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Debt & Equity

Mack-Cali scores $124.5M loan for RXR portfolio acquisition

Mack-Cali has funded part of its purchase of an RXR Realty office portfolio with a $124.5 million loan from  Citi and Goldman Sachs & Co.

Holliday Fenoglio Fowler secured the 10-year, fixed rate loan for the acquisition of 51, 101 and 103 JFK Parkway in Short Hills, New Jersey.

The properties are part of a larger six-property portfolio that HFF sold to Mack-Cali on behalf of RXR Realty last month.

Mack-Cali paid $368 million deal for the portfolio of six Class A office buildings in Northern New Jersey.

The package, which amounts to 1.1 million s/f, is said to be one of the largest office portfolios to be sold in the state. It is composed of 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7 Giralda Farms in Madison.  “This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket — positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket. This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities,” said Michael J. DeMarco, Mack-Cali President.

The Short Hills properties are located along the high-growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park, plus The Mall at Short Hills; the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10.

Built between 1981 and 1988, the properties are fully leased to major tenants, including KPMG, Merrill Lynch, Wells Fargo, Dun & Bradstreet and Investors Bank.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.

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