Mack-Cali refinances $150m loan to reduce interest costs.Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation announced it has refinanced its $150 million secured loan from The Prudential Prudential is the name of two different companies and buildings named after them: Companies:
The loan carries an interest rate of 4.78%, which is a reduction of 212 basis points from the previous loan. The loan, which matures on January 15, 2010, is secured by seven properties. The previous loan was secured by 11 properties. "This transaction enables us to reduce both our interest costs and the number of our encumbered Encumbered A property owned by one party on which a second party reserves the right to make a valid claim, e.g., a bank's holding of a home mortgage encumbers property. assets, thereby enhancing our Company's capital structure," commented Barry Lefkowitz, executive vice president and chief financial officer. Mack-Cali's portfolio is now 82% unencumbered Unencumbered Property that is not subject to any creditor claims or liens. Notes: For example, if a house is owned free and clear (meaning the owner owes no mortgage to anyone), it is unencumbered. . Mack-Cali owns or has interests in 268 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.3 million square feet. |
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