Quarterly report pursuant to Section 13 or 15(d)

Mortgages, Loans Payable And Other Obligations (Tables)

v2.4.0.8
Mortgages, Loans Payable And Other Obligations (Tables)
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Summary Of Mortgages, Loans Payable And Other Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective

 

 

 

June 30,

 

December 31,

 

 

Property Name

Lender

 

Rate (a)

 

 

 

2013 

 

2012 

 

Maturity

51 Imclone (b)   

Wachovia CMBS

 

8.390 

%

 

 

 -

$

3,878 

 

-

9200 Edmonston Road (c)   

Principal Commercial Funding L.L.C.

 

5.534 

%

 

$

4,243 

 

4,305 

 

05/01/13

Port Imperial South

Wells Fargo Bank N.A.

LIBOR+2.75

%

 

 

42,500 

 

42,168 

 

08/20/13

Port Imperial South 4/5

Wells Fargo Bank N.A.

LIBOR+3.50

%

 

 

36,355 

 

34,889 

 

09/30/13

6305 Ivy Lane

RGA Reinsurance Company

 

5.525 

%

 

 

5,876 

 

5,984 

 

01/01/14

395 West Passaic

State Farm Life Insurance Co.

 

6.004 

%

 

 

9,995 

 

10,231 

 

05/01/14

6301 Ivy Lane

RGA Reinsurance Company

 

5.520 

%

 

 

5,572 

 

5,667 

 

07/01/14

35 Waterview Boulevard

Wachovia CMBS

 

6.348 

%

 

 

18,583 

 

18,746 

 

08/11/14

6 Becker, 85 Livingston,

Wachovia CMBS

 

10.220 

%

 

 

63,665 

 

63,126 

 

08/11/14

75 Livingston &

 

 

 

 

 

 

 

 

 

 

 

20 Waterview

 

 

 

 

 

 

 

 

 

 

 

4 Sylvan

Wachovia CMBS

 

10.190 

%

 

 

14,511 

 

14,485 

 

08/11/14

10 Independence

Wachovia CMBS

 

12.440 

%

 

 

16,438 

 

16,251 

 

08/11/14

4 Becker

Wachovia CMBS

 

9.550 

%

 

 

38,536 

 

38,274 

 

05/11/16

5 Becker

Wachovia CMBS

 

12.830 

%

 

 

12,751 

 

12,507 

 

05/11/16

210 Clay

Wachovia CMBS

 

13.420 

%

 

 

12,513 

 

12,275 

 

05/11/16

Various (d)   

Prudential Insurance

 

6.332 

%

 

 

148,393 

 

149,281 

 

01/15/17

23 Main Street

JPMorgan CMBS

 

5.587 

%

 

 

30,144 

 

30,395 

 

09/01/18

Harborside Plaza 5

The Northwestern Mutual Life

 

6.842 

%

 

 

226,838 

 

228,481 

 

11/01/18

 

Insurance Co. & New York Life

 

 

 

 

 

 

 

 

 

 

 

Insurance Co.

 

 

 

 

 

 

 

 

 

 

233 Canoe Brook Road

The Provident Bank

 

4.375 

%

 

 

3,911 

 

3,945 

 

02/01/19

100 Walnut Avenue

Guardian Life Insurance Co.

 

7.311 

%

 

 

18,910 

 

19,025 

 

02/01/19

One River Center (e)

Guardian Life Insurance Co.

 

7.311 

%

 

 

43,320 

 

43,582 

 

02/01/19

 

 

 

 

 

 

 

 

 

 

 

 

Total mortgages, loans payable and other obligations

 

 

 

 

$

753,054 

$

757,495 

 

 

(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)

With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company.  The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations:  loss from early retirement of debt for the three and six months ended June 30, 2013. 

(c)

The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis.   The mortgage loan matured on May 1, 2013 and was not repaid.  The Company received a notice of default from the lender on July 17, 2013.  The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender.  

(d)

Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. 

(e)

Mortgage is collateralized by the three properties comprising One River Center