Mack-Cali Obtains $64.5 Million in Mortgages on New Jersey Buildings
01/27/2009 Category: Financial
Edison, New Jersey—January 27, 2009—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has obtained $64.5 million in financing from Guardian Life Insurance Company of America in two separate mortgage transactions.
The first mortgage, for 100 Walnut Avenue in Clark, NJ, a 182,555-square-foot, class A office building, is for $19.6 million. The second mortgage, for One River Centre, 331 Newman Springs Road, Red Bank, NJ, a three-building class A office complex totaling approximately 480,000 square feet, is for $44.9 million. Both mortgage loans carry a term of 10 years and bear an interest rate of 7.25 percent.
Mitchell E. Hersh, president and chief executive officer, stated, "We are extremely pleased that we have secured these mortgages and enhanced our balance sheet liquidity. We appreciate Guardian Life's confidence in us."
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction, and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 293 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.5 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Statements made in this press release 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 "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," 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 "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company'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.