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Mack-Cali Buys Liberty Towers for $409M in 1031 Exchange

Also part of the 1031 exchange are the soon to-be-completed sales of the Chase at Overlook Ridge and the Alterra at Overlook Ridge in Boston.

Liberty Towers, Jersey City, NJ Liberty Towers, Jersey City, NJ

JERSEY CITY, NJ—Mack-Cali Realty Corp. reports it has completed the first transaction in a 1031 exchange that involves the acquisition of a well-known multifamily property here and the sale of two residential properties in Boston for combined value total of $820 million.

The first completed deal in the 1031 exchange is the company’s $409-million purchase of the 648-unit Liberty Towers residential property in Jersey City. That deal, which was initially financed with a $232-million mortgage and the company’s line of credit, closed at the end of the third quarter.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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