Mack-Cali Realty Announces Trio Of Transactions Across Residential Portfolio

(RTTNews) - Mack-Cali Realty Corp. (CLI) announced a trio of transactions across its residential portfolio. The transactions included the sale of its interests in Riverwatch Commons in New Brunswick, NJ and Crystal House Apartments in Arlington, VA, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, MA.

Mack-Cali sold its JV interest in Crystal House Apartments in Arlington, VA, which it owned in partnership with an institutional investor. The assets were sold for $377 million. It comprised of $40 million for the land and $337 million for the operating property.

In addition, the company sold Riverwatch commons for a total of $47 million. The company also refinanced its $60 million existing construction loan at The Emery at Overlook Ridge with a $72 million mortgage from New York Community Bank. The property includes 326 luxury rental homes spread across three five-story, elevator serviced buildings with a combination of precast structured garage and surface parking.