"This transaction enables us to reduce both our interest costs and the number of our encumbered assets, which enhances our company's capital structure," says Barry Lefkowitz, Mack-Cali's executive vice president and chief financial officer. "Mack-Cali's portfolio is now 82% unencumbered."
Specifically, the refinancing is secured by seven properties, which were not identified. The previous loan was secured by 11 properties. Overall, Mack-Cali owns or has interests in 268 properties, mostly office and office/flex buildings in the Northeast, totaling some 29.3 million sf. The new loan matures on January 15, 2010, according to Lefkowitz.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
