Property Debt



Number of

Company's

Carrying Value

As of December 31, 2018



Apartment Units

Effective

December 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable Square Feet (sf)

Ownership % (a)

2018

2017

Balance

Date

Rate

Multi-family

Marbella (b)

units

%

$

 -

$

$

 -

-

 -

%

Metropolitan at 40 Park (c) (d)

units

%

(e)

(e)

RiverTrace at Port Imperial

units

%

11/10/26

%

Crystal House (f)

units

%

04/01/20

%

PI North - Riverwalk C

units

%

 -

12/06/21

L+2.75

%

(g)

Marbella II  (i)

units

%

03/30/19

L+2.25

%

(h)

Riverpark at Harrison

units

%

08/01/25

%

Station House

units

%

07/01/33

%

Urby at Harborside

units

%

08/01/29

%

(j)

PI North -Land (k)

potential units

%

 -

-

-

Liberty Landing

potential units

%

 -

-

-

Hillsborough 206

sf

%

 -

-

-



Office

Red Bank

sf

%

08/01/23

L+2.25

%

(l)

12 Vreeland Road

sf

%

07/01/23

%

Offices at Crystal Lake

sf

%

11/01/23

%



Other

Riverwalk Retail

sf

%

 -

-

-

Hyatt Regency Jersey City

rooms

%

10/01/26

%

Other (m)

 -

-

-

Totals:

$

$

$



(a)

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

(b)

On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest.  See Note 3: Recent Transactions - Consolidation.

(c)

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.

(d)

Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59-unit, five story multi-family rental development property ("Lofts at 40 Park").  On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park.

(e)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR+2.25 percent, matures in September 2019; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020. 

(f)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved.

(g)

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

(h)

The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3-month extension options with a fee of 6.25 basis points for each extension. 

(i)

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 interest in the venture for $77.5 million in cash.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.  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.

(j)

The construction/permanent loan has a maximum borrowing amount of $192 million.  The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(k)

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

(l)

On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500, bears interest at LIBOR +2.25%, matures on August 1, 2023 and subject to certain conditions, provided for two extension options.

(m)

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. 







December 31,

December 31,



2018

2017

Assets:

   Rental property, net

$

$

   Other assets

   Total assets

$

$

Liabilities and partners'/

members' capital:

   Mortgages and loans payable

$

$

   Other liabilities

   Partners'/members' capital

   Total liabilities and

   partners'/members' capital

$

$







Property Debt



Number of

Company's

Carrying Value

As of December 31, 2018



Apartment Units

Effective

December 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable Square Feet (sf)

Ownership % (a)

2018

2017

Balance

Date

Rate

Multi-family

Marbella (b)

units

%

$

 -

$

$

 -

-

 -

%

Metropolitan at 40 Park (c) (d)

units

%

(e)

(e)

RiverTrace at Port Imperial

units

%

11/10/26

%

Crystal House (f)

units

%

04/01/20

%

PI North - Riverwalk C

units

%

 -

12/06/21

L+2.75

%

(g)

Marbella II  (i)

units

%

03/30/19

L+2.25

%

(h)

Riverpark at Harrison

units

%

08/01/25

%

Station House

units

%

07/01/33

%

Urby at Harborside

units

%

08/01/29

%

(j)

PI North -Land (k)

potential units

%

 -

-

-

Liberty Landing

potential units

%

 -

-

-

Hillsborough 206

sf

%

 -

-

-



Office

Red Bank

sf

%

08/01/23

L+2.25

%

(l)

12 Vreeland Road

sf

%

07/01/23

%

Offices at Crystal Lake

sf

%

11/01/23

%



Other

Riverwalk Retail

sf

%

 -

-

-

Hyatt Regency Jersey City

rooms

%

10/01/26

%

Other (m)

 -

-

-

Totals:

$

$

$



(a)

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

(b)

On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest.  See Note 3: Recent Transactions - Consolidation.

(c)

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.

(d)

Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59-unit, five story multi-family rental development property ("Lofts at 40 Park").  On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park.

(e)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR+2.25 percent, matures in September 2019; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020. 

(f)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved.

(g)

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

(h)

The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3-month extension options with a fee of 6.25 basis points for each extension. 

(i)

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 interest in the venture for $77.5 million in cash.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.  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.

(j)

The construction/permanent loan has a maximum borrowing amount of $192 million.  The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(k)

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

(l)

On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500, bears interest at LIBOR +2.25%, matures on August 1, 2023 and subject to certain conditions, provided for two extension options.

(m)

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. 







December 31,

December 31,



2018

2017

Assets:

   Rental property, net

$

$

   Other assets

   Total assets

$

$

Liabilities and partners'/

members' capital:

   Mortgages and loans payable

$

$

   Other liabilities

   Partners'/members' capital

   Total liabilities and

   partners'/members' capital

$

$