Quarterly report pursuant to Section 13 or 15(d)

Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details)

v2.4.0.8
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) (USD $)
 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Jun. 30, 2014
Minimum [Member]
Jun. 30, 2014
Maximum [Member]
Jun. 30, 2014
Marbella RoseGarden, L.L.C. [Member]
item
Dec. 31, 2013
Marbella RoseGarden, L.L.C. [Member]
Jun. 30, 2014
RoseGarden Monaco Holdings, L.L.C. [Member]
item
Dec. 31, 2013
RoseGarden Monaco Holdings, L.L.C. [Member]
Jun. 30, 2014
Rosewood Lafayette Holdings, L.L.C. [Member]
item
Dec. 31, 2013
Rosewood Lafayette Holdings, L.L.C. [Member]
Jun. 30, 2014
PruRose Port Imperial South 15, L.L.C. [Member]
item
Jun. 30, 2014
Rosewood Morristown, L.L.C. [Member]
item
Dec. 31, 2013
Rosewood Morristown, L.L.C. [Member]
Jun. 30, 2014
Overlook Ridge JV, L.L.C. [Member]
item
Jun. 30, 2014
Overlook Ridge JV 2C/3B, L.L.C. [Member]
item
Jun. 30, 2014
PruRose Riverwalk G, L.L.C. [Member]
item
Dec. 31, 2013
PruRose Riverwalk G, L.L.C. [Member]
Jun. 30, 2014
Elmajo Urban Renewal Associates, L.L.C. [Member]
item
Dec. 31, 2013
Elmajo Urban Renewal Associates, L.L.C. [Member]
Jun. 30, 2014
Crystal House Apartments Investors LLC [Member]
item
Dec. 31, 2013
Crystal House Apartments Investors LLC [Member]
Jun. 30, 2014
Portside Master Company, L.L.C. [Member]
item
Dec. 31, 2013
Portside Master Company, L.L.C. [Member]
Jun. 30, 2014
PruRose Port Imperial South 13, L.L.C. [Member]
item
Dec. 31, 2013
PruRose Port Imperial South 13, L.L.C. [Member]
Jun. 30, 2014
Roseland/Port Imperial Partners, L.P. [Member]
item
Dec. 31, 2013
Roseland/Port Imperial Partners, L.P. [Member]
Jun. 30, 2014
RoseGarden Marbella South, L.L.C. [Member]
item
Dec. 31, 2013
RoseGarden Marbella South, L.L.C. [Member]
Jun. 30, 2014
Estuary Urban Renewal Unit B, LLC [Member]
item
Dec. 31, 2013
Estuary Urban Renewal Unit B, LLC [Member]
Jun. 30, 2014
RiverPark At Harrison I, L.L.C. [Member]
item
Dec. 31, 2013
RiverPark At Harrison I, L.L.C. [Member]
Jun. 30, 2014
Capitol Place Mezz LLC [Member]
item
Dec. 31, 2013
Capitol Place Mezz LLC [Member]
Jun. 30, 2014
Harborside Unit A Urban Renewal, LLC [Member]
item
May 21, 2014
Harborside Unit A Urban Renewal, LLC [Member]
Jun. 30, 2014
Harborside Unit A Urban Renewal, LLC [Member]
Parent Company [Member]
Jun. 30, 2014
Overlook Ridge, L.L.C. [Member]
item
Jun. 30, 2014
RoseGarden Monaco, L.L.C. [Member]
item
Dec. 31, 2013
RoseGarden Monaco, L.L.C. [Member]
Jun. 30, 2014
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member]
item
Dec. 31, 2013
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member]
Jun. 30, 2014
Red Bank Corporate Plaza, L.L.C. [Member]
sqft
Dec. 31, 2013
Red Bank Corporate Plaza, L.L.C. [Member]
Jun. 30, 2014
12 Vreeland Associates, L.L.C. [Member]
sqft
Dec. 31, 2013
12 Vreeland Associates, L.L.C. [Member]
Jun. 30, 2014
BNES Associates III [Member]
sqft
Dec. 31, 2013
BNES Associates III [Member]
Jun. 30, 2014
Hillsborough 206 Holdings, L.L.C. [Member]
sqft
Dec. 31, 2013
Hillsborough 206 Holdings, L.L.C. [Member]
Jun. 30, 2014
KPG-P 100 IMW JV, LLC [Member]
item
sqft
Dec. 31, 2013
KPG-P 100 IMW JV, LLC [Member]
Jun. 30, 2014
Keystone-Penn [Member]
item
Jun. 30, 2014
Keystone-Penn [Member]
Principal Balance Due August 27, 2023 [Member]
Jun. 30, 2014
Keystone-Penn [Member]
Principal Balance Due August 27, 2016 [Member]
Jun. 30, 2014
Keystone-Penn [Member]
Principal Balance Due August 27, 2016 [Member]
Minimum [Member]
Jun. 30, 2014
Keystone-Penn [Member]
Principal Balance Due August 27, 2016 [Member]
Maximum [Member]
Jun. 30, 2014
Keystone-Penn [Member]
Principal Balance Due August 27, 2015 [Member]
Jun. 30, 2014
Keystone-TriState [Member]
item
Jun. 30, 2014
Keystone-TriState [Member]
Principal Balance Due July 6, 2024 [Member]
Jun. 30, 2014
Keystone-TriState [Member]
Principal Balance Due July 1, 2017 [Member]
Jun. 30, 2014
Keystone-Penn And Keystone TriState [Member]
Parent Company [Member]
Jun. 30, 2014
Keystone-Penn And Keystone TriState [Member]
Keystone Property Group [Member]
Jun. 30, 2014
KPG-MCG Curtis JV, LLC [Member]
sqft
Jun. 30, 2014
KPG-MCG Curtis JV, LLC [Member]
Parent Company [Member]
Jun. 30, 2014
KPG-MCG Curtis JV, LLC [Member]
Keystone Property Group [Member]
Jun. 30, 2014
Curtis Center TIC I And II LLC [Member]
Jun. 30, 2014
Plaza VIII & IX Associates, L.L.C. [Member]
sqft
Dec. 31, 2013
Plaza VIII & IX Associates, L.L.C. [Member]
Jun. 30, 2014
Roseland/North Retail, L.L.C. [Member]
sqft
Dec. 31, 2013
Roseland/North Retail, L.L.C. [Member]
