Mack-Cali Realty Corporation Refinances Its $60 Million Existing Construction Loan At the Emery At Overlook Ridge with A $72 Million Mortgage from New York Community Bank
January 06, 2021 at 06:00 am EST
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Mack-Cali Realty Corporation refinanced its $60 million existing construction loan at The Emery at Overlook Ridge with a $72 million mortgage from New York Community Bank. The property includes 326 luxury rental homes spread across three five–story, elevator serviced buildings with a combination of precast structured garage and surface parking. Unit types include a mix of studio, one– and two–bedroom units, with sizes ranging from 529 square feet for studios to 1,342 square feet for larger two–bedroom units with dens. The asset commenced leasing in February 2020, and despite COVID-related challenges, successfully leased up and is currently 93% leased.
Veris Residential, Inc. is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company owns, operates, and develops multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic land and commercial assets. The Company operates through two segments: multifamily real estate and services and commercial and other real estate. The Company provides property management, leasing, acquisition, development, construction and tenant-related services for its multifamily real estate portfolio and commercial and other real estate located in the United States. The Company owns and has interests in 24 multifamily rental properties as well as non-strategic assets comprised of one office property, four parking/retail properties, and developable land. It seeks to own a portfolio comprised primarily of Class A multifamily properties with premium amenities and offerings that reflect its commitment to sustainability.
Mack-Cali Realty Corporation Refinances Its $60 Million Existing Construction Loan At the Emery At Overlook Ridge with A $72 Million Mortgage from New York Community Bank