Mortgages and Other Loans Payable (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases

The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at March 31, 2020 and December 31, 2019, respectively, were as follows (dollars in thousands):



Property	Initial Maturity Date	Final Maturity Date ⁽¹⁾	Interest Rate ⁽²⁾			March 31, 2020			December 31, 2019
Fixed Rate Debt:
100 Church Street	July 2022	July 2022		4.68	%	$	208,197		$	209,296
420 Lexington Avenue	October 2024	October 2040		3.99	%	297,885			299,165
400 East 58th Street ⁽³⁾	November 2026	November 2026		3.00	%	38,881			39,094
Landmark Square	January 2027	January 2027		4.90	%	100,000			100,000
485 Lexington Avenue	February 2027	February 2027		4.25	%	450,000			450,000
1080 Amsterdam ⁽⁴⁾	February 2027	February 2027		3.59	%	34,947			35,123
762 Madison Avenue ⁽⁵⁾						—			771
315 West 33rd Street ⁽⁶⁾						—			250,000
Total fixed rate debt						$	1,129,910		$	1,383,449
Floating Rate Debt:
FHLB Facility	June 2020	June 2020	L+	0.17%		$	14,500		$	14,500
2017 Master Repurchase Agreement	June 2020	June 2022	L+	2.09%		137,473			152,684
FHLB Facility	July 2020	July 2020	L+	0.17%		10,000			—
133 Greene Street	August 2020	August 2021	L+	2.00%		15,523			15,523
FHLB Facility	August 2020	August 2020	L+	0.26%		15,000			—
106 Spring Street	January 2021	January 2022	L+	2.50%		38,025			38,025
FHLB Facility	January 2021	January 2021	L+	0.18%		35,000			—
609 Fifth Avenue	March 2021	March 2024	L+	2.40%		55,416			53,773
185 Broadway ⁽⁷⁾	November 2021	November 2023	L+	2.85%		130,791			120,110
712 Madison Avenue	December 2021	December 2022	L+	1.85%		28,000			28,000
410 Tenth Avenue ⁽⁸⁾	May 2022	May 2024	L+	2.23%		350,578			330,819
719 Seventh Avenue	September 2023	September 2023	L+	1.20%		50,000			50,000
FHLB Facility ⁽⁹⁾						—			10,000
FHLB Facility ⁽⁹⁾						—			15,000
Total floating rate debt						$	880,306		$	828,434
Total mortgages and other loans payable						$	2,010,216		$	2,211,883
Deferred financing costs, net of amortization						(23,143		)	(28,630		)
Total mortgages and other loans payable, net						$	1,987,073		$	2,183,253


(1)	Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.


(2)	Interest rate as of March 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.


(3)	The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of the fifth year.


(4)	The loan is comprised of a $34.0 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of fifth year.


(5)	In January 2020, the Company closed on the acquisition of the remaining 10% interest in this property from our joint venture partner. As part of this transaction, the loan was repaid.


(6)	In March 2020, the loan was assumed by the buyer in connection with the sale of the property.


(7)	This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.


(8)	This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(9)

In 2020, the loan was repaid.