Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at September 30, 2015 and December 31, 2014, respectively, were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate⁽¹⁾		September 30, 2015		December 31, 2014
Fixed Rate Debt:
FHLB Facility	October 2015⁽²⁾	0.46	%	$	1,000	$	—
500 West Putnam Avenue	January 2016	5.52	%	22,527		22,968
Landmark Square	December 2016	4.00	%	79,995		81,269
485 Lexington Avenue	February 2017	5.61	%	450,000		450,000
762 Madison Avenue⁽³⁾	February 2017	3.86	%	7,916		8,045
885 Third Avenue	July 2017	6.26	%	267,650		267,650
1745 Broadway	June 2018	4.81	%	16,000		16,000
388-390 Greenwich Street⁽⁴⁾	June 2018	3.25	%	1,004,000		1,004,000
One Madison Avenue	May 2020	5.91	%	548,699		565,742
100 Church Street	July 2022	4.68	%	226,000		228,612
919 Third Avenue⁽⁵⁾	June 2023	5.12	%	500,000		500,000
400 East 57th Street	February 2024	4.13	%	67,962		68,896
400 East 58th Street	February 2024	4.13	%	29,126		29,527
420 Lexington Avenue	October 2024	3.99	%	300,000		300,000
1515 Broadway	March 2025	3.93	%	900,000		900,000
11 Madison Avenue	September 2025	3.84	%	1,400,000		—
Series J Preferred Units⁽⁶⁾	April 2051	3.75	%	4,000		4,000
711 Third Avenue⁽⁷⁾				—		120,000
120 West 45th Street⁽⁸⁾				—		170,000
Total fixed rate debt				$	5,824,875	$	4,736,709
Floating Rate Debt:
Master Repurchase Agreement	June 2016	3.35	%	285,508		100,000
FHLB Facility	June 2016	0.53	%	5,000		—
388-390 Greenwich Street⁽⁴⁾	June 2018	1.94	%	446,000		446,000
248-252 Bedford Avenue	June 2019	1.70	%	29,000		29,000
220 East 42nd Street	October 2020	1.80	%	275,000		275,000
180 Maiden Lane⁽⁹⁾				—		253,942
Total floating rate debt				$	1,040,508	$	1,103,942
Total fixed rate and floating rate debt				$	6,865,383	$	5,840,651
Mortgages reclassed to liabilities related to assets held for sale				—		(253,942		)
Total mortgages and other loans payable				$	6,865,383	$	5,586,709

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(1)	Effective weighted average interest rate for the three months ended September 30, 2015, taking into account interest rate hedges in effect during the period.


(2)	In October 2015, the maturity date was extended to April 2016.


(3)	In February 2015, we entered into a new swap agreement with a fixed interest rate of 3.86% per annum, which replaced the previous swap agreement with a fixed interest rate of 3.75% per annum.

(4)

In connection with the acquisition of our joint venture partner's interest, we assumed the existing derivative instruments, which swapped $504.0 million of the 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. Including the as-of right extension option, this loan matures in June 2021.


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

(6)

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 are accounted for as debt because they 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.


(7)	In March 2015, we repaid the mortgage.


(8)	This property was sold in September 2015 and all obligations related to the property accruing on and after the closing date were assumed by the purchaser.


(9)	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.

Federal Home Loan Bank of New York Facility

During the third quarter of 2015, the Company’s wholly-owned subsidiary, Belmont Insurance Company ("Belmont"), a New York licensed captive insurance company, became a member of the Federal Home Loan Bank of New York ("FHLBNY"). As a member, Belmont may borrow funds from the FHLBNY in the form of secured advances. As of September 30, 2015, we had $6.0 million in outstanding secured advances with a weighted average borrowing rate of 0.52%.

Master Repurchase Agreement

The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us with the ability to sell certain debt investments with a simultaneous agreement to repurchase the same at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 and 325 basis points over 30-day LIBOR depending on the pledged collateral. In September 30, 2015 we entered into an amendment to the MRA to extend the maturity to June 29, 2016. Further, as of December 6, 2015 we will be required to pay monthly in arrears a 25 basis point fee on the excess of $150.0 million over the average daily balance during the period if the average daily balance is less than $150.0 million. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and access to additional liquidity through the 2012 Credit Facility.

At September 30, 2015 and December 31, 2014, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $10.5 billion and $8.2 billion, respectively.