Annual report pursuant to Section 13 and 15(d)

Mortgages, Loans Payable And Other Obligations (Tables)

v3.8.0.1
Mortgages, Loans Payable And Other Obligations (Tables)
12 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]  
Summary Of Mortgages, Loans Payable And Other Obligations



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Effective

 

 

 

December 31,

 

 

December 31,

 

 

 

Property/Project Name

Lender

 

Rate (a)

 

 

 

2017

 

 

2016

 

Maturity

 

Curtis Center (b)

CCRE & PREFG

LIBOR+5.91

%

 

 

 -

 

$

75,000 

 

-

 

Chase II (c)

Fifth Third Bank

LIBOR+2.25

%

 

 

 -

 

 

34,708 

 

-

 

23 Main Street

Berkadia CMBS

 

5.59 

%

 

$

27,090 

 

 

27,838 

 

09/01/18

 

Port Imperial 4/5 Hotel (d)

Fifth Third Bank & Santander

LIBOR+4.50

%

 

 

43,674 

 

 

14,919 

 

10/06/18

 

Harborside Plaza 5 (e)

The Northwestern Mutual Life Insurance Co.

6.84 

%

 

 

209,257 

 

 

213,640 

 

11/01/18

 



& New York Life Insurance Co.

 

 

 

 

 

 

 

 

 

 

 

 



Insurance Co.

 

 

 

 

 

 

 

 

 

 

 

 

One River Center (f)

Guardian Life Insurance Co.

 

7.31 

%

 

 

40,485 

 

 

41,197 

 

02/01/19

 

Park Square

Wells Fargo Bank N.A.

LIBOR+1.87

%

 

 

26,567 

 

 

27,500 

 

04/10/19

 

250 Johnson (g)

M&T Bank

LIBOR+2.35

%

 

 

32,491 

 

 

2,440 

 

05/20/19

 

Portside 5/6 (h)

Citizens Bank

LIBOR+2.50

%

 

 

45,778 

 

 

 -

 

09/29/19

 

Port Imperial South 11  (i)

JPMorgan Chase

LIBOR+2.35

%

 

 

46,113 

 

 

14,073 

 

11/24/19

 

Worcester (j)

Citizens Bank

LIBOR+2.50

%

 

 

37,821 

 

 

 -

 

12/10/19

 

Monaco (k)

The Northwestern Mutual Life Insurance Co.

 

3.15 

%

 

 

169,987 

 

 

 -

 

02/01/21

 

Port Imperial South 4/5 Retail

American General Life & A/G PC

 

4.56 

%

 

 

4,000 

 

 

4,000 

 

12/01/21

 

The Chase at Overlook Ridge

New York Community Bank

 

3.74 

%

 

 

 -

 

 

72,500 

 

02/01/23

 

Portside 7

CBRE Capital Markets/FreddieMac

 

3.57 

%

 

 

58,998 

 

 

58,998 

 

08/01/23

 

Alterra I & II

Capital One/FreddieMac

 

3.85 

%

 

 

100,000 

 

 

 -

 

02/01/24

 

The Chase at Overlook Ridge and Chase II (c)

New York Community Bank

 

3.74 

%

 

 

135,750 

 

 

 -

 

01/01/25

 

101 Hudson

Wells Fargo CMBS

 

3.20 

%

 

 

250,000 

 

 

250,000 

 

10/11/26

 

Short Hills Portfolio (l)

Wells Fargo CMBS

 

4.15 

%

 

 

124,500 

 

 

 -

 

04/01/27

 

150 Main St.

Natixis Real Estate Capital LLC

4.48 

%

 

 

41,000 

 

 

26,642 

 

08/05/27

 

Port Imperial South 4/5 Garage

American General Life & A/G PC

 

4.85 

%

 

 

32,600 

 

 

32,600 

 

12/01/29

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Principal balance outstanding

 

 

 

 

 

1,426,111 

 

 

896,055 

 

 

 

Unamortized deferred financing costs

 

 

 

 

 

 

(7,976)

 

 

(7,470)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Total mortgages, loans payable and other obligations, net

 

 

 

 

$

1,418,135 

 

$

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 owned a 50 percent tenants-in-common interest in the Curtis Center property.  On September 29, 2017, the Company sold its equity interest to



its joint venture partner, which included the retirement of this $75 million loan balance.

(c)

The Chase II construction loan was paid off on December 5, 2017 using the proceeds of a new combined mortgage loan secured by The Chase at Overlook Ridge



and Chase II.

