Mack-Cali Realty Corp., a Cranford, N.J.-based office real estate investment trust, has announced a revision of the unsecured revolving credit facility of its operating partnership, Mack-Cali Realty LP, with a syndicate of 23 banks.The $600 million facility, which is expandable to $800 million, has been extended for an additional two years and now matures in November 2009. The facility fee was reduced by 5 basis points, to 15 bps. Mack-Cali said the fee and the interest rate (currently 65 bps above the London interbank offered rate) are subject to adjustment, on a sliding scale, based on the partnership's unsecured debt ratings. The lending group was arranged by J.P. Morgan Chase, as administrative agent, and Bank of America NA as syndication agent. Mack-Cali can be found on the Internet at http://www.mack-cali.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry