EDISON, N.J., Jan. 24, 2013 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced its Roseland subsidiary recently commenced construction on Portside at Pier One, part of the planned mixed-use community on the East Boston waterfront. This 176-unit luxury apartment project is in joint venture with The Prudential Insurance Company and is supported by a construction loan commitment led by Citizens Bank with participation by Salem Five. Portside will include 150 market-rate apartments and a 26-apartment affordable component in a five-story building adjacent to the pier. The Company anticipates project costs of approximately $67 million, with a projected initial stabilized unleveraged return on a pro forma basis of approximately 7.11 percent. Read more at equities.com.
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