Jun. 30, 2014
South Pier At Harborside [Member]
item
Dec. 31, 2013
South Pier At Harborside [Member]
Jun. 30, 2014
Stamford SM LLC [Member]
Dec. 31, 2013
Stamford SM LLC [Member]
Jun. 30, 2014
Other [Member]
Dec. 31, 2013
Other [Member]
Jun. 30, 2014
The Shops At 40 Park Property [Member]
Rosewood Morristown, L.L.C. [Member]
sqft
Jun. 30, 2014
Lofts At 40 Park Property [Member]
Rosewood Morristown, L.L.C. [Member]
item
Jun. 30, 2014
Metropolitan Property [Member]
Rosewood Morristown, L.L.C. [Member]
Jun. 30, 2014
Overlook Phase III [Member]
Overlook Ridge JV, L.L.C. [Member]
item
Jun. 30, 2014
Port Imperial North Land [Member]
Roseland/Port Imperial Partners, L.P. [Member]
item
Jun. 30, 2014
Senior Loans [Member]
Quarrystone I Property [Member]
Overlook Ridge JV, L.L.C. [Member]
Jun. 30, 2014
Junior Loans [Member]
Quarrystone I Property [Member]
Rosewood Morristown, L.L.C. [Member]
Jun. 30, 2014
Letter of Credit [Member]
Quarrystone I Property [Member]
Overlook Ridge JV, L.L.C. [Member]
Sep. 02, 2013
Construction Loan [Member]
Overlook Ridge JV 2C/3B, L.L.C. [Member]
Jun. 30, 2014
Construction Loan [Member]
Overlook Ridge JV 2C/3B, L.L.C. [Member]
item
Jun. 30, 2014
Construction Loan [Member]
PruRose Riverwalk G, L.L.C. [Member]
Jun. 30, 2014
Construction Loan [Member]
Elmajo Urban Renewal Associates, L.L.C. [Member]
Jun. 30, 2014
Construction Loan [Member]
Portside Master Company, L.L.C. [Member]
item
Jun. 30, 2013
Construction Loan [Member]
PruRose Port Imperial South 13, L.L.C. [Member]
Jun. 30, 2014
Construction Loan [Member]
PruRose Port Imperial South 13, L.L.C. [Member]
Jun. 30, 2014
Construction Loan [Member]
RoseGarden Marbella South, L.L.C. [Member]
item
Jun. 30, 2014
Construction Loan [Member]
Estuary Urban Renewal Unit B, LLC [Member]
Jun. 30, 2014
Construction Loan [Member]
RiverPark At Harrison I, L.L.C. [Member]
item
Jun. 30, 2014
Construction Loan [Member]
Capitol Place Mezz LLC [Member]
Jun. 30, 2014
Construction Loan Extension Number 1 [Member]
Overlook Ridge JV 2C/3B, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 1 [Member]
Portside Master Company, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 1 [Member]
PruRose Port Imperial South 13, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 1 [Member]
RoseGarden Marbella South, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 1 [Member]
RiverPark At Harrison I, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 2 [Member]
Overlook Ridge JV 2C/3B, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 2 [Member]
Portside Master Company, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 2 [Member]
PruRose Port Imperial South 13, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 2 [Member]
RoseGarden Marbella South, L.L.C. [Member]
Jun. 30, 2014
Construction Loan Extension Number 2 [Member]
RiverPark At Harrison I, L.L.C. [Member]
Jun. 30, 2014
Mezz Loan [Member]
Stamford SM LLC [Member]
Jun. 30, 2014
Class A Office Space [Member]
Mezz Loan [Member]
Stamford SM LLC [Member]
item
sqft
Jun. 30, 2014
Residential Space [Member]
Mezz Loan [Member]
Stamford SM LLC [Member]
sqft
Jun. 30, 2014
Hotel [Member]
South Pier At Harborside [Member]
Schedule of Equity Method Investments [Line Items]                                                                                                                                                                                                                              
Number of Apartment Units         412 [1]   523 [1]   217 [1]   236 [1] 130 [2],[3]   251 [1],[4] 371 [1] 316 [1]   355 [1]   828 [5]   176 [1]   280 [1]   363 [1],[6]   311 [1]   227 [1]   141   377   763     896 300   1,000                       1,842,820           1,266,384                         350             59   240 836                                                   106    
Square Feet                                                                                       92,878   139,750   106,345   160,000   339,615                         885,000       1,225,000 [7]   30,745 [8]               50,973                                                           1,670,000 70,500  
Company's Effective Ownership %     7.50% 85.00% 24.27% [1],[9]   15.00% [1],[9]   25.00% [1],[9]   50.00% [1],[9] 12.50% [2],[3],[9]   25.00% [1],[4],[9] 25.00% [1],[9] 25.00% [1],[9]   7.50% [1],[9]   25.00% [5],[9]   38.25% [1],[9]   20.00% [1],[9]   20.00% [1],[6],[9]   24.27% [1],[9]   7.50% [1],[9]   36.00% [9]   50.00% [9]   85.00% [9]     50.00% [9] 41.67% [9]   50.00% [9]   50.00% [9]   50.00% [9]   31.25% [9]   50.00% [9]   33.33% [9]      [10],[9]              [10],[9]         50.00% [9] 50.00% 50.00%    [11],[9] 50.00% [7],[9]   20.00% [8],[9]   50.00% [9]   80.00% [7],[9]                                                                        
