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.
Other News
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Eastern Bank Lends on Adaptive Reuse of Former New London Newspaper Headquarters
Eastern Bank led the financing for High Tide Capital LLC’s redevelopment of The Day Building in downtown New London, CT. Eastern is providing $16.9 million in construction-related financing to support the conversion of the former newspaper headquarters into 68 market-rate apartments and approximately 2,100 square feet of ground-floor retail space. The Day Complex comprises four...
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout