Story: The Crossings at Brick Church
Triangle Equities Development Company is a full‐service real estate firm specializing in retail and mixed-use property development, with particular expertise related to underperforming assets and underserved markets. Triangle Equities has worked extensively on public-private partnerships and transit-oriented developments.
Broadstreet committed $5 million of LISC’s New Markets Tax Credit (NMTC) allocation, with PNC as the investor, to rebuild an existing shopping center in order to create a mixed-use town center in East Orange, a city of nearly 70,000 people just west of Newark. The project is the first phase of the redevelopment effort and is located at a commuter rail center and accessible by five bus lines, and will include a grocery store, a federally qualified health center and mixed-income rental housing that will serve a majority minority community. The financing will also fund substantial site work and clean water infrastructure to facilitate the remaining phases of the redevelopment.
In addition to LISC, other NMTC participants include: Urban Action Community Development, Dudley Ventures, New Jersey Community Capital, The Reinvestment Fund (which is also the senior lender on the deal), Enterprise Community Partners, and PNC for a total of $46 million in allocation. Other financial support for the project comes from state Redevelopment Area Bonds, Goldman Sachs Urban Investment Group and the Basis Investment Group.
- $5 M Broadstreet NMTC Allocation
- 313 Projected Permanent Jobs Created
- 8,000 Projected Unique Patients Served Annually
Triangle Equities is working with the Mayor’s Office for Workforce Training to coordinate local hiring for the project, which will create more than 313 new jobs in addition to preserving 200 existing grocery jobs. The developer will fill 65 percent of the new jobs from the surrounding community, where unemployment is nearly 16 percent and the poverty rate is nearly 24 percent.
The developer will also capitalize a fund to support local food pantries and create green space and an arts center within the development in later phases. Additionally, the site will house a satellite location for Newark Community Health Center, which will serve 8,000 residents annually, providing basic health services in a medically underserved area, and offer preventive and wellness care to the low-income residents of the development.