Cali Realty Receives Lower Interest Rate on Credit Facility
09/22/1995 Category: Financial
CRANFORD, N.J.,--September 22, 1995--Cali Realty Corporation (NYSE: CLI), a real estate investment trust, today announced that effective October 1, 1995 the interest rate on its revolving credit facility will be lowered by 50 basis points to LIBOR + 150 basis points. The revolving credit facility is provided Prudential Realty Funding Corporation.
Thomas A. Rizk, President and Chief Financial Officer, commented, "We are extremely pleased that the financial community has recognized the increasing financial strength of Cali Realty and has adjusted our interest rate accordingly."
Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) with corporate headquarters in Cranford, New Jersey. The company specializes in leasing, management, acquisition, construction and development of commercial buildings in Northern and Central New Jersey and Rockland County, New York. The Cali portfolio consists of 16 Class A office buildings totaling approximately 2.73 million square feet and one residential property consisting of 327 units in Burlington County.