and over 200,000 square feet of retail. The first phase includes the Embark at The Crossings residential building and a grocery-anchored retail component, highlighted by a full-service ShopRite supermarket, as well as community-serving tenants including Newark Community Health Center, Dunkin’ Donuts, Ashley Stewart, Rita’s Italian Ice, and Angel Nails, with additional retail announcements expected soon.
“This investment from Fortress and Affordable Equity Partners is more than just an investment in The Crossings. It is an investment in East Orange and the region at large, allowing us to deliver hundreds of new housing units, along with much-needed retail offerings and job opportunities,” said Josh Weingarten, Executive Vice President at Triangle Equities. “I want to thank the Fortress team for its commitment to The Crossings, and for its solutions-based approach to pushing this complex closing across the finish line.”
The development team recently announced the launch of leasing at Embark at The Crossings, delivering 400 thoughtfully designed apartments, ranging from spacious studios to three-bedroom apartment homes equipped with luxury finishes and upscaled features, set within a best-in-class community anchored by retail and transit access. The units are designed to meet the rigorous sustainability standards for EnergyStar, Enterprise Green Communities, and Fitwel One Star certifications. Leasing is now live with tours available to be scheduled at EmbarkApts.com.
“We’re pleased to support the ongoing development of The Crossings and the enhancements that the development will bring to East Orange for existing and new residents,” said Spencer Garfield, Global Co-Head of Real Estate Debt at Fortress Investment Group. “This financing is a great example of our focus on working with established and skilled developers to support the development of high-quality, high-demand commercial real estate across the country. We believe this property represents a compelling investment opportunity for our investors.”
“We’re proud to invest in The Crossings at Brick Church Station to support the delivery of affordable housing in a community where the need is significant,” said Walker Smith, President of Affordable Equity Partners. “Our mission is to invest in quality housing where our families would be proud to live, and we’re pleased to advance a strong development effort that will contribute to the revitalization of downtown East Orange.”
“This close of construction financing is a large step forward in the development of The Crossings,” said Tammy K. Jones, Founder & CEO of Basis Investment Group, “We are happy to be a part of this growing team, united in the central mission of delivering high-quality housing, shopping, and employment opportunities to the people of East Orange.”
Situated directly at NJ Transit’s Brick Church Station just 25 minutes to Midtown Manhattan, the development offers unmatched regional connectivity while also serving as a long-term catalyst for economic investment and community development in East Orange.
High-resolution imagery can be found here.
About Triangle Equities
Triangle Equities is a full-service, real estate development firm that is prepared to tackle and solve the most difficult development challenges. By actively embracing the complexities inherent to responsible urban development, Triangle achieves sustainable results and unlocks substantial value for its investors, tenants, and the communities in which it builds.
About Incline Capital
Incline Capital is a diversified real estate development and investment organization, structured to grow by selectively identifying opportunities where it can enhance the value of real estate through different market cycles. Incline has assembled a superior team of strategic partners, enabling Incline to thrive within the dynamic real estate environment.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $54 billion of assets under management as of September 30, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. For more information, visit www.fortress.com.
About Affordable Equity Partners
Affordable Equity Partners is a leading federal and state Low-Income Housing Tax Credit syndicator and investment firm, with a vertically integrated platform that includes affiliated development, construction, and property management companies. AEP has invested in more than 500 properties representing over 30,000 units and has syndicated over $4.0 billion of federal and state LIHTC equity.
About Basis Investment Group
Basis Investment Group is a full-service commercial real estate investment platform investing across the capital stack of stabilized, transitional, and development CRE assets throughout the United States. With representation in New York, Chicago, Dallas, D.C., Tampa and Irvine, CA, Basis has successfully closed nearly $9 billion in transactions across multiple strategies and asset classes focusing across the US middle market.
Basis, a certified Minority and Woman-Owned Business (MWOB), focuses primarily on investments in the middle market where it has deep relationships. Basis is a registered investment advisor and lender that invests in both debt and equity strategies including fixed-rate senior mortgage loans, bridge loans, mezzanine loans, preferred equity, structured equity, JV equity and CMBS/Agency B-piece investments. Basis is also a licensed Optigo® lender for Freddie Mac and a DUS® lender for Fannie Mae. For more information, please visit www.basisinvgroup.com.