JERSEY CITY, N.J., Oct. 20, 2016 /PRNewswire/ -- Mack-Cali Realty
Corporation (NYSE: CLI) today announced that Roseland Residential
Trust ("Roseland"), in the third
quarter of 2016, exited a non-core market, broke ground on several
key luxury rental communities, and completed financing on several
other projects. More recently the Company closed on two impactful
transactions at RiverTrace at Port Imperial in West New York, New Jersey.
ACQUISTIONS AND FINANCING:
After acquiring its partners' interests in Portside 7 in
East Boston, Roseland closed in the third quarter on
long-term financing of approximately $59
million at a rate of 3.44 percent. Also in the third
quarter, the Company closed on construction financing for the
adjacent Portside 5/6 in East
Boston for $73 million.
Subsequent to quarter-end, Roseland closed on two transactions on
RiverTrace, the 316-apartment home community located at Port
Imperial in West New York. The
transactions include: (i) the refinancing of the outstanding
permanent loan with a rate of six percent to a 10-year, interest
only loan at 3.21 percent; and (ii) the conversion of its
subordinate 50 percent ownership interest to a heads up 22.8
percent ownership, with no remaining preferred capital. The Company
projects these transactions will generate over $1 million of cash flow in year one of its
converted ownership.
CONSTRUCTION STARTS:
The Company commenced construction on the following
projects:
- Conshohocken, Pennsylvania (51
Washington): Broke ground on a
wholly owned, 310-apartment home, luxury community.
- Morristown, New Jersey (Lofts
at 40 Park): Broke ground on a 59-apartment home, joint venture
community adjacent to Roseland's
Metropolitan at 40 Park.
- Worcester, Massachusetts (145
Front Street at City Square): Broke ground on the second phase of
City Square, a 128-apartment home, luxury community in downtown
Worcester.
LEASING HIGHLIGHT:
Roseland is pleased with
initial leasing activity at its newest property, M2 at Marbella in
Jersey City. The Company began
leasing in May 2016 and at quarter
end was 76 percent leased.
DISPOSITION ACTIVITY:
During the third quarter, Roseland sold its 100 percent interest in the
non-strategic, 220-apartment home Andover
Place in Andover,
Massachusetts for approximately $40.4
million.
"Roseland continues to move the
needle forward with respect to our ownership structure in our
multi-family assets. RiverTrace is a perfect example where we've
been able to achieve greater ownership and cash flow participation
in a premier waterfront asset," said Andrew
Marshall, President and Chief Operating Officer of
Roseland.
"We are seeing continued growth and vitality in the market, and
Roseland is responding to meet
that demand," said Michael J.
DeMarco, President of Mack-Cali. "As we continue to grow our multi-family
portfolio with an eye toward increasing our presence in the market,
we are looking toward breaking future ground and bringing new
luxury inventory to the markets as they continue to emerge and
expand."
About Roseland Residential Trust
Roseland Residential Trust (Roseland), a subsidiary of Mack-Cali Realty
Corporation (NYSE: CLI) was recently formed to own, manage,
and develop Mack-Cali's luxury
multi-family residential portfolio. Roseland is a premier, full-service
residential and mixed-use owner and developer in the Northeast with
an industry leading reputation for successful completion,
execution, and management of class A residential developments.
Roseland's scalable and integrated
business platform oversees the Company's operating and
in-construction assets, geographically desirable land portfolio,
sourcing of new development and acquisition opportunities, and
repurposing activities on Mack-Cali's office holdings.
The Company is a recognized leader in multi-family innovation,
carefully integrating each development with its surrounding
cultural context to enhance the beauty, economic vitality, and
energy of its environment. From thoughtfully designed residences to
distinctive amenity offerings, Roseland has earned a reputation for providing
residents with the most visionary communities that empower them to
re-imagine the way they live.
The Company is the master developer for several nationally
recognized mixed-use destinations, including Port Imperial, a
$3 billion, 200-acre, mixed-use
community on the Hudson River Waterfront facing Midtown Manhattan;
Portside at East Pier in East
Boston, where Roseland is
redeveloping one-half mile of Boston Harbor into a premier luxury
mixed-use community; and Overlook Ridge, a 92-acre masterplanned
community north of Boston.
Additional information on Roseland is available on the Company's website
at www.roselandres.com.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated,
self-administered, self-managed real estate investment trust (REIT)
providing management, leasing, development, and other
tenant-related services for its two-platform operations of
waterfront and transit-based office and luxury multi-family assets.
Mack-Cali provides its tenants and
residents with the most innovative communities that empower them to
re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the
commercial real estate properties and multi-family residential
communities available for lease can be found on the Company's
website at www.mack-cali.com.
Statements made in this press release may be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"potential," "projected," "should," "expect," "anticipate,"
"estimate," "target," "continue," or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading "Disclosure
Regarding Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events, new information or
otherwise.
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Contacts:
|
Anthony
Krug
Mack-Cali Realty
Corporation
Chief Financial
Officer
(732)
590-1030
tkrug@mack-cali.com
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Vice President of
Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
Deidre
Crockett
Mack-Cali Realty
Corporation
Director of Investor
Relations
(732)
590-1025
dcrockett@mack-cali.com
|
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SOURCE Mack-Cali Realty Corporation