Property Debt

Number of

Company's

Carrying Value

As of December 31, 2019

Apartment Units

Effective

December 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable SF

Ownership % (a)

2019

2018

Balance

Date

Rate

Multi-family

Metropolitan at 40 Park (b) (c)

189 

units

25.00 

%

$

7,257

$

7,679 

$

54,373

(d)

(d)

RiverTrace at Port Imperial

316 

units

22.50 

%

7,463

8,112 

82,000 

11/10/26

3.21 

%

Crystal House (e)

825 

units

25.00 

%

28,823

29,570 

159,492

04/01/20

3.17 

%

PI North - Riverwalk C

360 

units

40.00 

%

35,527

27,175 

28,208

12/06/21

L+2.75

%

(f)

Marbella II (g)

311 

units

24.27 

%

-

15,414 

-

-

-

Riverpark at Harrison

141 

units

45.00 

%

1,015

1,272 

29,261

08/01/25

3.70 

%

Station House

378 

units

50.00 

%

35,676

37,675 

96,861

07/01/33

4.82 

%

Urby at Harborside (h)

762 

units

85.00 

%

79,790

85,317 

192,000 

08/01/29

5.197 

%

PI North -Land (i)

836 

potential units

20.00 

%

1,678

1,678 

-

-

-

Liberty Landing

850 

potential units

50.00 

%

337

337 

-

-

-

Hillsborough 206

160,000 

sf

50.00 

%

1,962

1,962 

-

-

-

Office

Red Bank (j)

92,878 

sf

50.00 

%

-

3,127 

-

-

-

12 Vreeland Road

139,750 

sf

50.00 

%

3,846

(k)

7,019 

6,267

07/01/23

2.87 

%

Offices at Crystal Lake

106,345 

sf

31.25 

%

3,521

3,442 

3,322

11/01/23

4.76 

%

Other

Riverwalk Retail (b)

30,745 

sf

20.00 

%

1,467

1,539 

-

-

-

Hyatt Regency Hotel Jersey City

351 

rooms

50.00 

%

-

112 

100,000 

10/01/26

3.668 

%

Other (l)

729

1,320 

-

-

-

Totals:

$

209,091

$

232,750 

$

751,784

(a)

Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.

(b)

The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.

(c)

Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multi-family rental property ("Lofts at 40 Park").

(d)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $35,161, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bore interest at LIBOR +2.25%, matured in October 2019. In October 2019, the loan was refinanced with a maturity date of October 2021, which bears interest at LIBOR +1.5%; (iii) a construction loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13,145, which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020. In January 2020, the loan was refinanced with a maximum borrowing amount of $18,200, which bears interest at LIBOR plus 150 basis points and matures in January 2023.

(e)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. The joint venture is currently in discussions regarding a refinancing of the property debt.

(f)

The venture has a construction loan with a maximum borrowing amount of $112,000.

(g)

On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. See Note 3: Recent Transactions - Consolidation.

(h)

The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(i)

The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units.

(j)

On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $0.9 million.

(k)

At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $3.7 million at December 31, 2019, which is included in equity in earnings for the year.

(l)

The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. 

Property Debt

Number of

Company's

Carrying Value

As of December 31, 2019

Apartment Units

Effective

December 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable SF

Ownership % (a)

2019

2018

Balance

Date

Rate

Multi-family

Metropolitan at 40 Park (b) (c)

189 

units

25.00 

%

$

7,257

$

7,679 

$

54,373

(d)

(d)

RiverTrace at Port Imperial

316 

units

22.50 

%

7,463

8,112 

82,000 

11/10/26

3.21 

%

Crystal House (e)

825 

units

25.00 

%

28,823

29,570 

159,492

04/01/20

3.17 

%

PI North - Riverwalk C

360 

units

40.00 

%

35,527

27,175 

28,208

12/06/21

L+2.75

%

(f)

Marbella II (g)

311 

units

24.27 

%

-

15,414 

-

-

-

Riverpark at Harrison

141 

units

45.00 

%

1,015

1,272 

29,261

08/01/25

3.70 

%

Station House

378 

units

50.00 

%

35,676

37,675 

96,861

07/01/33

4.82 

%

Urby at Harborside (h)

762 

units

85.00 

%

79,790

85,317 

192,000 

08/01/29

5.197 

%

PI North -Land (i)

836 

potential units

20.00 

%

1,678

1,678 

-

-

-

Liberty Landing

850 

potential units

50.00 

%

337

337 

-

-

-

Hillsborough 206

160,000 

sf

50.00 

%

1,962

1,962 

-

-

-

Office

Red Bank (j)

92,878 

sf

50.00 

%

-

3,127 

-

-

-

12 Vreeland Road

139,750 

sf

50.00 

%

3,846

(k)

7,019 

6,267

07/01/23

2.87 

%

Offices at Crystal Lake

106,345 

sf

31.25 

%

3,521

3,442 

3,322

11/01/23

4.76 

%

Other

Riverwalk Retail (b)

30,745 

sf

20.00 

%

1,467

1,539 

-

-

-

Hyatt Regency Hotel Jersey City

351 

rooms

50.00 

%

-

112 

100,000 

10/01/26

3.668 

%

Other (l)

729

1,320 

-

-

-

Totals:

$

209,091

$

232,750 

$

751,784

(a)

Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.

(b)

The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.

(c)

Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multi-family rental property ("Lofts at 40 Park").

(d)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $35,161, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bore interest at LIBOR +2.25%, matured in October 2019. In October 2019, the loan was refinanced with a maturity date of October 2021, which bears interest at LIBOR +1.5%; (iii) a construction loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13,145, which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020. In January 2020, the loan was refinanced with a maximum borrowing amount of $18,200, which bears interest at LIBOR plus 150 basis points and matures in January 2023.

(e)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. The joint venture is currently in discussions regarding a refinancing of the property debt.

(f)

The venture has a construction loan with a maximum borrowing amount of $112,000.

(g)

On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. See Note 3: Recent Transactions - Consolidation.

(h)

The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(i)

The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units.

(j)

On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $0.9 million.

(k)

At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $3.7 million at December 31, 2019, which is included in equity in earnings for the year.

(l)

The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term.