real estate

Roseland Announces Investment Activity on the Hudson River Waterfront

Mack-Cali Realty Corporation announced that Roseland Residential Trust (Roseland), in the second quarter of 2016, completed the acquisition of various partners’ interests in Port Imperial on the Hudson River Waterfront, as well as the disposition of its subordinated ownership in two Port Imperial communities.

Roseland closed on the following acquisitions:

Port Imperial, Weehawken, New Jersey:

  • The buyout of its partner’s interests in five Port Imperial waterfront development parcels, inclusive of RiverHouse 11, currently in construction.
  • The buyout of its partner’s interests in Port Imperial South 4/5 Garage and Retail, increasing Roseland’s ownership to 70 percent.

The cost of the Weehawken transactions was approximately $36 million.

Roseland closed on or agreed to the following dispositions:

  • Weehawken, New Jersey: Sale of the Company’s subordinate interest in RiversEdge at Port Imperial (236 apartment homes) and RiverParc at Port Imperial (280 apartment homes) for a total of approximately $6.4 million.

In addition, the Company marked recent activities through the following events:

  • Morris Plains, New Jersey: Closed on a $42.5 million construction loan for the development of Signature Place at Morris Plains.
  • Jersey City, New Jersey: Officially cut the ribbon on M2 at Marbella, the latest addition to Marbella on the Hudson River Waterfront. M2 features 311 luxury apartment homes and the latest state-of-the-art amenities.
  • Weehawken, New Jersey: Held ceremonial groundbreaking for RiverHouse 11 at Port Imperial, the 10-story, 295-apartment home luxury residential community, which is the latest addition to Port Imperial.

Next week, Roseland will proudly host the ceremonial groundbreaking for Signature Place at Morris Plains, marking a Mack-Cali/Roseland milestone-the first office to luxury multi-family repositioning.

“Through strategic acquisitions, we continue to strengthen our portfolio with smart investments in valuable properties. Our position in core markets like the Hudson River Waterfront and East Boston will lead to strong returns for our investors,” said Andrew Marshall, President and Chief Operating Officer of Roseland. “We are particularly excited to take a major step forward in realizing the strategic benefits of the Mack-Cali/Roseland partnership through our Morris Plains repositioning-a template we look forward to replicating elsewhere in our portfolio.”

“The multi-family portfolio is projected to grow to over 13,000 operating or in-construction apartments by year-end 2018,” said Michael J. DeMarco, President of Mack-Cali. “Regarding the Roseland equity raise, we have made significant progress in identifying investors and look forward to completing that process by early fall on terms beneficial to us.  However, we believe that we have sufficient capital to complete all of our 2016 and 2017 projects either through capital on hand or previously invested sums.”

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