Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at December 31, 2014 and 2013, respectively, were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate⁽¹⁾		December 31, 2014		December 31, 2013
Fixed Rate Debt:
711 Third Avenue	June 2015	4.99	%	$	120,000	$	120,000
500 West Putnam Avenue	January 2016	5.52	%	22,968		23,529
Landmark Square	December 2016	4.00	%	81,269		82,909
485 Lexington Avenue	February 2017	5.61	%	450,000		450,000
120 West 45th Street	February 2017	6.12	%	170,000		170,000
762 Madison Avenue	February 2017	3.75	%	8,045		8,211
885 Third Avenue	July 2017	6.26	%	267,650		267,650
1745 Broadway⁽²⁾	June 2018	4.81	%	16,000		—
388-390 Greenwich Street⁽³⁾	June 2018	2.99	%	1,004,000		—
One Madison Avenue	May 2020	5.91	%	565,742		587,336



100 Church	July 2022	4.68	%	228,612		230,000
919 Third Avenue⁽⁴⁾	June 2023	5.12	%	500,000		500,000
400 East 57th Street	February 2024	4.13	%	68,896		70,000
400 East 58th Street	February 2024	4.13	%	29,527		30,000
420 Lexington Avenue⁽⁵⁾	October 2024	5.95	%	300,000		182,641
1515 Broadway⁽⁶⁾	March 2025	3.93	%	900,000		900,000
Series J Preferred Units⁽⁷⁾	April 2051	3.75	%	4,000		—
Other loan payable⁽⁸⁾				—		50,000
609 Partners, LLC⁽⁹⁾				—		23
125 Park Avenue⁽¹⁰⁾				—		146,250
2 Herald Square⁽¹¹⁾				—		191,250
625 Madison Avenue⁽¹²⁾				—		120,830
Total fixed rate debt				$	4,736,709	$	4,130,629
Floating Rate Debt:
Master repurchase agreement⁽¹³⁾	December 2015	3.38	%	100,000		91,000
180 Maiden Lane⁽¹⁴⁾	November 2016	2.35	%	253,942		262,706
388-390 Greenwich Street⁽³⁾	June 2018	1.91	%	446,000		—
248-252 Bedford Avenue⁽¹⁵⁾	June 2019	1.93	%	29,000		22,000
220 East 42nd Street	October 2020	1.75	%	275,000		275,000
16 Court Street⁽¹⁶⁾				—		79,243
Total floating rate debt				$	1,103,942	$	729,949
Total mortgages and other loans payable				$	5,840,651	$	4,860,578

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(1)	Effective weighted average interest rate for the year ended December 31, 2014, taking into account interest rate hedges in effect during the period.


(2)	In connection with our acquisition of Witkoff's interest in the unconsolidated joint venture which holds 1745 Broadway, we have assumed this partner loan.

(3)

Simultaneous with the acquisition of our joint venture partner's interest, we refinanced the $1.1 billion floating rate mortgage with a $1.45 billion seven-year floating rate mortgage (including the as-of right extension option), and have consolidated the property. We assumed the existing derivative instruments, which swapped $504.0 million of the floating rate mortgage to a fixed rate mortgage which bears interest at 3.80% per annum. In October 2014, we entered into multiple swap agreements to hedge our interest rate exposure on the additional $500.0 million portion of this mortgage, which was swapped to a fixed rate of 2.69% per annum.


(4)	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.


(5)	In September 2014, we refinanced the previous mortgage and incurred a loss on early extinguishment of debt of $24.5 million. The new loan bears a fixed interest rate of 3.99% per annum.


(6)	In February 2013, we refinanced the mortgage and incurred a loss on early extinguishment of debt of $18.5 million.

(7)

In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million or 4,000 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as further prescribed in the related agreement.


(8)	In November 2014, we repaid the loan.


(9)	In April 2014, the remaining 22,658 Series E Preferred Units of the Operating Partnership were canceled.


(10)	In October 2014, we repaid the loan at maturity.


(11)	In November 2014, we sold the property and defeased the debt.


(12)	In December 2014, we prepaid the loan and incurred a loss on early extinguishment of debt of $6.9 million.


(13)	The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $300.0 million. In December 2014, we extended the maturity date of the MRA to December 5, 2015.

(14)

In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease. This property was held for sale at December 31, 2014 and the related mortgage is included in liabilities related to assets held for sale. In January 2015, the property was sold and the debt was repaid.


(15)	In June 2014, we refinanced the mortgage and incurred a loss on early extinguishment of debt of $0.5 million. In April 2014, we repaid the mortgage and incurred a loss on early extinguishment of debt of $0.5 million.

At December 31, 2014 and 2013, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $8.2 billion and $8.0 billion, respectively.