New York, NY - PCCP, LLC announced today it has provided a total of $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corporation, a New Jersey-based Real Estate Investment Trust (REIT). The loans were for a portfolio of four separate office properties all located within Pennsylvania.
Mack-Cali Realty Corporation previously owned and managed the properties, and is selling the portfolio to Keystone Property Group. Mack-Cali will retain an equity investment in each of the properties sold, and Keystone will manage future property operations.
“Keystone is an experienced owner and operator of office properties with proven success in the area,” said John Randall, senior vice president out of the firm’s New York City office. “PCCP believes that providing senior loans for these properties represents a prime opportunity to lend against strong assets in their prospective markets – all of which are showing signs of recovery.”
Mike Corvasce, vice president of Keystone Property Group had this to add: “PCCP played an integral role in Keystone’s acquisition of the portfolio and was able to provide us with highly efficient and tailored debt capital in an accelerated timeframe.”
Keystone Property Group owns and manages a portfolio of $500 million of suburban office assets. Keystone has raised three private equity funds and specializes in creating value through the re-development of older office properties. Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest REITs in the U.S., owns over 260 office and flex office assets, and has a market capitalization of $5.2 billion.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.