| Summary Of Mortgages, Loans Payable And Other Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
|
|
|
|
September 30,
|
|
|
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
|
|
-
|
|
|
10 Independence (c)
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
|
-
|
|
|
16,924
|
|
-
|
|
|
4 Sylvan (d)
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
|
-
|
|
|
14,575
|
|
-
|
|
|
210 Clay (e)
|
Wells Fargo CMBS
|
|
18.100
|
%
|
|
|
-
|
|
|
13,330
|
|
-
|
|
|
5 Becker (f)
|
Wells Fargo CMBS
|
|
19.450
|
%
|
|
|
-
|
|
|
13,867
|
|
-
|
|
|
6 Becker, 85 Livingston,
|
Wells Fargo CMBS
|
|
10.260
|
%
|
|
$
|
65,035
|
|
|
65,035
|
|
08/11/14
|
(h)
|
|
75 Livingston &
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 Waterview (g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9200 Edmonston Road
|
Principal Commercial Funding L.L.C.
|
|
5.534
|
%
|
|
|
3,809
|
|
|
3,951
|
|
05/01/15
|
(i)
|
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+1.75
|
%
|
|
|
44,771
|
|
|
44,119
|
|
11/18/15
|
|
|
4 Becker
|
Wells Fargo CMBS
|
|
9.550
|
%
|
|
|
39,914
|
|
|
39,421
|
|
05/11/16
|
|
|
Curtis Center (j)
|
CCRE & PREFG
|
LIBOR+5.912
|
%
|
(m)
|
|
64,000
|
|
|
64,000
|
|
10/09/16
|
|
|
Various (k)
|
Prudential Insurance
|
|
6.332
|
%
|
|
|
144,037
|
|
|
145,557
|
|
01/15/17
|
|
|
150 Main St.
|
Webster Bank
|
LIBOR+2.35
|
%
|
|
|
6,568
|
|
|
1,193
|
(o)
|
03/30/17
|
|
|
23 Main Street
|
JPMorgan CMBS
|
|
5.587
|
%
|
|
|
28,713
|
|
|
29,210
|
|
09/01/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life
|
|
6.842
|
%
|
|
|
218,717
|
|
|
221,563
|
|
11/01/18
|
|
|
|
Insurance Co. & New York Life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Walnut Avenue
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
18,342
|
|
|
18,542
|
|
02/01/19
|
|
|
One River Center (l)
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
42,018
|
|
|
42,476
|
|
02/01/19
|
|
|
Park Square
|
Wells Fargo Bank N.A.
|
LIBOR+1.872
|
%
|
(n)
|
|
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
|
|
|
|
|
$
|
740,024
|
|
$
|
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)
|
On May 27, 2015, the Company transferred the deed for 10 Independence Boulevard to the lender in satisfaction of its obligation. See Note 3: Recent Transactions.
|
|
(d)
|
On June 11, 2015, the Company transferred the deed for 4 Sylvan Way to the lender in satisfaction of its obligation. See Note 3: Recent Transactions.
|
|
(e)
|
On July 21, 2015, the Company transferred the deed for 210 Clay to the lender in satisfaction of its obligation. See Note 3: Recent Transactions.
|
|
(f)
|
On August 24, 2015, the Company transferred the deed for 5 Becker to the lender in satisfaction of its obligation. See Note 3: Recent Transactions.
|
|
(g)
|
Mortgage is cross collateralized by the four properties.
|
|
(h)
|
The loan was not repaid at maturity and the Company is in discussions with the lender regarding potential options in satisfaction of the obligation.
|
|
(i)
|
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. The mortgage loan was not repaid at maturity on May 1, 2015. The Company is in discussions with the lender regarding a further extension of the loan.
|
|
(j)
|
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 3.501 percent at September 30, 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 9.707 percent at September 30, 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.
|
|
(k)
|
Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of $61.1 million of the loan.
|
|
(l)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
(m)
|
The effective interest rate includes amortization of deferred financing costs of 1.362 percent.
|
|
(n)
|
The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
|
|
(o)
|
This construction loan has a maximum borrowing capacity of $28.8 million.
|
|