Mortgages, Loans Payable And Other Obligations (Tables) - Secured Debt [Member]
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6 Months Ended |
Jun. 30, 2017 |
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| Debt Instrument [Line Items] |
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| 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
|
Lender
|
|
Rate (a)
|
|
|
|
2017
|
|
|
2016
|
|
Maturity
|
|
|
150 Main St.
|
Webster Bank
|
LIBOR+2.35
|
%
|
|
$
|
28,540
|
|
$
|
26,642
|
|
08/01/17
|
|
|
Curtis Center (b)
|
CCRE & PREFG
|
LIBOR+5.912
|
%
|
|
|
75,000
|
|
|
75,000
|
|
10/09/17
|
|
|
23 Main Street
|
Berkadia CMBS
|
|
5.587
|
%
|
|
|
27,467
|
|
|
27,838
|
|
09/01/18
|
|
|
Port Imperial 4/5 Hotel (c)
|
Fifth Third Bank & Santander
|
LIBOR+4.50
|
%
|
|
|
24,870
|
|
|
14,919
|
|
10/06/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance Co.
|
|
6.842
|
%
|
|
|
211,486
|
|
|
213,640
|
|
11/01/18
|
|
|
|
& New York Life Insurance Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chase II (d)
|
Fifth Third Bank
|
LIBOR+2.25
|
%
|
|
|
43,527
|
|
|
34,708
|
|
12/16/18
|
|
|
One River Center (e)
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
40,847
|
|
|
41,197
|
|
02/01/19
|
|
|
Park Square
|
Wells Fargo Bank N.A.
|
LIBOR+1.872
|
%
|
|
|
27,267
|
|
|
27,500
|
|
04/10/19
|
|
|
250 Johnson (f)
|
M&T Bank
|
LIBOR+2.35
|
%
|
|
|
14,006
|
|
|
2,440
|
|
05/20/19
|
|
|
Portside 5/6 (g)
|
Citizens Bank
|
LIBOR+2.50
|
%
|
|
|
16,489
|
|
|
-
|
|
09/19/19
|
|
|
Port Imperial South 11 (h)
|
JPMorgan Chase
|
LIBOR+2.35
|
%
|
|
|
30,403
|
|
|
14,073
|
|
11/24/19
|
|
|
Worcester (i)
|
Citizens Bank
|
LIBOR+2.50
|
%
|
|
|
16,403
|
|
|
-
|
|
12/10/19
|
|
|
Monaco (j)
|
The Northwestern Mutual Life Insurance Co.
|
|
3.15
|
%
|
|
|
170,796
|
|
|
-
|
|
02/01/21
|
|
|
Port Imperial South 4/5 Retail
|
American General Life & A/G PC
|
|
4.559
|
%
|
|
|
4,000
|
|
|
4,000
|
|
12/01/21
|
|
|
The Chase at Overlook Ridge
|
New York Community Bank
|
|
3.740
|
%
|
|
|
72,500
|
|
|
72,500
|
|
02/01/23
|
|
|
Portside 7
|
CBRE Capital Markets/FreddieMac
|
3.569
|
%
|
|
|
58,998
|
|
|
58,998
|
|
08/01/23
|
|
|
Alterra I & II
|
Capital One/FreddieMac
|
|
3.854
|
%
|
|
|
100,000
|
|
|
-
|
|
02/01/24
|
|
|
101 Hudson
|
Wells Fargo CMBS
|
|
3.197
|
%
|
|
|
250,000
|
|
|
250,000
|
|
10/11/26
|
|
|
Short Hills office buildings (k)
|
Wells Fargo CMBS
|
|
4.149
|
%
|
|
|
124,500
|
|
|
-
|
|
04/01/27
|
|
|
Port Imperial South 4/5 Garage
|
American General Life & A/G PC
|
|
4.853
|
%
|
|
|
32,600
|
|
|
32,600
|
|
12/01/29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal balance outstanding
|
|
|
|
|
|
1,369,699
|
|
|
896,055
|
|
|
|
|
Unamortized deferred financing costs
|
|
|
|
|
|
(8,162)
|
|
|
(7,470)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgages, loans payable and other obligations, net
|
|
|
|
|
$
|
1,361,537
|
|
$
|
888,585
|
|
|
|
|
|
|
|
|
|
|
(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)
|
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 4.45 percent at June 30, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.66 percent at June 30, 2017. 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. In October 2016, the first of three one-year extension options was exercised by the venture.
|
|
(c)
|
This construction loan has a maximum borrowing capacity of $94 million.
|
|
(d)
|
This construction loan has a maximum borrowing capacity of $48 million.
|
|
(e)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
(f)
|
This construction loan has a maximum borrowing capacity of $42 million.
|
|
(g)
|
This construction loan has a maximum borrowing capacity of $73 million.
|
|
(h)
|
This construction loan has a maximum borrowing capacity of $78 million.
|
|
(i)
|
This construction loan has a maximum borrowing capacity of $58 million.
|
|
(j)
|
This mortgage loan, which includes unamortized fair value adjustment of $5.8 million as of June 30, 2017, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers.
|
|
(k)
|
This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.
