Effective

December 31,

December 31,

Property/Project Name

Lender

Rate (a)

2020

2019

Maturity

Riverwatch Commons

New York Community Bank

N/A

$

-

$

30,000 

N/A

Port Imperial South 4/5 Retail

American General Life & A/G PC

4.56

%

3,866 

3,934 

12/01/21

Port Imperial 4/5 Hotel (b)

Fifth Third Bank

LIBOR+3.40

%

94,000 

74,000 

04/09/22

Port Imperial South 9 (c)

Bank of New York Mellon

LIBOR+2.13

%

46,357 

11,615 

12/19/22

Portside 7

CBRE Capital Markets/FreddieMac

3.57

%

58,998 

58,998 

08/01/23

Short Hills Residential (d)

People's United Bank

LIBOR+2.15

%

42,459 

9,431 

03/26/23

250 Johnson

Nationwide Life Insurance Company

3.74

%

43,000 

43,000 

08/01/24

Liberty Towers (e)

American General Life Insurance Company

3.37

%

265,000 

232,000 

10/01/24

The Charlotte (f)

QuadReal Finance

LIBOR+2.70

%

161,544 

5,144 

12/01/24

Portside 5/6 (g)

New York Life Insurance Company

4.56

%

97,000 

97,000 

03/10/26

Marbella (BLVD 425)

New York Life Insurance Company

4.17

%

131,000 

131,000 

08/10/26

Marbella II (BLVD 401)

New York Life Insurance Company

4.29

%

117,000 

117,000 

08/10/26

101 Hudson

Wells Fargo CMBS

3.20

%

250,000 

250,000 

10/11/26

Worcester

MUFG Union Bank

LIBOR+1.84

%

63,000 

63,000 

12/10/26

Short Hills Portfolio (h)

Wells Fargo CMBS

4.15

%

124,500 

124,500 

04/01/27

150 Main St.

Natixis Real Estate Capital LLC

4.48

%

41,000 

41,000 

08/05/27

Monaco (BLVD 495 N/S) (l)

The Northwestern Mutual Life Insurance Co.

2.91

%

165,000 

166,752 

11/10/27

Port Imperial South 11

The Northwestern Mutual Life Insurance Co.

4.52

%

100,000 

100,000 

01/10/29

Soho Lofts (i)

New York Community Bank

3.77

%

160,000 

160,000 

07/01/29

111 River St.

Athene Annuity and Life Company

3.90

%

150,000 

150,000 

09/01/29

Port Imperial South 4/5 Garage (j)

American General Life & A/G PC

4.85

%

33,138 

32,600 

12/01/29

Emery at Overlook Ridge (k)

New York Community Bank

3.21

%

72,000 

24,064 

01/01/31

Principal balance outstanding

2,218,862 

1,925,038 

Unamortized deferred financing costs

(14,718)

(17,004)

Total mortgages, loans payable and other obligations, net

$

2,204,144 

$

1,908,034 

(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 required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $19.5 million of the outstanding principal, subject to certain conditions.

(c)

This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(d)

This construction loan has a maximum borrowing capacity of $64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions.

(e)

In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds.

(f)

This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.

(g)

The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(h)

Properties, which are collateral for this mortgage loan, are classified as held for sale as of December 31, 2020. This mortgage loan does not permit early pre-payment. As a result of a signed contract to dispose of the properties, which are collateral for this loan, the Company may need to pay for significant costs to defease this loan, which will be expensed when incurred at the time of such defeasance.

(i)

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.

(j)

The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020. As of December 31, 2020, deferred interest of $0.8 million has been added to the principal balance.

(k)

In December 2020, the Company obtained a new $72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan.

(l)

In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027.

Effective

December 31,

December 31,

Property/Project Name

Lender

Rate (a)

2020

2019

Maturity

Riverwatch Commons

New York Community Bank

N/A

$

-

$

30,000 

N/A

Port Imperial South 4/5 Retail

American General Life & A/G PC

4.56

%

3,866 

3,934 

12/01/21

Port Imperial 4/5 Hotel (b)

Fifth Third Bank

LIBOR+3.40

%

94,000 

74,000 

04/09/22

Port Imperial South 9 (c)

Bank of New York Mellon

LIBOR+2.13

%

46,357 

11,615 

12/19/22

Portside 7

CBRE Capital Markets/FreddieMac

3.57

%

58,998 

58,998 

08/01/23

Short Hills Residential (d)

People's United Bank

LIBOR+2.15

%

42,459 

9,431 

03/26/23

250 Johnson

Nationwide Life Insurance Company

3.74

%

43,000 

43,000 

08/01/24

Liberty Towers (e)

American General Life Insurance Company

3.37

%

265,000 

232,000 

10/01/24

The Charlotte (f)

QuadReal Finance

LIBOR+2.70

%

161,544 

5,144 

12/01/24

Portside 5/6 (g)

New York Life Insurance Company

4.56

%

97,000 

97,000 

03/10/26

Marbella (BLVD 425)

New York Life Insurance Company

4.17

%

131,000 

131,000 

08/10/26

Marbella II (BLVD 401)

New York Life Insurance Company

4.29

%

117,000 

117,000 

08/10/26

101 Hudson

Wells Fargo CMBS

3.20

%

250,000 

250,000 

10/11/26

Worcester

MUFG Union Bank

LIBOR+1.84

%

63,000 

63,000 

12/10/26

Short Hills Portfolio (h)

Wells Fargo CMBS

4.15

%

124,500 

124,500 

04/01/27

150 Main St.

Natixis Real Estate Capital LLC

4.48

%

41,000 

41,000 

08/05/27

Monaco (BLVD 495 N/S) (l)

The Northwestern Mutual Life Insurance Co.

2.91

%

165,000 

166,752 

11/10/27

Port Imperial South 11

The Northwestern Mutual Life Insurance Co.

4.52

%

100,000 

100,000 

01/10/29

Soho Lofts (i)

New York Community Bank

3.77

%

160,000 

160,000 

07/01/29

111 River St.

Athene Annuity and Life Company

3.90

%

150,000 

150,000 

09/01/29

Port Imperial South 4/5 Garage (j)

American General Life & A/G PC

4.85

%

33,138 

32,600 

12/01/29

Emery at Overlook Ridge (k)

New York Community Bank

3.21

%

72,000 

24,064 

01/01/31

Principal balance outstanding

2,218,862 

1,925,038 

Unamortized deferred financing costs

(14,718)

(17,004)

Total mortgages, loans payable and other obligations, net

$

2,204,144 

$

1,908,034 

(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 required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $19.5 million of the outstanding principal, subject to certain conditions.

(c)

This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(d)

This construction loan has a maximum borrowing capacity of $64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions.

(e)

In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds.

(f)

This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.

(g)

The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(h)

Properties, which are collateral for this mortgage loan, are classified as held for sale as of December 31, 2020. This mortgage loan does not permit early pre-payment. As a result of a signed contract to dispose of the properties, which are collateral for this loan, the Company may need to pay for significant costs to defease this loan, which will be expensed when incurred at the time of such defeasance.

(i)

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.

(j)

The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020. As of December 31, 2020, deferred interest of $0.8 million has been added to the principal balance.

(k)

In December 2020, the Company obtained a new $72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan.

(l)

In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027.