Carrying Value $ 265,866,000 $ 181,129,000     $ 15,782,000 [1] $ 15,797,000 $ 2,686,000 [1] $ 3,201,000 $ 496,000 [1] $ 857,000   $ 6,257,000 [2],[3] $ 6,455,000     $ 1,950,000 [1] $ 3,117,000   $ 203,000 $ 26,458,000 [5] $ 26,838,000 $ 2,655,000 [1] $ 3,207,000 $ 1,685,000 [1] $ 2,206,000 $ 1,926,000 [1],[6] $ 2,068,000 $ 8,580,000 [1] $ 7,567,000   $ 24,000 $ 4,247,000 $ 3,655,000 $ 47,978,000 $ 46,628,000 $ 22,150,000 [12] $ 30,600,000     $ 1,255,000 $ 1,224,000 $ 337,000 $ 337,000 $ 3,771,000 $ 4,046,000 $ 5,658,000 $ 5,514,000 $ 1,899,000 $ 1,753,000 $ 1,962,000 $ 1,962,000 $ 751,000 $ 1,887,000                       $ 2,187,000 [12]     $ 61,296,000 [11] $ 3,848,000 [7] $ 3,702,000 $ 1,883,000 [8] $ 1,930,000    [13]    [13] $ 37,418,000 [7] $ 36,258,000 $ 751,000 [8] $ 693,000                                                                  
Property Debt, Balance 1,474,980,000       95,000,000 [1]   165,000,000 [1]   39,021,000 [1]   57,500,000 [1] 46,217,000 [14],[2],[3]   75,366,000 [1],[15],[4] 41,006,000 [1] 76,334,000 [1]   72,619,000 [1]   165,000,000 [5]   20,007,000 [1]   26,097,000 [1]       12,503,000 [1]   22,157,000 [1]   13,370,000   45,039,000         16,940,000         16,240,000   14,717,000   7,057,000       61,500,000   200,601,000 [16] 127,600,000 62,577,000     10,425,000 118,890,000 [17] 77,650,000 41,240,000                     66,799,000 [18]           6,500,000 1,117,000 38,600,000 5,709,000   52,657,000 17,000,000                                             46,505,000     62,175,000
Property Debt, Maturity Date         05/01/18 [1]   02/01/21 [1]   07/01/15 [1]   09/01/20 [1]       12/28/15 [1] 07/15/21 [1]   06/27/16 [1]   03/19/20 [5]   12/05/15 [1]   06/27/16 [1]       03/30/17 [1]   01/25/17 [1]   06/27/16   07/01/2033         03/02/15         05/17/16   07/01/23   11/01/23       09/09/16     August 27, 2023 August 27, 2016     August 27, 2015   July 6, 2024 July 1, 2017                                 August 2018 September 2015 September 2020 April 2015   March 2016 March 2016                                             August 2014     November 2016
Property Debt, Interest Rate         4.99% [1]   4.19% [1]   4.00% [1]   4.32% [1]         6.00% [1],[19]       3.17% [5]                           4.82% [20]                   3.99375%   2.87%   4.76%             5.114%                                               3.63%   3.25%             3.0875%         2.79%                                   6.15%
Property Debt, Interest Rate, LIBOR                             L+2.50 [1],[21]     L+2.10 [1],[22]       L+2.50 [1],[23]   L+2.15 [1],[24]       L+2.25 [1],[25]   L+2.10 [1],[26]   L+2.35 [27]             L+3.50         L+3.00 [28]               L+7.00 [29]         LIBOR+5.0 LIBOR+5.75 LIBOR+6.0     LIBOR+4.95                                                                                                  
Property Debt, Interest Rate, Spread Over LIBOR                             2.50% [1],[21]     2.10% [1],[22]       2.50% [1],[23]   2.15% [1],[24]       2.25% [1],[25]   2.10% [1],[26]   2.35% [27]             3.50%         3.00% [28]               7.00% [29]         5.00% 5.75% 6.00%     4.95%                                   2.50%   2.50%   2.00% 0.90%                                             3.25%      
Residual ownership interest                                                                                                                                                             12.50%       20.00%                                                        
Indirect ownership interest                                                                                                                                                               25.00%   50.00%                                                          
Number of stories                                                                                                                                                               5                                                              
Note payable                       975,000                                                                                                                         4,600,000                                                                            
