Quarterly report pursuant to Section 13 or 15(d)

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

v3.23.2
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Summary Of Mortgages, Loans Payable And Other Obligations
A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2023 and December 31, 2022 is as follows (dollars in thousands):
Property/Project Name Lender  
Effective
Rate (a)
  June 30,
2023		   December 31,
2022		   Maturity
Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A $ —  $ 84,000  — 
Portside at Pier One CBRE Capital Markets/FreddieMac   3.57  % 58,998  58,998  08/01/23
Signature Place Nationwide Life Insurance Company   3.74  % 43,000  43,000  08/01/24
Liberty Towers American General Life Insurance Company   3.37  % 265,000  265,000  10/01/24
Haus25 (c) QuadReal Finance SOFR+ 2.70  % 297,324  297,324  12/01/24
Portside 5/6 (d) New York Life Insurance Company   4.56  % 97,000  97,000  03/10/26
BLVD 425 New York Life Insurance Company   4.17  % 131,000  131,000  08/10/26
BLVD 401 New York Life Insurance Company   4.29  % 117,000  117,000  08/10/26
The Upton (e) Bank of New York Mellon SOFR+ 1.58  % 75,000  75,000  10/27/26
145 Front at City Square (f) MUFG Union Bank SOFR+ 1.84  % 63,000  63,000  12/10/26
Riverhouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41  % 110,000  110,000  06/21/27
Quarry Place at Tuckahoe Natixis Real Estate Capital LLC   4.48  % 41,000  41,000  08/05/27
BLVD 475 N/S The Northwestern Mutual Life Insurance Co.   2.91  % 165,000  165,000  11/10/27
Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co.   4.52  % 100,000  100,000  01/10/29
Soho Lofts (h) New York Community Bank   3.77  % 160,000  160,000  07/01/29
Port Imperial South 4/5 Garage American General Life & A/G PC   4.85  % 31,908  32,166  12/01/29
Emery at Overlook Ridge New York Community Bank   3.21  % 72,000  72,000  01/01/31
Principal balance outstanding   1,827,230  1,911,488   
Unamortized deferred financing costs   (6,249) (7,511)  
     
Total mortgages, loans payable and other obligations, net   $ 1,820,981  $ 1,903,977   
(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 loan was paid off on disposition of the hotels on February 10, 2023.
(c)This construction loan has a SOFR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan.
(d)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.
(e)On October 27, 2021, the Company obtained a $75 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.
(f)On January 12, 2023, the Company entered into an interest-rate cap agreement for the mortgage loan.
(g)On June 21, 2022, the Company obtained a $110 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.
(h)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.
Summary Of Indebtedness
Summary of Indebtedness
(dollars in thousands) June 30,
2023		 December 31,
2022
  Balance Weighted Average
Interest Rate		 Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt (a) $ 1,820,981  4.32  % $ 1,757,308  4.27  %
Other Variable Rate Debt —  —  % 146,669  6.86  %
Totals/Weighted Average: $ 1,820,981  4.32  % $ 1,903,977  4.47  %
(a) As of June 30, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $548 million and $485 million, respectively.