The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
232,351
234,521
11/01/18
100 Walnut Avenue
Guardian Life Insurance Co.
7.311%
19,293
19,443
02/01/19
One River Center (e)
Guardian Life Insurance Co.
7.311%
44,197
44,540
02/01/19
581 Main Street
Valley National Bank
6.935% (f)
16,413
16,627
07/01/34
Total mortgages, loans payable and other obligations
$ 740,437
$743,043
(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 mortgage loan has three one-year extension options subject to certain conditions and the payment of a fee.
(c) The property does not generate sufficient cash flow to meet debt service requirements. As a result, beginning January 2011, debt service has not been made and a modification of the loan terms has been requested from 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.
(f) The coupon interest rate will be reset at the end of year 10 (2019) and year 20 (2029) at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent.