The development site located at 533 Main Street in East Orange is part of a significant project known as The Crossings at Brick Church Station. This phase of the project, which has recently closed a $133.5 million recapitalization, is essential to the overall development of approximately 1,000 residential units and 200,000 square feet of retail space. Phase I specifically includes the construction of 400 apartments along with a grocery-anchored retail outlet that will feature ShopRite.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $133,500,000
• Lender: Walker Smith - Fortress Investment Group - Affordable Equity Partners
• Landlord: Lester Petracca - Triangle Equities; Rodger Bucchianer - Incline Capital
• Brokers: Geoff Goldstein & Gerard Quinn - JLL
• Loan Type: Recapitalization

This recapitalization was led by a $115 million senior bridge loan from Fortress affiliates, supplemented by $16.5 million in LIHTC equity from Affordable Equity Partners, and $2 million from bond redemption. The project emphasizes a transit-oriented community, enhancing accessibility and convenience for future residents and patrons of the retail space.