Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANFORD, NJ-Mack-Cali Realty Corp.’s operating partnership, Mack-Cali Realty LP, has refinanced its unsecured revolving credit facility with a group of 14 lender banks. The refinancing was arranged by J.P. Morgan Securities and Fleet Securities.

“The refinancing of our credit facility provides Mack-Cali with continued financial flexibility and demonstrates the financial community’s continued confidence in our company,” according to Barry Lefkowitz, executive vice president and chief financial officer.

The $600 million unsecured facility, expandable to $800 million, carries an interest rate equal to LIBOR plus 70 basis points, a reduction of 10 basis points from the previous facility, according to Lefkowitz. The interest rate is subject to adjustment on a sliding scale based on a change in the partnership’s unsecured debt ratings. The refinancing also carries a facility fee of 20 basis points and has a three-year term with a one-year extension option.

The lending group includes JPMorgan Chase Bank as administrative agent and Fleet National Bank and Commerzbank AG as syndication agents. Others in the group include Bank of America NA, Wells Fargo Bank NA, Bank of Nova Scotia, Bank One NA, Citicorp North America, Wachovia Bank NA, PNC Bank NA, SunTrust Bank, Bayerische Landesbank Girozentrale, Deutsche Bank Americas and the Chevy Chase Bank FSB.

Mack-Cali’s owns or has in interests in some 260 properties, mostly office and office/flex buildings in the Northeast. The properties total about 27.4 million sf and have a base of approximately 2,000 tenants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.