Updated Mar 11, 2025
Triangle Equities Acquires Development Site In East Orange For $20M Loan With CIT Bank
Crossings at Brick Church Station - Phase 1B, 533 Main St
$20,000,000
$38,610/SF
Building Size
518 SF
Asset Type
Development Site
Closing
Sep 11, 2022
About this deal
AI
The Crossings at Brick Church Station - Phase 1B, located at 533 Main St in East Orange, has been involved in a recent closed transaction. This development site has a total buildable square footage (BSF) of 518,195.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Address: 533 Main St, East Orange
- Lender: CIT Bank
- Broker: Max Herzog, Geoff Goldstein, Matthew Pizzolato & Jackie Ferrer - JLL
- Developer: Triangle Equities - Lester Petracca & Josh Weingarten
- Loan Type: Acquisition & Pre-development Loan
The loan for this transaction was provided by CIT Bank. The brokerage services were handled by Max Herzog, Geoff Goldstein, Matthew Pizzolato, and Jackie Ferrer from JLL. The developer involved in this deal is Triangle Equities, with Lester Petracca and Josh Weingarten leading the project.
Players
Jackson Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93