Rockpoint to invest $300m in Roseland Residential Trust
Rockpoint Group has plans to invest $300 million in Roseland Residential Trust in the next two years, with $150 million funded at closing. The investment will give Rockpoint a 17 percent stake in the apartment development operation of Mack-Cali Realty Corp., which will own the remaining 83 percent.
Mack-Cali will have the option to fund up to $200 million of equity into Roseland after Rockpoint’s commitment is fully funded. Roseland will receive a deemed funded existing equity value at closing of $1.23 billion.
Roseland’s stabilized residential portfolio was 96.3 percent leased at year-end 2016. Roseland has delivered 1,163 luxury apartments to the marketplace since the beginning of fourth quarter 2016, excluding the newly planned 762-unit, 69-story Jersey City Urby, which recently opened.
As part of the agreement, Roseland and Rockpoint will have the right to cause redemption of the Rockpoint equity after the fifth anniversary of the closing date without pe