Mack-Cali Announces $600M Of Non-Core Office On Sales Block
Mack-Cali is marketing approximately $600M of non-core office assets, in addition to the $47M in office sales completed in Q1. The REIT expects to sell a total of $800M in assets in the entirety of 2017 and use sale proceeds to pay off $250M of unsecured debt due in December.
Q1 marked a heavy quarter of transactions for the company, which also completed the sale of certain JV interests for $15M to simplify its investment profile.
Deals it closed included senior unsecured credit facilities totaling $925M; a seven-year, $100M mortgage loan secured by Alterra at Overlook Ridge, a 722-unit multifamily community in Revere, Massachusetts, owned by Mack-Cali subsidiary Roseland Residential Trust; and a $300M equity transaction between Roseland and Rockpoint Group.
Using proceeds from last year's completed property sales, proceeds from sales about to go to contract and the Rockpoint equity raise, Mack-Cali has closed over $700M of property acquisitions so far in 2017, including Roseland buying out its partner's 85% interest in Monaco, a 523-unit high-rise community in Jersey City.