{"id":409183,"date":"2021-01-06T06:03:42","date_gmt":"2021-01-06T11:03:42","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=409183"},"modified":"2021-01-06T06:03:42","modified_gmt":"2021-01-06T11:03:42","slug":"mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/","title":{"rendered":"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">JERSEY CITY, N.J.<\/span>, <span class=\"xn-chron\">Jan. 6, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Mack-Cali Realty Corporation (NYSE: CLI)\u00a0today announces a trio of transactions across its residential portfolio, including the sale of its interests in <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3026967-1&amp;h=3390376021&amp;u=https%3A%2F%2Fwww.riverwatchcommons.com%2F&amp;a=Riverwatch+Commons\" rel=\"nofollow noopener noreferrer\">Riverwatch Commons<\/a><\/u> in <span class=\"xn-location\">New Brunswick, NJ<\/span> and <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3026967-1&amp;h=2676627986&amp;u=https%3A%2F%2Fwww.crystalhouseva.com%2F&amp;a=Crystal+House+Apartments\" rel=\"nofollow noopener noreferrer\">Crystal House Apartments<\/a><\/u> in <span class=\"xn-location\">Arlington, VA<\/span>, as well as the construction take-out financing of <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3026967-1&amp;h=3794236247&amp;u=https%3A%2F%2Ftheemeryoverlook.com%2F&amp;a=The+Emery+at+Overlook+Ridge\" rel=\"nofollow noopener noreferrer\">The Emery at Overlook Ridge<\/a><\/u> in <span class=\"xn-location\">Malden, MA.<\/span><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/508413\/Mack_Cali_Realty_Corporation_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/508413\/Mack_Cali_Realty_Corporation_Logo.jpg\" title=\"Mack-Cali Realty Corporation logo (PRNewsFoto\/Mack-Cali Realty Corporation) (PRNewsfoto\/Mack-Cali Realty Corporation)\" alt=\"Mack-Cali Realty Corporation logo (PRNewsFoto\/Mack-Cali Realty Corporation) (PRNewsfoto\/Mack-Cali Realty Corporation)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>&#8220;As we&#8217;ve said before, moving forward our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,&#8221; said <b><span class=\"xn-person\">MaryAnne Gilmartin<\/span>, Board Chair and Interim Chief Executive Officer of Mack-Cali Realty Corporation.<\/b> &#8220;Securing permanent financing of The Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the Company with excess financing proceeds.&#8221;<\/p>\n<p>Mack-<span class=\"xn-location\">Cali<\/span> sold its JV interest in Crystal House Apartments in <span class=\"xn-location\">Arlington, VA<\/span>, which it owned in partnership with an institutional investor.\u00a0Crystal House Apartments, located a block from Amazon&#8217;s proposed HQ2, are comprised of an 825-unit operating property and land held for future development. The assets were sold for <span class=\"xn-money\">$377 million<\/span> comprised of <span class=\"xn-money\">$40 million<\/span> for the land and <span class=\"xn-money\">$337 million<\/span> for the operating property.<\/p>\n<p>Additionally, the firm sold Riverwatch Commons for a total of <span class=\"xn-money\">$47 million<\/span>.\u00a0 The asset is comprised of 200 units in <span class=\"xn-location\">New Brunswick, NJ<\/span>, at 5 Dennis Street, 10 Dennis Street, and 100 Hiram Square \u2013 and is ideally located near <span class=\"xn-org\">Rutgers University<\/span> and Robert Wood Johnson University Hospital.\u00a0 <\/p>\n<p>The dispositions of the Company&#8217;s two oldest properties will elevate the portfolio&#8217;s average revenue per home to over <span class=\"xn-money\">$3,100<\/span> and reduce the average age of its assets to seven (7) years, which will be further reduced upon the scheduled delivery of three communities in 2021.<\/p>\n<p>The Company also refinanced its <span class=\"xn-money\">$60 million<\/span> existing construction loan at The Emery at Overlook Ridge with a <span class=\"xn-money\">$72 million<\/span> mortgage from New York Community Bank. The property includes 326 luxury rental homes spread across three five\u2013story, elevator serviced buildings with a combination of precast structured garage and surface parking. Unit types include a mix of studio, one\u2013 and two\u2013bedroom units, with sizes ranging from 529 square feet for studios to 1,342 square feet for larger two\u2013bedroom units with dens.\u00a0 The asset commenced leasing in <span class=\"xn-chron\">February 2020<\/span>, and despite COVID-related challenges, successfully leased up and is currently 93% leased.<\/p>\n<p>\n        <b>About Mack-Cali Realty Corporation<\/b>\n      <\/p>\n<p>One of the country&#8217;s leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout <span class=\"xn-location\">New Jersey<\/span>. Mack-<span class=\"xn-location\">Cali<\/span> is headquartered in <span class=\"xn-location\">Jersey City, New Jersey<\/span>, and is the visionary behind the city&#8217;s flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.<\/p>\n<p>A fully integrated and self-managed company, Mack-<span class=\"xn-location\">Cali<\/span> has provided world-class management, leasing, and development services throughout <span class=\"xn-location\">New Jersey<\/span> and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-<span class=\"xn-location\">Cali<\/span> creates environments that empower tenants and residents to reimagine the way they work and live.<\/p>\n<p>For more information on Mack-Cali Realty Corporation and its properties, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3026967-1&amp;h=3080268618&amp;u=http%3A%2F%2Fwww.mack-cali.com%2F&amp;a=www.mack-cali.com\" rel=\"nofollow noopener noreferrer\">www.mack-cali.com<\/a><\/u>.<\/p>\n<p>\n        <b>About Roseland Residential Trust<\/b>\n      <\/p>\n<p>Roseland Residential Trust is an owner, manager, and developer of luxury multifamily properties in high-barrier-to-entry waterfront locales throughout the Northeast. A subsidiary of <span class=\"xn-location\">New Jersey<\/span>-based Mack-Cali Realty Corporation, one of the country&#8217;s leading Real Estate Investment Trusts (REITs), <span class=\"xn-location\">Roseland<\/span> develops innovative, lifestyle-oriented communities in waterfront neighborhoods that provide quick access to mass transit.