RiverParc at Port Imperial, Weehawken, NJ RiverParc at Port Imperial, Weehawken, NJ

WEEHAWKEN, NJ AND BOSTON, MA—Mack-Cali Realty Corp. says its Roseland Residential Trust completed the acquisition of various partners’ interests in Port Imperial on the Hudson River Waterfront and in East Boston, as well as the disposition of its subordinated ownership in two Port Imperial communities.

Roseland also agreed to sell Andover Place in Andover, MA, and said it obtained a $42.5 million construction loan for the development of Signature Place at Morris Plains, the company’s first office to luxury multifamily repositioning.

“Through strategic acquisitions, we continue to strengthen our portfolio with smart investments in valuable properties. Our position in core markets like the Hudson River Waterfront and East Boston will lead to strong returns for our investors,” says Andrew Marshall, president and chief operating officer of Roseland. “We are particularly excited to take a major step forward in realizing the strategic benefits of the Mack-Cali/Roseland partnership through our Morris Plains repositioning—a template we look forward to replicating elsewhere in our portfolio.”

Roseland closed on the following acquisitions:

Port Imperial, Weehawken, New Jersey:

  • The buyout of its partner’s interests in five Port Imperial waterfront development parcels, including RiverHouse 11, currently in construction.
  • The buyout of its partner’s interests in Port Imperial South 4/5 Garage and Retail, increasing Roseland’s ownership to 70 percent.

The cost of the Weehawken transactions was approximately $36 million.

East Boston, Massachusetts:

  • Acquired its majority partner’s interest in the 175-apartment Portside at East Pier 7 on the East Boston Waterfront, thereby increasing Roseland’s interest to 85 percent. Subsequently, the company acquired its historical joint venture partners’ interest in East Pier 7, as well as the remaining Portside development parcels. Roseland is now the 100 percent owner of the operating East Pier 7 (175 apartment homes), Portside 5/6 (296 apartment homes currently in construction), and the future rights of Portside 1- 4 (160 apartment homes). The cost of the combined acquisitions was approximately $39 million.

Roseland closed on or agreed to the following dispositions:

  • Weehawken, NJ: Sale of the company’s subordinate interest in RiversEdge at Port Imperial (236 apartment homes) and RiverParc at Port Imperial (280 apartment homes) for a total of approximately $6.4 million.
  • Andover, MA: Entered into a contract to sell the 220-apartment home Andover Place for approximately $40.5 million. The company anticipates closing the disposition in August.

“The multi-family portfolio is projected to grow to over 13,000 operating or in-construction apartments by year-end 2018,” says Michael J. DeMarco, president of Mack-Cali. “Regarding the Roseland equity raise, we have made significant progress in identifying investors and look forward to completing that process by early fall on terms beneficial to us.  However, we believe that we have sufficient capital to complete all of our 2016 and 2017 projects either through capital on hand or previously invested sums.”

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