Triangle Equities and Incline Capital Close $134M Recapitalization for Mixed-Use Development at Brick Church Station

Triangle Equities and Incline Capital announced the closing of a $134 million recapitalization of construction financing for Phase I of The Crossings at Brick Church Station, a mixed-use development located on Main Street in East Orange, New Jersey. The 375,000-square-foot project is being developed adjacent to NJ Transit's Brick Church Station.

The recapitalization supports the ongoing construction of Phase I, which includes 400 multifamily units—80 percent market-rate and 20 percent affordable housing—along with 85,000 square feet of retail space anchored by a ShopRite supermarket. The development also features a 1,200-space parking garage.

Mixed-Use Development at Transit Station

The Crossings at Brick Church Station represents a redevelopment of a former ShopRite-anchored retail plaza in East Orange. The project broke ground in late 2022 and is part of a larger development plan with a total capital stack of $500 million across multiple phases.

The site is located in an NJDOT-designated Transit Village. Brick Church Station, originally built in 1836 and renovated in 1922, provides transit connections approximately 25 minutes from New York City.

Financing Structure and Capital Stack

The $134 million recapitalization refinances construction debt as the project enters its leasing phase. The broader $500 million capital stack for the full development involves multiple parties, including Goldman Sachs' Urban Investment Group, New Jersey Infrastructure Bank, NJ Housing & Mortgage Finance Agency, and support from the City of East Orange.

The recapitalization was announced in February 2026 as Phase I leasing operations launched. Bozzuto manages residential leasing, while RIPCO handles commercial leasing for the retail component. No specific transaction price, cap rate, or price-per-square-foot metrics were disclosed in the announcement.

Development Team and Project Scope

Triangle Equities and Incline Capital are serving as co-developers for the project. March Associates is the general contractor, and Minno & Wasko serves as the architect.

Phase I of The Crossings at Brick Church Station includes the 400-unit multifamily component with a mix of market-rate and affordable housing, the 85,000-square-foot retail space with the ShopRite anchor tenant, and structured parking facilities.