Affinius Capital JV Closes $3.5B Acquisition of Veris Residential
The former REIT will be taken private.
An investor consortium led by Affinius Capital and Vista Hill Partners has completed the $3.5 billion acquisition of Veris Residential. With the closing of the transaction, the former multifamily REIT has been taken private.
The deal was announced in early February, when the joint venture said it would acquire Veris’ outstanding shares for $19.00 per share in an all-cash transaction.
Veris’ portfolio consists of Class A multifamily assets located across the Northeast. Specifically, the company operates in the New York City metro area, with assets in Jersey City, N.J., Port Imperial, N.J., Short Hills, N.J., as well as East Boston and Malden, Mass.
Formerly known as Mack-Cali, the company rebranded to Veris Residential in 2021, selling its office properties to focus exclusively on multifamily investments.
“From the start, we viewed Veris as an opportunity to acquire a portfolio of Class A multifamily assets, most of which is strategically located across the Hudson River from Manhattan,” Craig Solomon, vice chairman & chief investment officer at Affinius Capital told Multi-Housing News. “Together with our partner Vista Hill we have an opportunity to enhance performance and meet our return objectives.”
Financing for the acquisition included a mix of equity and debt, including a $2.1 billion bridge loan, according to Reuters. The merger represents one of the larger multifamily acquisitions announced in 2026. Other major industry activity this year included Kennedy Wilson’s $1.7 billion privatization agreement announced in February, as well as the $69 billion merger between AvalonBay and Equity Residential.
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For the transaction, Veris tapped J.P. Morgan and Morgan Stanley & Co. as financial advisors, while Weil, Gotshal & Manges LLP and Seyfarth Shaw LLP served as legal counsel. The buyer group brought on UBS Investment Bank as lead buyside financial advisor, while Goldman Sachs & Co. LLC also served as a secondary financial advisor. Skadden, Arps, Slate, Meagher & Flom LLP, Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP provided legal services.
Affinius deploying capital in the Northeast
Affinius Capital has approximately $61 billion in assets under management. Over the past four decades, the firm has invested approximately $14 billion in multifamily acquisitions and developments totaling 35,000 units. Last year, the company provided $78 million in preferred equity for Harborside 8, a 678-unit Class A apartment development underway in Jersey City, N.J.
A month after announcing the acquisition, Affinius provided The Jay Group with a $300 million refinancing loan for the construction and stabilization of 102 Fleet in Brooklyn. The project rises 30 stories and includes 495 units across studios, one-, two- and three-bedroom floorplans.
