| Summary Of Mortgages, Loans Payable And Other Obligations |
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Effective
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June 30,
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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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-
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6 Becker, 85 Livingston,
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75 Livingston & 20 Waterview (c)
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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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-
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9200 Edmonston Road (d)
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Principal Commercial Funding L.L.C.
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9.780
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%
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-
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3,793
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-
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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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$
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40,330
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40,631
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05/11/16
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(e)
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Curtis Center (f)
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CCRE & PREFG
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LIBOR+5.912
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%
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(g)
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75,000
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64,000
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10/09/16
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Various (h)
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Prudential Insurance
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6.332
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%
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142,443
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143,513
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01/15/17
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150 Main St. (i)
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Webster Bank
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LIBOR+2.35
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%
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20,929
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10,937
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03/30/17
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Portside 7 (j)
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RBS Citizens N.A. &
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LIBOR+2.15
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%
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42,500
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-
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12/04/17
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Salem Five Cents Savings Bank
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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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28,195
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28,541
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09/01/18
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Port Imperial 4/5 Hotel
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Fifth Third Bank & Santander
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LIBOR+4.50
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%
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3,094
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-
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10/06/18
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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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215,723
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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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Chase II (k)
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Fifth Third Bank
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LIBOR+2.25
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%
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8,680
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-
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12/15/18
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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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18,131
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18,273
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02/01/19
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One River Center (l)
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Guardian Life Insurance Co.
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7.311
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%
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41,534
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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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(m)
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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 11 (n)
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JPMorgan Chase
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LIBOR+2.35
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%
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1,639
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-
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11/24/19
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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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774,798
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731,624
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Adjustment for unamortized debt discount
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-
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(548)
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Unamortized deferred financing costs
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(5,375)
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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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769,423
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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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On January 19, 2016, 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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On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million.
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(d)
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On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million.
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(e)
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The Company has begun discussions with the lender regarding the past due maturity of the loan.
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(f)
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The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.7371 percent at June 30, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 9.943 percent at June 30, 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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(g)
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The effective interest rate includes amortization of deferred financing costs of 1.362 percent.
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(h)
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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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(i)
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This construction loan has a maximum borrowing capacity of $28.8 million.
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(j)
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On July 8, 2016, the loan was repaid in full from loan refinancing proceeds.
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(k)
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This construction loan has a maximum borrowing capacity of $48 million.
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(l)
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Mortgage is collateralized by the three properties comprising One River Center.
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(m)
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The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
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(n)
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This constuction loan has a maximum borrowing capacity of $78 million.
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