Quarterly report pursuant to Section 13 or 15(d)

Mortgages, Loans Payable And Other Obligations (Tables)

v3.19.3
Mortgages, Loans Payable And Other Obligations (Tables) - Secured Debt [Member]
9 Months Ended
Sep. 30, 2019
Debt Instrument [Line Items]  
Summary Of Mortgages, Loans Payable And Other Obligations

Effective

September 30,

December 31,

Property/Project Name

Lender

Rate (a)

2019

2018

Maturity

Park Square (b)

Wells Fargo Bank N.A.

LIBOR+1.87

%

$

-

$

25,167 

-

Worcester (c)

Citizens Bank

LIBOR+2.50

%

57,883

56,892

12/10/19

Monaco (d)

The Northwestern Mutual Life Insurance Co.

3.15

%

167,157

168,370

02/01/21

Port Imperial South 4/5 Retail

American General Life & A/G PC

4.56

%

3,951

4,000

12/01/21

Port Imperial 4/5 Hotel (e)

Fifth Third Bank & Santander

LIBOR+4.50

%

56,636

73,350

04/09/22

Chase III (f)

Fifth Third Bank

LIBOR+2.50

%

13,837

-

05/16/22

Port Imperial South 9 (g)

Bank of New York Mellon

LIBOR+2.13

%

4,238 

-

12/19/22

Portside 7

CBRE Capital Markets/FreddieMac

3.57

%

58,998 

58,998 

08/01/23

Alterra I & II (h)

Capital One/FreddieMac

3.85

%

100,000 

100,000 

02/01/24

250 Johnson (i)

Nationwide Life Insurance Company

3.74

%

43,000 

41,769 

08/01/24

Liberty Towers

American General Life Insurance Company

3.37

%

232,000 

-

10/01/24

The Chase at Overlook Ridge (j)

New York Community Bank

3.74

%

135,750 

135,750 

01/01/25

Portside 5/6

New York Life Insurance Company

4.56

%

97,000 

97,000 

03/10/26

Marbella

New York Life Insurance Company

4.17

%

131,000 

131,000 

08/10/26

Marbella II (k)

New York Life Insurance Company

4.29

%

117,000 

-

08/10/26

101 Hudson

Wells Fargo CMBS

3.20

%

250,000 

250,000 

10/11/26

Short Hills Portfolio (l)

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

Port Imperial South 11

The Northwestern Mutual Life Insurance Co.

4.52

%

100,000 

100,000 

01/10/29

Soho Lofts

New York Community Bank

3.77

%

160,000 

-

07/01/29

Riverwatch Commons (m)

New York Community Bank

3.79

%

30,000 

-

07/01/29

111 River St.

Athene Annuity and Life Company

3.90

%

150,000 

-

09/01/29

Port Imperial South 4/5 Garage

American General Life & A/G PC

4.85

%

32,600 

32,600 

12/01/29

Principal balance outstanding

2,106,550

1,440,396 

Unamortized deferred financing costs

(13,917)

(8,998)

Total mortgages, loans payable and other obligations, net

$

2,092,633

$

1,431,398 

(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)

On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square.

(c)

This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one year extension options with a fee of 15 basis points each year.

(d)

This mortgage loan, which includes unamortized fair value adjustment of $2.1 million as of September 30, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers.

(e)

This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022.

(f)

This construction loan has a maximum borrowing capacity of $62 million and provides, subject to certain conditions, one 18-month extension option with a fee of 25 basis points.

(g)

This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points.

(h)

This mortgage was retired upon disposition of the properties on October 23, 2019.

(i)

On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $43 million mortgage loan that matures on August 1, 2024.

(j)

This mortgage was retired upon disposition of the property on October 23, 2019.

(k)

On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. 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.

(l)

This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.

(m)

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.

 

Mack-Cali Realty LP [Member]  
Debt Instrument [Line Items]  
Summary Of Mortgages, Loans Payable And Other Obligations

Effective

September 30,

December 31,

Property/Project Name

Lender

Rate (a)

2019

2018

Maturity

Park Square (b)

Wells Fargo Bank N.A.

LIBOR+1.87

%

$

-

$

25,167 

-

Worcester (c)

Citizens Bank

LIBOR+2.50

%

57,883

56,892

12/10/19

Monaco (d)

The Northwestern Mutual Life Insurance Co.

3.15

%

167,157

168,370

02/01/21

Port Imperial South 4/5 Retail

American General Life & A/G PC

4.56

%

3,951

4,000

12/01/21

Port Imperial 4/5 Hotel (e)

Fifth Third Bank & Santander

LIBOR+4.50

%

56,636

73,350

04/09/22

Chase III (f)

Fifth Third Bank

LIBOR+2.50

%

13,837

-

05/16/22

Port Imperial South 9 (g)

Bank of New York Mellon

LIBOR+2.13

%

4,238 

-

12/19/22

Portside 7

CBRE Capital Markets/FreddieMac

3.57

%

58,998 

58,998 

08/01/23

Alterra I & II (h)

Capital One/FreddieMac

3.85

%

100,000 

100,000 

02/01/24

250 Johnson (i)

Nationwide Life Insurance Company

3.74

%

43,000 

41,769 

08/01/24

Liberty Towers

American General Life Insurance Company

3.37

%

232,000 

-

10/01/24

The Chase at Overlook Ridge (j)

New York Community Bank

3.74

%

135,750 

135,750 

01/01/25

Portside 5/6

New York Life Insurance Company

4.56

%

97,000 

97,000 

03/10/26

Marbella

New York Life Insurance Company

4.17

%

131,000 

131,000 

08/10/26

Marbella II (k)

New York Life Insurance Company

4.29

%

117,000 

-

08/10/26

101 Hudson

Wells Fargo CMBS

3.20

%

250,000 

250,000 

10/11/26

Short Hills Portfolio (l)

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

Port Imperial South 11

The Northwestern Mutual Life Insurance Co.

4.52

%

100,000 

100,000 

01/10/29

Soho Lofts

New York Community Bank

3.77

%

160,000 

-

07/01/29

Riverwatch Commons (m)

New York Community Bank

3.79

%

30,000 

-

07/01/29

111 River St.

Athene Annuity and Life Company

3.90

%

150,000 

-

09/01/29

Port Imperial South 4/5 Garage

American General Life & A/G PC

4.85

%

32,600 

32,600 

12/01/29

Principal balance outstanding

2,106,550

1,440,396 

Unamortized deferred financing costs

(13,917)

(8,998)

Total mortgages, loans payable and other obligations, net

$

2,092,633

$

1,431,398 

(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)

On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square.

(c)

This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one year extension options with a fee of 15 basis points each year.

(d)

This mortgage loan, which includes unamortized fair value adjustment of $2.1 million as of September 30, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers.

(e)

This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022.

(f)

This construction loan has a maximum borrowing capacity of $62 million and provides, subject to certain conditions, one 18-month extension option with a fee of 25 basis points.

(g)

This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points.

(h)

This mortgage was retired upon disposition of the properties on October 23, 2019.

(i)

On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $43 million mortgage loan that matures on August 1, 2024.

(j)

This mortgage was retired upon disposition of the property on October 23, 2019.

(k)

On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. 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.

(l)

This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio.

(m)

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.