X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANFORD, NJ-Mack-Cali Realty Corp., the REIT based here, has completed two financing transactions totaling more than $114 million with Teachers Insurance Annuity Association. In the first transaction, Mack-Cali exchanged $90 million in existing 7.18% unsecured notes, due to mature on Dec. 31, 2003, for $94.9 million in 6.15% unsecured notes that mature on Dec. 15, 2012. The new bonds were priced to yield 6.875%.

In the second transaction, the REIT got a new $19.5 million, 10-year mortgage loan carrying an interest rate of 6%. The funding is secured by Soundview Plaza, a 179,260-sf office building in Stamford, CT, acquired just last month by Mack-Cali.

“These transactions enhance our financial flexibility by providing us with funding at attractive rates and allowing us to lengthen our weighted average debt maturity profile from 4.1 to 4.6 years,” according to Mack-Cali CEO Mitchell E. Hersh. “We remain committed to our strategy of maintaining as high level of unencumbered assets, which remains at 77% of our portfolio’s square footage.”

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?

GlobeSt

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.