|
|
|
|
|
| Mack-Cali Realty LP [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary Of Mortgages, Loans Payable And Other Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
Property/Project Name
|
Lender
|
|
Rate (a)
|
|
|
|
2017
|
|
|
2016
|
|
Maturity
|
|
|
150 Main St.
|
Webster Bank
|
LIBOR+2.35
|
%
|
|
$
|
28,540
|
|
$
|
26,642
|
|
08/01/17
|
|
|
Curtis Center (b)
|
CCRE & PREFG
|
LIBOR+5.912
|
%
|
|
|
75,000
|
|
|
75,000
|
|
10/09/17
|
|
|
23 Main Street
|
Berkadia CMBS
|
|
5.587
|
%
|
|
|
27,467
|
|
|
27,838
|
|
09/01/18
|
|
|
Port Imperial 4/5 Hotel (c)
|
Fifth Third Bank & Santander
|
LIBOR+4.50
|
%
|
|
|
24,870
|
|
|
14,919
|
|
10/06/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance Co.
|
|
6.842
|
%
|
|
|
211,486
|
|
|
213,640
|
|
11/01/18
|
|
|
|
& New York Life Insurance Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chase II (d)
|
Fifth Third Bank
|
LIBOR+2.25
|
%
|
|
|
43,527
|
|
|
34,708
|
|
12/16/18
|
|
|
One River Center (e)
|
Guardian Life Insurance Co.
|
|
7.311
|
%
|
|
|
40,847
|
|
|
41,197
|
|
02/01/19
|
|
|
Park Square
|
Wells Fargo Bank N.A.
|
LIBOR+1.872
|
%
|
|
|
27,267
|
|
|
27,500
|
|
04/10/19
|
|
|
250 Johnson (f)
|
M&T Bank
|
LIBOR+2.35
|
%
|
|
|
14,006
|
|
|
2,440
|
|
05/20/19
|
|
|
Portside 5/6 (g)
|
Citizens Bank
|
LIBOR+2.50
|
%
|
|
|
16,489
|
|
|
-
|
|
09/19/19
|
|
|
Port Imperial South 11 (h)
|
JPMorgan Chase
|
LIBOR+2.35
|
%
|
|
|
30,403
|
|
|
14,073
|
|
11/24/19
|
|
|
Worcester (i)
|
Citizens Bank
|
LIBOR+2.50
|
%
|
|
|
16,403
|
|
|
-
|
|
12/10/19
|
|
|
Monaco (j)
|
The Northwestern Mutual Life Insurance Co.
|
|
3.15
|
%
|
|
|
170,796
|
|
|
-
|
|
02/01/21
|
|
|
Port Imperial South 4/5 Retail
|
American General Life & A/G PC
|
|
4.559
|
%
|
|
|
4,000
|
|
|
4,000
|
|
12/01/21
|
|
|
The Chase at Overlook Ridge
|
New York Community Bank
|
|
3.740
|
%
|
|
|
72,500
|
|
|
72,500
|
|
02/01/23
|
|
|
Portside 7
|
CBRE Capital Markets/FreddieMac
|
3.569
|
%
|
|
|
58,998
|
|
|
58,998
|
|
08/01/23
|
|
|
Alterra I & II
|
Capital One/FreddieMac
|
|
3.854
|
%
|
|
|
100,000
|
|
|
-
|
|
02/01/24
|
|
|
101 Hudson
|
Wells Fargo CMBS
|
|
3.197
|
%
|
|
|
250,000
|
|
|
250,000
|
|
10/11/26
|
|
|
Short Hills office buildings (k)
|
Wells Fargo CMBS
|
|
4.149
|
%
|
|
|
124,500
|
|
|
-
|
|
04/01/27
|
|
|
Port Imperial South 4/5 Garage
|
American General Life & A/G PC
|
|
4.853
|
%
|
|
|
32,600
|
|
|
32,600
|
|
12/01/29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal balance outstanding
|
|
|
|
|
|
1,369,699
|
|
|
896,055
|
|
|
|
|
Unamortized deferred financing costs
|
|
|
|
|
|
(8,162)
|
|
|
(7,470)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgages, loans payable and other obligations, net
|
|
|
|
|
$
|
1,361,537
|
|
$
|
888,585
|
|
|
|
|
|
|
|
|
|
|
(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)
|
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 4.45 percent at June 30, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.66 percent at June 30, 2017. 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. In October 2016, the first of three one-year extension options was exercised by the venture.
|
|
(c)
|
This construction loan has a maximum borrowing capacity of $94 million.
|
|
(d)
|
This construction loan has a maximum borrowing capacity of $48 million.
|
|
(e)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
(f)
|
This construction loan has a maximum borrowing capacity of $42 million.
|
|
(g)
|
This construction loan has a maximum borrowing capacity of $73 million.
|
|
(h)
|
This construction loan has a maximum borrowing capacity of $78 million.
|
|
(i)
|
This construction loan has a maximum borrowing capacity of $58 million.
|
|
(j)
|
This mortgage loan, which includes unamortized fair value adjustment of $5.8 million as of June 30, 2017, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers.
|
|
(k)
|
This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.
|
|
|
|
|