\u00a0<\/p>\n<p>\n        <span class=\"xn-location\">Roseland<\/span>, which owns and manages a large collection of luxury residential units, has a long history of creating communities that enrich the quality of life for residents, and enhance the beauty, economic vitality, and energy of their surrounding environs. Fully integrated and self-managed, the company is the master developer for several nationally recognized, mixed-use waterfront destinations, including Port Imperial, a <span class=\"xn-money\">$3-billion<\/span>, 200-acre neighborhood on the Hudson River Waterfront in <span class=\"xn-location\">New Jersey<\/span>, and Portside at East Pier in <span class=\"xn-location\">East Boston<\/span>, where the company is redeveloping a half-mile of Boston Harbor into a luxury community. For more information, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3026967-1&amp;h=1565832136&amp;u=http%3A%2F%2Fwww.roselandres.com%2F&amp;a=www.roselandres.com\" rel=\"nofollow noopener noreferrer\">www.roselandres.com<\/a><\/u>.<\/p>\n<p>\n        <b>Forward Looking Statements<\/b>\n      <\/p>\n<p>Statements made in this communication may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;projected,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;continue,&#8221; or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading &#8220;Disclosure Regarding Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K, as may be supplemented or amended by the Company&#8217;s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.<\/p>\n<p>\n        <b>Media Contact:<br \/><\/b><br \/>\n        <span class=\"xn-person\">Jeremy Soffin<\/span><br \/>\n        <br \/>\n        <u><br \/>\n          <a target=\"_blank\" href=\"mailto:mack-cali@berlinrosen.com\" rel=\"nofollow noopener noreferrer\">m<\/a><br \/>\n          <a target=\"_blank\" href=\"mailto:mack-cali@berlinrosen.com\" rel=\"nofollow noopener noreferrer\">ack-cali@berlinrosen.com<\/a>\u00a0<br \/><\/u>(646) 200-5318 \u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY38254&amp;sd=2021-01-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge-301201562.html\">http:\/\/www.prnewswire.com\/news-releases\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge-301201562.html<\/a><\/p>\n<p>SOURCE  Mack-Cali Realty Corporation<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY38254&amp;Transmission_Id=202101060600PR_NEWS_USPR_____NY38254&amp;DateId=20210106\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire JERSEY CITY, N.J., Jan. 6, 2021 \/PRNewswire\/ &#8212;\u00a0Mack-Cali Realty Corporation (NYSE: CLI)\u00a0today announces a trio of transactions across its residential portfolio, including the sale of its interests in Riverwatch Commons in New Brunswick, NJ and Crystal House Apartments in Arlington, VA, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, MA. &#8220;As we&#8217;ve said before, moving forward our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,&#8221; said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali Realty Corporation. &#8220;Securing permanent financing of The Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the Company with excess financing proceeds.&#8221; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-409183","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire JERSEY CITY, N.J., Jan. 6, 2021 \/PRNewswire\/ &#8212;\u00a0Mack-Cali Realty Corporation (NYSE: CLI)\u00a0today announces a trio of transactions across its residential portfolio, including the sale of its interests in Riverwatch Commons in New Brunswick, NJ and Crystal House Apartments in Arlington, VA, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, MA. &#8220;As we&#8217;ve said before, moving forward our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,&#8221; said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali Realty Corporation. &#8220;Securing permanent financing of The Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the Company with excess financing proceeds.&#8221; &hellip; Continue reading &quot;Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T11:03:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/508413\/Mack_Cali_Realty_Corporation_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; 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Refinances The Emery at Overlook Ridge - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/","og_locale":"en_US","og_type":"article","og_title":"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge - Market Newsdesk","og_description":"PR Newswire JERSEY CITY, N.J., Jan. 6, 2021 \/PRNewswire\/ &#8212;\u00a0Mack-Cali Realty Corporation (NYSE: CLI)\u00a0today announces a trio of transactions across its residential portfolio, including the sale of its interests in Riverwatch Commons in New Brunswick, NJ and Crystal House Apartments in Arlington, VA, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, MA. &#8220;As we&#8217;ve said before, moving forward our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,&#8221; said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali Realty Corporation. &#8220;Securing permanent financing of The Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the Company with excess financing proceeds.&#8221; &hellip; Continue reading \"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; Refinances The Emery at Overlook Ridge\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-06T11:03:42+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/508413\/Mack_Cali_Realty_Corporation_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mack-cali-announces-sale-of-riverwatch-commons-and-crystal-house-apartments-refinances-the-emery-at-overlook-ridge\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments; 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