Page 10 - RE-NJ

8 MARCH 2026
T H E
B R I E F I N G
VERIS TO BE ACQUIRED BY AFFINIUS-
LED GROUP FOR $3.4 BILLION
An investor group led by Affinius
Capital is acquiring Veris Residential
Inc., in a $3.4 billion deal that will
take the company private after its
high-profile, multiyear pivot from the
iconic former Mack-Cali Realty Corp.
Based in Jersey City, the real estate
investment trust announced late in
February that it has entered into a
definitive merger agreement to be
acquired by the investor consortium,
which Affinius leads in partnership
with Vista Hill Partners. The all-
cash deal equates to $19 per share
of Veris common stock, Veris said,
calling it a culmination of its strategic
transformation and a comprehensive
review of strategic alternatives
conducted by the company with
assistance from J.P. Morgan and
Morgan Stanley & Co.
The company’s board of directors has
unanimously approved the merger,
which is expected to close in the
second quarter of 2026 and is subject
to approval by Veris’ shareholders and
other customary closing conditions.
Notably, Vista Hill Partners’
leadership includes Bradford Klatt,
cofounder and managing partner of
Roseland Property Co. and Canoe
Brook Partners of Roseland, and
Jonathan Kushner, president of Jersey
City-based Kushner Real Estate
Group.
“Since the reconstitution of the
board in 2020, Veris has undergone
a remarkable transformation into a
sector-leading, pure-play multifamily
REIT,” said Tammy K. Jones, chair of
Veris’ board of directors. “Throughout
this period, the board has remained
focused on enhancing value for
shareholders, executing on initiatives
that drive operational improvements
while divesting
non-strategic
assets. After a
comprehensive
review process
conducted with
independent
financial and
legal advisors,
Tammy K. Jones
the board
unanimously determined the all-cash
transaction delivers compelling value
and certainty to shareholders with an
immediate cash premium.
“On behalf of the board, I want to
recognize the management team for
their extraordinary commitment to
this transformation and to delivering
this outcome for our shareholders.”
The agreement comes nearly five
years after the former Mack-Cali
rebranded to Veris Residential, a
resounding step that came as the
real estate investment trust was
transforming its portfolio and its
financial position. That included
selling billions of dollars’ worth of
suburban office space in New Jersey
and elsewhere that had defined Mack-
Cali for decades and leaning into its
growing multifamily platform.
The company, which also sold off
pieces of its flagship Harborside
campus in Jersey City, also spent
years overhauling its board and
its front office, moves that rippled
through the state’s commercial real
Veris Residential Inc.’s newest properties in New Jersey include Haus25 at 25
Christopher Columbus Drive in Jersey City
estate sector.
Veris said it began a potential sales
process after inbound interest,
engaging a broad group of potential
counterparties, including financial
sponsors, sovereign wealth funds,
pension funds and multifamily
investment platforms, according to a
news release. The transaction price
reflects a 23.2 percent premium to its
unaffected closing share price on Feb.
4, 2026, and a 27.5 percent premium
to the company’s 30-day volume
weighted average price for the period
ended Feb. 4.
“Over the past five years, we have
undertaken meaningful steps to pivot
away from office,
simplifying
and focusing
the business,
strengthening
our balance
sheet and
enhancing our
operational
Mahbod Nia
platform,”
Veris CEO Mahbod Nia said. “Today’s
announcement marks the culmination
of our strategic transformation
into a top-performing pure-play
multifamily REIT with core, Class
A properties concentrated in
premier U.S. residential markets
and our stated objective of realizing
intrinsic value on behalf of our
shareholders. I would like to thank
our remarkable employees for their
hard work, dedication and invaluable
contributions over the past five years.”
Affinius Capital is an integrated
institutional real estate investment
firm focused on value creation and
income generation, with $61 billion
in assets under management and a
diversified portfolio of equity and
credit investments across North
America and Europe that has
included more than $12 billion in
U.S. multifamily acquisitions and
developments representing some
33,000 units, according to the Feb.
23 announcement. Founded by Klatt,
Vista Hill Partners is a real estate
investment and development firm
focused on acquiring and enhancing
distinctive property portfolios within
clustered real estate markets, whose
leadership brings more than 35 years
of experience in the acquisition,
repositioning and development
of high-value assets across the
Northeastern United States, Texas
and Europe.
Investment Deals Don’t Wait. Neither Do I.
• Fix & Flip | Construction | DSCR
• 15% Down | 100% Rehab
• No Prepayment Penalties
• Fast Closings for Serious NJ Investors
JOHN CARVALHO
BRANCH MANAGER & INVESTOR LENDING SPECIALIST
• $135M Closed by Our Group in '25
• From $100K Fix & Flips to $50M+ Investments
John Carvalho | Branch Manager | NMLS: 280297 | [email protected]
ccm.com/John-Carvalho | 530 Chestnut Street, Suite 202 | Union, NJ 07083
Scan to Structure Your Next Deal
or call 908.447.4695
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Internal Record Data.Call for details. CrossCountry
Mortgage, LLC NMLS3029 NMLS1600235 (www.nmlsconsumeraccess.org). Licensed by the New Jersey Department of Banking and Insurance.
Courtesy: Veris Residential Inc.