PCCP, LLC Provides $80 Million in Senior Loans to Keystone Property Group and Mack-Cali Realty Corp. JV for Pennsylvania Office Property Portfolio Acquisition

Rose Tree Corporate Center, Media, PA

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.

John Randall

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.

Mike Corvasce

 “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.

Sentry Park West, Blue Bell, PA

Following is information on each of the properties:

·         4 & 5 Sentry Park, located in Blue Bell, PA consists of three suburban office buildings totaling 200,000 square feet. 

  ·         150 Monument Road in Bala Cynwyd, PA, an affluent suburb in southeastern Pennsylvania, consists of a six-story, 125,000-square-foot Class A office building.

 ·         Rose Tree Corporate Center, which is located at 1400 North Providence Road in Media, PA, includes two, mid-rise suburban office buildings totaling 260,000 square feet.

 ·         1000 Madison, in Lower Providence, PA, is a three-story, suburban office building totaling 100,000 square feet.  

For a complete copy of the company’s news release, please contact:

 Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.pccpllc.com.