In the second transaction, the REIT got a new $19.5 million,10-year mortgage loan carrying an interest rate of 6%. The fundingis secured by Soundview Plaza, a 179,260-sf office building inStamford, CT, acquired just last month by Mack-Cali.
"These transactions enhance our financial flexibility byproviding us with funding at attractive rates and allowing us tolengthen our weighted average debt maturity profile from 4.1 to 4.6years," according to Mack-Cali CEO Mitchell E. Hersh. "We remaincommitted to our strategy of maintaining as high level ofunencumbered assets, which remains at 77% of our portfolio's squarefootage."
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