(d)

This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one-year extension options with a fee



of 20 basis points for each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(e)

On January 8, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's



unsecured revolving credit facility.

(f)

Mortgage is collateralized by the three properties comprising One River Center. 

(g)

This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one-year extension option with a fee



of 25 basis points.  See Note 12: Commitments and Contingencies - Construction Projects.

(h)

This construction loan has a maximum borrowing capacity of $73 million and provides, subject to certain conditions, two one-year extension options with a fee  



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(i)

This construction loan has a maximum borrowing capacity of $78 million and provides, subject to certain conditions, two one-year extension options with a fee



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(j)

This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one-year extension options with a fee



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(k)

This mortgage loan, which includes unamortized fair value adjustment of $5.0 million as of December 31, 2017, was assumed by the



Company in April 2017 with the consolidation of all the interests in Monaco Towers.  See Note 3: Recent Transactions - Consolidations.

(l)

This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.



Schedule Of Principal Payments



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Scheduled

 

 

Principal

 

 

 

Period

 

Amortization

 

 

Maturities

 

 

Total

2018 (a)

$

6,977 

 

$

275,210 

 

$

282,187 

2019

 

665 

 

 

576,489 

 

 

577,154 

2020

 

2,903 

 

 

325,000 

 

 

327,903 

2021

 

3,227 

 

 

318,800 

 

 

322,027 

2022

 

3,284 

 

 

300,000 

 

 

303,284 

Thereafter

 

10,642 

 

 

997,927 

 

 

1,008,569 

Sub-total

 

27,698 

 

 

2,793,426 

 

 

2,821,124 

Adjustment for unamortized debt

 

 

 

 

 

 

 

 

  discount/premium, net

 

 

 

 

 

 

 

 

  December 31, 2017

 

(3,505)

 

 

 -

 

 

(3,505)

Unamortized mark to market

 

4,987 

 

 

 -

 

 

4,987 

Unamortized deferred financing costs

 

(13,038)

 

 

 

 

 

(13,038)



 

 

 

 

 

 

 

 

Totals/Weighted Average

$

16,142 

 

$

2,793,426 

 

$

2,809,568 



(a)Includes a mortgage payable amount of approximately $209 million that the Company prepaid in January 2018.

Mack-Cali Realty LP [Member]  
Debt Instrument [Line Items]  
Summary Of Mortgages, Loans Payable And Other Obligations



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Effective

 

 

 

December 31,

 

 

December 31,

 

 

 

Property/Project Name

Lender

 

Rate (a)

 

 

 

2017

 

 

2016

 

Maturity

 

Curtis Center (b)

CCRE & PREFG

LIBOR+5.91

%

 

 

 -

 

$

75,000 

 

-

 

Chase II (c)

Fifth Third Bank

LIBOR+2.25

%

 

 

 -

 

 

34,708 

 

-

 

23 Main Street

Berkadia CMBS

 

5.59 

%

 

$

27,090 

 

 

27,838 

 

09/01/18

 

Port Imperial 4/5 Hotel (d)

Fifth Third Bank & Santander

LIBOR+4.50

%

 

 

43,674 

 

 

14,919 

 

10/06/18

 

Harborside Plaza 5 (e)

The Northwestern Mutual Life Insurance Co.

6.84 

%

 

 

209,257 

 

 

213,640 

 

11/01/18

 



& New York Life Insurance Co.

 

 

 

 

 

 

 

 

 

 

 

 



Insurance Co.

 

 

 

 

 

 

 

 

 

 

 

 

One River Center (f)

Guardian Life Insurance Co.

 

7.31 

%

 

 

40,485 

 

 

41,197 

 

02/01/19

 

Park Square

Wells Fargo Bank N.A.

LIBOR+1.87

%

 

 

26,567 

 

 

27,500 

 

04/10/19

 

250 Johnson (g)

M&T Bank

LIBOR+2.35

%

 

 

32,491 

 

 

2,440 

 

05/20/19

 

Portside 5/6 (h)

Citizens Bank

LIBOR+2.50

%

 

 

45,778 

 

 

 -

 

09/29/19

 

Port Imperial South 11  (i)

JPMorgan Chase

LIBOR+2.35

%

 

 

46,113 

 

 

14,073 

 

11/24/19

 

Worcester (j)

Citizens Bank

LIBOR+2.50

%

 

 

37,821 

 

 

 -

 

12/10/19

 

Monaco (k)

The Northwestern Mutual Life Insurance Co.

