EDISON—Mack-Cali Realty Corporation, along with Winthrop Realty Trust, have formed a joint venture that acquired a senior mezzanine loan position in the capital stack of a 1.7 million-sq.-ft. class-A portfolio in Stamford, Conn. for $40 million.
The senior mezzanine loan has a face value of $50 million and is secured by the equity interests in a premier seven-building portfolio containing 1.67 million square feet of class A office space and 106 residential rental units totaling 70,500 sq. ft., all located in the Stamford, Conn. Central Business District.
Winthrop Realty Trust chairman and CEO Michael L. Ashner commented, “Partnering with Mack-Cali represents an opportunity to forge a sustainable alliance with the potential to participate in any recapitalization of this portfolio.”