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Stock Market & Financial Investment News

News Breaks
January 6, 2014
10:20 EDTCLIMack-Cali jv acquires 50% interest in multi-family residential project in D.C.
Mack-Cali Realty announced that it has, through a joint venture with Fisher Brothers, acquired a 50% interest in a luxury multi-family project, currently under construction in Washington, D.C. for a purchase price of approximately $46.5M. The 377-unit project includes approximately 25,000 square feet of retail space and a 309-space underground parking garage. The venture has 20-year in-place debt of $100.7M with attractive terms. It is expected that the project will be completed by mid-2015, with leasing beginning in the first quarter of 2015.
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