Mack-Cali Completes 2 Financings

Mack-Cali Realty Corp., Cranford, N.J., has reported the completion of two financing transactions with the Teachers Insurance Annuity Association.In one transaction, the real estate investment trust exchanged $90 million in 7.18% unsecured notes, due to mature in December 2003, for $94.9 million in 6.15% unsecured notes maturing December 2012. In the second transaction, the REIT obtained a $19.5 million, 10-year mortgage loan carrying a 6% interest rate. The mortgage is secured by Soundview Plaza, a 179,260-square-foot office property in Stamford, Conn. Mitchell Hersh, Mack-Cali's chief executive officer, said the REIT remains "committed to our strategy of maintaining a high level of unencumbered assets, which remains at 77% of our portfolio's square footage." Mack-Cali can be found on the Web at http://www.mack-cali.com.