In a continuing selloff of its residential portfolio, Mack-Cali Realty Corp. announced Wednesday it has sold Riverwatch Commons, a 200-unit property in New Brunswick, for $47 million.
The sale of Riverwatch Commons was one of the three the real estate investment firm announced. It also announced the sale of Crystal House Apartments, which is located near the proposed Amazon HQ2 headquarters in Arlington, Virginia, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, Massachusetts.
Riverwatch Commons — at 5 Dennis St., 10 Dennis St. and 100 Hiram Square — is considered to be ideally located near Rutgers University and Robert Wood Johnson University Hospital. But it’s no longer in Mack-Cali’s plans, board Chair and interim CEO MaryAnne Gilmartin said.
“As we’ve said before, moving forward, our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,” she said. “Securing permanent financing of the Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the company with excess financing proceeds.”
Mack-Cali sold its joint venture interest in Crystal House Apartments, which are comprised of an 825-unit operating property and land held for future development, for $377 million ($40 million for the land and $337 million for the operating property).
The company also refinanced its $60 million existing construction loan at the Emery 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.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli and Kevin O’Hearn represented Mack-Cali in the New Jersey deal.
