Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 08 February 2019

Mack-Cali Again Turns to New York Life for Loan on N.J. Apartments

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New York Life Real Estate Investors has provided $117 million of financing against the 311-unit M2 at Marbella apartments in Jersey City, N.J.

The loan was used to retire $74.7 million of construction financing against the 39-story building that was set to mature next month.

The building, at 401 Washington Blvd., was completed in 2016 and was 95.5 percent occupied as of the end of last September, with asking rents starting at $2,145/unit and averaged $3,539/unit as of last September. It is owned by a venture led by Mack-Cali Realty Corp.'s Roseland Residential Trust unit. Mack-Cali had bought out partner Prudential Financial's 50 percent stake in the property in recent weeks, increasing its stake in the property to 74.3 percent.

The 39-story property is connected to and shares a parking garage and clubhouse with the 412-unit Marbella Apartments, at 425 Washington Blvd., which Mack-Cali and Prudential developed in 2004. Mack-Cali last year increased its stake in that property to 74.5 percent and obtained a $131 million loan, also from New York Life.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New Jersey
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Company: Mack-Cali Corp.
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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