Mack-Cali Realty Corp.’s Roseland subsidiary began construction in December on a key multifamily community in Weehawken, N.J. RiverParc at Port Imperial is a joint venture with The Prudential Insurance Company of America and is supported by a construction loan commitment led by PNC with participation by Wells Fargo.
RiverParc, a 10-story, 280-unit luxury multifamily community, will be the latest rental property developed in the southern portion of Port Imperial. Port Imperial is a mixed-use, master-plan waterfront development which spans 2.5 miles and is located directly across the Hudson River from Midtown Manhattan.
Mack-Cali anticipates project costs of approximately $100 million with a projected initial stabilized unleveraged return on a pro forma basis of 6.5 percent.
Upon completion, Roseland Properties will oversee the leasing and management responsibilities for the property.
“The Mack-Cali/Roseland team is excited to have embarked on this new project. It offers residents an amenity-rich environment, luxury finishes and appointments and an ideal location,” Mitchell E. Hersh, president and CEO of Mack-Cali, said in a statement. “RiverParc complements our portfolio of premier, class-A multifamily communities and represents significant value creation for Mack-Cali.”