Additional borrowing capacity                                                                                                                                                             1,000,000                                                                
Number of extension options                                                                                                       2                                                                       2     2     2   2                              
Loan extension period                                                                                                       1 year                                                           1 year           1 year   1 year       1 year 1 year 1 year     2 years 1 year       2 years 6 months            
Extension fee                                                                                                                                                                   0.25%               0.25%         0.25%     0.25% 0.125% 0.25% 0.25% 0.20% 0.25% 0.25% 0.25% 0.25% 0.20%        
Maximum borrowing capacity                                                                                                                                                                           17,000,000   55,500,000 83,113,000 91,000,000 42,500,000   73,350,000 77,400,000 57,000,000 23,400,000 100,700,000                            
Notional amount                                                                                       13,650,000                                                                                     1,840,000 50,800,000       1,620,000 69,500,000                                    
Percentage of interest in developable land                                       50.00%                                                                                                                                                                                      
Number of units available for development                                       295                                                                                                                                                                                      
Number of approved units available for development                                       252                                                                                                                                                                                      
Construction reserve                                                                                                       25,000,000                                                                                                                      
Internal rate of return                                                                           18.00%                                                 10.00% 15.00%                                                                                              
Bears interest at fixed rate range, minimum                                                                                                                         4.888%                       6.09%                                                                            
Bears interest at fixed rate range, maximum                                                                                                                         4.93%                       6.62%                                                                            
Loan maturity date                                                                                                                                                 Aug. 01, 2020                                                                            
Letter of credit                                                                                                                                                 4,600,000                                                                            
Mortgage loan face amount                                                                                                                                                                                                                       50,000,000      
Number of properties used to collateralized mortgage                                                                                                                                                                                                                         7    
