Mack-Cali has been hired by the asset's owner, a limited partnership, as the property manager and leasing agent for the class A complex. The loan, which has a three-year term, carries an 11% interest rate with a pay rate of 250 basis points over LIBOR, and is convertible into a 62.5% ownership interest in the property.
"One River Center is perhaps one of the finest office complexes in Monmouth County," says Mitchell E. Hersh, Mack-Cali's CEO. "We look forward to bringing our management and leasing services to this property and to enhancing our presence in this submarket."
One River Center consists of two, four-story buildings of 124,000 sf and one, three-story, 232,000-sf on just over 35 acres near the Garden State Parkway.
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