Mack-Cali CEO Mitchell Hersh (whom we snapped yesterday at NYU’s REIT Symposium with RXR CEO Scott Rechler) says the industry misunderstands why his company is restructuring subsidiary Roseland's JVs with insurance company investors. Spolier alert: It's not because Roseland's NJ properties need the capital. When Mack-Cali bought the multifamily developer and operator 19 months ago, Roseland had never retained an interest in its projects, taking fees and promotes (benchmark performance fees) instead. But Mack-Cali wants to co-invest. The reason the insurance companies are agreeing is simple, Mitchell says: They want to keep Roseland's multifamily expertise.
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