Veris Residential uses term loan, revolver proceeds to redeem preferred units

By Wendy Van Sickle

Columbus, Ohio, July 26 – Veris Residential, Inc. used proceeds of a new $115 million transitional term loan and $60 million revolving credit facility to purchase and redeem the preferred units and certain other ownership interests from Rockpoint and its affiliates in Veris Residential Trust for $520 million, according to a news release.

Veris also used about $360 million of cash on hand to fund the transaction.

J.P. Morgan and Goldman Sachs & Co. LLC provided the term loan and revolver. The debts are expected to be repaid with approximately $200 million of proceeds anticipated from non-strategic assets under binding contract.

Veris is an environmentally and socially conscious real estate investment trust that owns, operates, acquires and develops multifamily properties that aim to meet the sustainability-conscious lifestyle needs of residents while seeking to positively impact the communities it serves and the planet at large. Its headquarters are in Jersey City, N.J.

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