WASHINGTON, DC-Mack-Cali Realty has closed on a 50% stake in a multifamily building under construction via a recently-formed joint venture with Fisher Bros.
The two companies first announced the deal to acquire 701 2nd St., NE, last year, inaugurating their new venture. Mack-Cali's purchase price for its stake was $46.5 million.
The luxury building will deliver 377 units as well as 25,000 square feet of retail space and a 309-space underground parking garage in mid-2015. Leasing will start at the beginning of the year.
The venture has 20-year in-place debt of $100.7 million.
The Mack-Cali/Fisher Bros.' joint venture includes a "right of first offer" on all development deals in the DC metro area involving either party. There are specific qualifications on properties in Arlington County, VA.
The venture will also form a property and asset management platform for the branding, marketing, leasing, and management of its assets. Mack-Cali's Roseland subsidiary will run the day-to-day operations of the assets.
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