| Summary Of Mortgages, Loans Payable And Other Obligations |
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Effective
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March 31,
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December 31,
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Property/Project Name
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Lender
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Rate (a)
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2016
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2015
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Maturity
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Port Imperial South (b)
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Wells Fargo Bank N.A.
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LIBOR+1.75
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%
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-
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$
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34,962
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01/17/16
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6 Becker, 85 Livingston,
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75 Livingston & 20 Waterview
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Wells Fargo CMBS
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10.260
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%
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$
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63,279
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63,279
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08/11/14
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(c)
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9200 Edmonston Road
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Principal Commercial Funding L.L.C.
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9.780
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%
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3,793
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3,793
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05/01/15
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(d)
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4 Becker
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Wells Fargo CMBS
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9.550
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%
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40,478
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40,631
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05/11/16
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Curtis Center (e)
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CCRE & PREFG
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LIBOR+5.912
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%
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(f)
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64,000
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64,000
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10/09/16
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Various (g)
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Prudential Insurance
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6.332
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%
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142,983
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143,513
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01/15/17
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150 Main St. (h)
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Webster Bank
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LIBOR+2.35
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%
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16,103
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10,937
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03/30/17
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23 Main Street
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JPMorgan CMBS
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5.587
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%
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28,367
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28,541
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09/01/18
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Harborside Plaza 5
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The Northwestern Mutual Life
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6.842
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%
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216,738
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217,736
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11/01/18
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Insurance Co. & New York Life
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Insurance Co.
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100 Walnut Avenue
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Guardian Life Insurance Co.
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7.311
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%
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18,202
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18,273
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02/01/19
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One River Center (i)
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Guardian Life Insurance Co.
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7.311
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%
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41,698
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41,859
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02/01/19
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Park Square
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Wells Fargo Bank N.A.
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LIBOR+1.872
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%
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(j)
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27,500
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27,500
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04/10/19
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Port Imperial South 4/5 Retail
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American General Life & A/G PC
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4.559
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%
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4,000
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4,000
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12/01/21
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The Chase at Overlook Ridge
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New York Community Bank
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3.740
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%
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72,500
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-
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02/01/23
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Port Imperial South 4/5 Garage
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American General Life & A/G PC
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4.853
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%
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32,600
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32,600
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12/01/29
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Principal balance outstanding
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772,241
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731,624
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Adjustment for unamortized debt discount
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(222)
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(548)
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Unamortized deferred financing costs
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(4,446)
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(4,465)
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Total mortgages, loans payable and other obligations, net
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$
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767,573
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$
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726,611
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(a)
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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.
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(b)
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The loan was repaid in full at maturity, using borrowings from the Company's revolving credit facility.
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(c)
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Mortgage is cross collateralized by the four properties. On April 22, 2016, the loan was repaid for $51.5 million.
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(d)
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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.
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(e)
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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 3.7311 percent at March 31, 2016 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.937 percent at March 31, 2016. 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.
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(f)
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The effective interest rate includes amortization of deferred financing costs of 1.362 percent.
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(g)
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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.
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(h)
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This construction loan has a maximum borrowing capacity of $28.8 million.
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(i)
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Mortgage is collateralized by the three properties comprising One River Center.
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(j)
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The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
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