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March 21, 2013
09:28 EDTCLIMack-Cali Realty annoucnes jointventure acquisition ofproperty for $262.5M
Mack-Cali Realty announced that in a joint venture with a fund advised by UBS Global Asset Management it has acquired the 828-unit multi-family property known as Crystal House in the Crystal City section of Arlington, Virginia, for approximately $262.5M. The acquisition includes land to accommodate the development of approximately 295 additional units, 252 of which are currently approved. The venture has obtained a $165M mortgage loan from Walker & Dunlop, LLC under the Delegated Underwriting and Servicing program of Fannie Mae.
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