EDISON, NJ—Mitchell E. Hersh, who steps down in May 2015 as president and chief executive officer of Mack-Cali, will receive $8 million in cash as part of a severance package that includes accelerated vesting of stock options and paid medical benefits for his family for up to four years after he leaves the company, according to the company's Form 8-K, filed with the Securities and Exchange Commission late Tuesday.

NEWPORT BEACH, CA—Newport Beach-based Sabal Financial has introduced a web-based technology tool to help commercial real estate term financing professionals generate live quotes for loans ranging from $1 million to $10 million on stabilized properties nationally.

WEST CONSHOHOCKEN, PA—CIT's Real Estate Finance unit helped MIM-Hayden Real Estate Fund I, LP, an investment fund sponsored by Hayden Real Estate Investments and Miller Investment Management refinance Five Tower Bridge, an eight-story class A office tower located in West Conshohocken, PA.

LIVINGSTON, NJ—BNE Real Estate Group took home awards in six categories at the 21st Annual New Jersey Apartment Association Garden State Awards of Excellence competition.

LINDEN, NJ—Duke Realty Corporation and CBRE have opened the first of three warehouse properties planned for Legacy Commerce Center, a 60-acre, class A industrial and retail development on the former site of a General Motors' assembly plant at 801 W. Linden Avenue in Linden, NJ.

EDISON, NJ—Mitchell E. Hersh, president and chief executive officer of Mack-Cali, will step down from that position at the company's annual meeting in May 2015 and will not stand for reelection to the Mack-Cali board of directors, the company announced today. He became CEO in 1999 and president in 2004.

EDISON, NJ–While New Jersey's economy continues to recover from the last recession, the state's economic development community has been armed with some powerful incentive programs that have leveled the competitive playing field with other states, say panelists at NAIOP New Jersey's recent “Incentives Update for Developers & Brokers” seminar.

PARSIPPANY, NJ—Morris Corporate Center III, 400 Interpace Parkway in Parsippany, a class A, 530,000-square-foot office property received the Building Owners and Managers Association of New Jersey's 2014 BOMA Outstanding Building of the Year Award as the best-managed building in BOMA's Suburban Office Park (Low Rise)category.