| Summary Of Mortgages, Loans Payable And Other Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
Property Name
|
Lender
|
|
Rate (a)
|
|
|
|
2015
|
|
|
2014
|
|
Maturity
|
|
|
Overlook - Site IIID,IIIC, IIIA (b)
|
Wells Fargo Bank N.A.
|
LIBOR+3.50
|
%
|
|
|
-
|
|
$
|
17,260
|
|
|
|
|
Overlook - Site IIB (Quarrystone I) (b)
|
Wells Fargo Bank N.A.
|
LIBOR+2.50
|
%
|
|
|
-
|
|
|
5,787
|
|
|
|
|
6 Becker, 85 Livingston,
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
$
|
65,035
|
|
|
65,035
|
|
08/11/14
|
(d)
|
|
75 Livingston &
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 Waterview (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Sylvan
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
|
14,575
|
|
|
14,575
|
|
08/11/14
|
(d)
|
|
10 Independence
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
|
16,924
|
|
|
16,924
|
|
08/11/14
|
(d)
|
|
9200 Edmonston Road (e)
|
Principal Commercial Funding L.L.C.
|
|
5.534
|
%
|
|
|
3,903
|
|
|
3,951
|
|
05/01/15
|
|
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+1.75
|
%
|
|
|
44,333
|
|
|
44,119
|
|
09/19/15
|
|
|
4 Becker
|
Wells Fargo CMBS
|
|
9.550
|
%
|
|
|
39,568
|
|
|
39,421
|
|
05/11/16
|
|
|
5 Becker (f)
|
Wells Fargo CMBS
|
|
19.450
|
%
|
|
|
14,073
|
|
|
13,867
|
|
05/11/16
|
|
|
210 Clay (g)
|
Wells Fargo CMBS
|
|
18.100
|
%
|
|
|
13,549
|
|
|
13,330
|
|
05/11/16
|
|
|
Curtis Center (h)
|
CCRE & PREFG
|
LIBOR+5.912
|
%
|
(k)
|
|
64,000
|
|
|
64,000
|
|
10/09/16
|
|
|
Various (i)
|
Prudential Insurance
|
|
6.332
|
%
|
|
|
145,058
|
|
|
145,557
|
|
01/15/17
|
|
|
150 Main St.
|
Webster Bank
|
LIBOR+2.35
|
%
|
|
|
1,963
|
|
|
1,193
|
(m)
|
03/30/17
|
|
|
23 Main Street
|
JPMorgan CMBS
|
|
5.587
|
%
|
|
|
29,041
|
|
|
29,210
|
|
09/01/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life
|
|
6.842
|
%
|
|
|
220,630
|
|
|
221,563
|
|
11/01/18
|
|
|
|
Insurance Co. & New York Life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Walnut Avenue
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
18,476
|
|
|
18,542
|
|
02/01/19
|
|
|
One River Center (j)
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
42,326
|
|
|
42,476
|
|
02/01/19
|
|
|
Park Square
|
Wells Fargo Bank N.A.
|
LIBOR+1.872
|
%
|
(l)
|
|
27,500
|
|
|
27,500
|
|
04/10/19
|
|
|
Port Imperial South 4/5 Retail
|
American General Life & A/G PC
|
|
4.559
|
%
|
|
|
4,000
|
|
|
4,000
|
|
12/01/21
|
|
|
Port Imperial South 4/5 Garage
|
American General Life & A/G PC
|
|
4.853
|
%
|
|
|
32,600
|
|
|
32,600
|
|
12/01/29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgages, loans payable and other obligations
|
|
|
|
|
$
|
797,554
|
|
$
|
820,910
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
|
|
(b)
|
On March 27, 2015, the Company repaid these loans at par, using borrowings on the Company's unsecured revolving credit facility.
|
|
(c)
|
Mortgage is cross collateralized by the four properties.
|
|
(d)
|
The loan was not repaid at maturity and the Company has begun discussions with the lender regarding a potential deed-in-lieu of foreclosure in satisfaction of the obligation.
|
|
(e)
|
The mortgage loan originally matured on May 1, 2013. The maturity date was extended until May 1, 2015 with the same interest rate. Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity.
|
|
(f)
|
The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a deed-in-lieu of foreclosure and began remitting available cash flow to the lender effective August 2013.
|
|
(g)
|
The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in January 2015.
|
|
(h)
|
The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $64.0 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.469 percent at March 31, 2015 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.675 percent at March 31, 2015. The senior loan rate is based on a floating rate of one-month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one-month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. The loans provide for three one-year extension options.
|
|
(i)
|
Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(j)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
(k)
|
The effective interest rate includes amortization of deferred financing costs of 1.362 percent.
|
|
(l)
|
The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
|
|
(m)
|
This construction loan has a maximum borrowing capacity of $28.8 million.
|
|