 

3.15 

%

 

 

169,987 

 

 

 -

 

02/01/21

 

Port Imperial South 4/5 Retail

American General Life & A/G PC

 

4.56 

%

 

 

4,000 

 

 

4,000 

 

12/01/21

 

The Chase at Overlook Ridge

New York Community Bank

 

3.74 

%

 

 

 -

 

 

72,500 

 

02/01/23

 

Portside 7

CBRE Capital Markets/FreddieMac

 

3.57 

%

 

 

58,998 

 

 

58,998 

 

08/01/23

 

Alterra I & II

Capital One/FreddieMac

 

3.85 

%

 

 

100,000 

 

 

 -

 

02/01/24

 

The Chase at Overlook Ridge and Chase II (c)

New York Community Bank

 

3.74 

%

 

 

135,750 

 

 

 -

 

01/01/25

 

101 Hudson

Wells Fargo CMBS

 

3.20 

%

 

 

250,000 

 

 

250,000 

 

10/11/26

 

Short Hills Portfolio (l)

Wells Fargo CMBS

 

4.15 

%

 

 

124,500 

 

 

 -

 

04/01/27

 

150 Main St.

Natixis Real Estate Capital LLC

4.48 

%

 

 

41,000 

 

 

26,642 

 

08/05/27

 

Port Imperial South 4/5 Garage

American General Life & A/G PC

 

4.85 

%

 

 

32,600 

 

 

32,600 

 

12/01/29

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Principal balance outstanding

 

 

 

 

 

1,426,111 

 

 

896,055 

 

 

 

Unamortized deferred financing costs

 

 

 

 

 

 

(7,976)

 

 

(7,470)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Total mortgages, loans payable and other obligations, net

 

 

 

 

$

1,418,135 

 

$

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 owned a 50 percent tenants-in-common interest in the Curtis Center property.  On September 29, 2017, the Company sold its equity interest to



its joint venture partner, which included the retirement of this $75 million loan balance.

(c)

The Chase II construction loan was paid off on December 5, 2017 using the proceeds of a new combined mortgage loan secured by The Chase at Overlook Ridge



and Chase II.

(d)

This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one-year extension options with a fee



of 20 basis points for each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(e)

On January 8, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's



unsecured revolving credit facility.

(f)

Mortgage is collateralized by the three properties comprising One River Center. 

(g)

This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one-year extension option with a fee



of 25 basis points.  See Note 12: Commitments and Contingencies - Construction Projects.

(h)

This construction loan has a maximum borrowing capacity of $73 million and provides, subject to certain conditions, two one-year extension options with a fee  



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(i)

This construction loan has a maximum borrowing capacity of $78 million and provides, subject to certain conditions, two one-year extension options with a fee



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(j)

This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one-year extension options with a fee



of 15 basis points each year.  See Note 12: Commitments and Contingencies - Construction Projects.

(k)

This mortgage loan, which includes unamortized fair value adjustment of $5.0 million as of December 31, 2017, was assumed by the



Company in April 2017 with the consolidation of all the interests in Monaco Towers.  See Note 3: Recent Transactions - Consolidations.

(l)

This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.



Schedule Of Principal Payments



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Scheduled

 

 

Principal

 

 

 

Period

 

Amortization

 

 

Maturities

 

 

Total

2018 (a)

$

6,977 

 

$

275,210 

 

$

282,187 

2019

 

665 

 

 

576,489 

 

 

577,154 

2020

 

2,903 

 

 

325,000 

 

 

327,903 

2021

 

3,227 

 

 

318,800 

 

 

322,027 

2022

 

3,284 

 

 

300,000 

 

 

303,284 

Thereafter

 

10,642 

 

 

997,927 

 

 

1,008,569 

Sub-total

 

27,698 

 

 

2,793,426 

 

 

2,821,124 

Adjustment for unamortized debt

 

 

 

 

 

 

 

 

  discount/premium, net

 

 

 

 

 

 

 

 

  December 31, 2017

 

(3,505)

 

 

 -

 

 

(3,505)

Unamortized mark to market

 

4,987 

 

 

 -

 

 

4,987 

Unamortized deferred financing costs

 

(13,038)

 

 

 

 

 

(13,038)



 

 

 

 

 

 

 

 

Totals/Weighted Average

$

16,142 

 

$

2,793,426 

 

$

2,809,568 



(a)Includes a mortgage payable amount of approximately $209 million that the Company prepaid in January 2018.