As reported earlier by GlobeSt.com, the mezz loan was provided to One River Associates, a partnership headed by local builders William Schaffel and Ben Torcivia, Sr. When the loan was provided, Mack-Cali was also hired by One River Associates to manage and lease the asset.

"This transaction allowed us to participate in this property with minimal risk during its lease-up, and to convert our loan position into an equity interest in the property as it became more stabilized," says Mitchell E. Hersh, president/CEO of the Cranford-based Mack-Cali. "This transaction further enhances our position in Monmouth County, one of the top submarkets in the state."

One River Center consists of two four-story, 120,000-sf buildings and one three-story, 220,000-sf building on 35 acres near Exit 109 of the Garden State Parkway. When the mezz loan deal was cut, the property was about 52% leased. The complex is now nearly 85% leased, according to Hersh.

A major signing came this past spring when High Point Safety and Insurance Management Corp. signed on for more than 88,000 sf for an 11-year term, moving its headquarters here from nearby Holmdel. High Point, a subsidiary of the Berkeley Heights-based Palisades Safety and Insurance Association, is the former property and casualty business of Prudential Financial.