Luxury multifamily developer Veris Residential has decided to cancel its planned stock offering, which was intended to finance the purchase of a 348-unit residential property. The company, previously known as Mack-Cali Realty Corp., had announced a public offering of 10.5 million shares of its common stock but later withdrew it. As a result, the acquisition of 55 Riverwalk Place in New Jersey will not be moving forward.
Veris had prepared for this possibility and had a contingency plan in place if the deal fell through. This included paying off approximately $157 million in mortgage debt associated with their Soho Lofts development in Jersey City, New Jersey. The company remains committed to creating value through strategic capital allocation and optimizing their platform, portfolio, and balance sheet.
In recent times, Veris has undergone significant changes such as shifting away from suburban office markets and rebranding itself under its new name. There have also been changes within the C-suite leadership team at Veris. Additionally,the company faced legal action from former CEO Michael DeMarco; however,this matter has since been resolved.In early2022,Kushner Cos.attemptedto acquire Veris,but ultimately withdrewtheir offer due to concerns about transparency.