Threshold of which excess proceeds are paid to another party                                                                                                                                                                                                                       $ 47,000,000      
[1] The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.
[2] Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet of retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park").
[3] The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of June 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term.
[4] Through the joint venture, the Company also owns a 50 percent interest in a land parcel ("Overlook Phase III Land") that can accommodate the development of approximately 240 apartment units.
[5] The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved.
[6] The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units.
[7] The joint venture owns a senior mezzanine loan ("Mezz Loan") with a face value of $50,000 and is secured by the equity interests in a seven-building portfolio containing 1.67 million square feet of Class A office space and 106 residential rental units totaling 70,500 square feet. The interest-only Mezz Loan has a carrying value of $46,505 and is subject to an agreement that provides, subject to certain conditions, for the payment of principal proceeds above $47,000 to another party. The Mezz loan bears interest at LIBOR plus 325 basis points and matures in August 2014. The joint venture is evaluating its option regarding its investment as the loan approaches maturity.
[8] The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term.
[9] Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
[10] The Company’s equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinate equity and then all profit will be split equally.
[11] Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote.
[12] See discussion in Recent Transactions following in this footnote.
[13] The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities.
[14] Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, has a balance of $38,600, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) loan, collateralized by the Shops at 40 Park, has a balance of $6,500, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) the loan, collateralized by the Lofts at 40 Park, has a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.
[15] Property debt balance consists of: (i) a loan, collateralized by the Overlook Phase III Land, has a balance of $5,709, bears interest at a rate of LIBOR plus 250 basis points, matures in April 2015 and, subject to certain conditions, provides for a one-year extension option with a fee of 25 basis points, and (ii) the senior loan, collateralized by the Quarrystone property, has a balance of $52,657, bears interest at LIBOR plus 200 basis, matures in March 2016 and (iii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner.
[16] Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $62,577 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in August 27, 2015.
[17] Principal balance of $77,650 bears interest at rates ranging from 4.888 percent to 4.93 percent and matures on July 6, 2024; principal balance of $41,240 bears interest at LIBOR+4.95 percent and matures on July 1, 2017.
[18] Balance includes: (i) mortgage loan, collateralized by the hotel property, has a balance of $62,175, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.6 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $4.6 million letter of credit in support of this loan, half of which is indemnified by the partner.
[19] The construction loan has a maximum borrowing amount of $83,113.
[20] The construction loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017.
[21] The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $50,800, for the period from September 3, 2013 to November 2, 2015.
[22] The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points.
[23] The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension.
[24] The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016.
[25] The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year.
[26] The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points.
[27] The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year.
[28] The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity.
[29] The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction reserve.