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Roseland details flurry of activity as 2016 ends and 2017 begins

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Roseland Realty Trust closed out 2016 and has started the new year with some major activity, parent Mack-Cali Realty Corp. announced in a news release detailing some of the projects.

Mack-Cali said Roseland ended the year with a $300 million equity raise with Rockpoint Group, the opening of the Jersey City Urby apartments and several strategic acquisitions.

Since 2016’s fourth quarter, Roseland has announced $850 million of capital market activity. Rockpoint is set commit $300 million of equity into Roseland in the next two years, including $150 million at closing. Mack-Cali will then have the option to fund $200 million of equity after Rockpoint’s commitment is funded in full. 

“I have worked with Rockpoint before, when I was at Vornado (Realty Trust), and they are a class act in everything they do and a superb fiduciary for their fund,” Michael DeMarco, president of Mack-Cali, said. “We look forward to having great success in the upcoming years with them as our partner.”

Roseland also announced its 2016 portfolio was 96.3 percent leased at the end of the year. The trust will add an additional 762 residential units to the market with the opening of the Jersey City Urby on Tuesday, according to a news release. Roseland added that it had brought the M2 at Marbella, a 311-unit asset in Jersey City, to 95.5 percent leased by the end of the year.

“I am very pleased with the Roseland team’s great performance in 2016, led by Marshall Tycher and Andrew Marshall, who created a great platform of current assets and a superb pipeline of new developments,” DeMarco said.

Roseland fully acquired ownership of Plaza 8/9 and the Monaco in Jersey City, the trust’s largest acquisitions, at $57.1 million and $315 million, respectively.

At the end of the year, Mack-Cali had 3,063 units under construction, including 2,691 residential, and 372 hotel units. The repurposing of 233 Canoe Brook Road, Short Hills, made up 200 of the residential units under construction.  

Roseland Residential Trust was formed to own, manage and develop Mack-Cali’s luxury residential portfolio.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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