People’s United Bank announced Tuesday its commercial real estate and capital markets divisions have provided a $64 million construction facility to Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp.
The facility will give Roseland, an owner, manager and developer of luxury multifamily and mixed use properties, the capital it needs to construct a 195-unit luxury residential development with a 391 space parking garage in Short Hills.
“We are pleased to expand our existing relationship with Roseland to help grow their life-style oriented property portfolio in New Jersey,” Laura Greenfield, executive vice president, commercial real estate, People’s United Bank, said. “For Roseland, it was critical to select a New York metro-area based financing partner with a strong understanding of the local operating dynamic who can deliver fast execution and creative solutions, with ample capacity available for future construction financings.”
“Our years of experience, strong balance sheet and ability to lead complex deals through a team of financing specialists, and a network of syndicate partners, has made us a lender of choice for companies across all stages of growth and complexity,” Ken Jamison, managing director, loan syndications, People’s United Bank, said. “We look forward to supporting Roseland’s current and future portfolio expansion.”
Bridgeport Connecticut-based People’s United Bank is a subsidiary of People’s United Financial Inc., a community-focused financial services company based in the North East.