6. Mortgages Payable, Net

Mortgages payable, net consists of the following:


			Weighted Average
			Interest Rate as of			Amount Due at		As of			As of
Property	Interest Rate		September 30, 2019		Maturity Date	Maturity		September 30, 2019			December 31, 2018

Gantry Park	4.48	%	4.48	%	November 2024	$	65,317	$	72,438	$	73,341

DePaul Plaza			(Repaid in full on September 20, 2019)				—		—		14,072

Bowery Land and Air Rights	LIBOR + 4.25	%	6.71	%	December 2020		34,252		34,252		32,567

Exterior Street Land	4.50	%	4.50	%	April 2020		35,000		35,000		—

Total mortgages payable			5.02	%		$	134,569		141,690		119,980

Less: Deferred financing costs									(2,677)		(1,579)

Total mortgages payable, net								$	139,013	$	118,401

Libor as of September 30, 2019 and December 31, 2018 was 2.02% and 2.52%, respectively. The Company’s loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated.

On September 20, 2019, approximately $13.8 million of the proceeds from the disposition of DePaul Plaza were used to repay in full the existing non-recourse mortgage loan collateralized by the DePaul Plaza (See note 8).

On March 29, 2019, the Company entered into the $35.0 million Exterior Street Loan which bears interest at 4.50% and is scheduled to initially mature on April 9, 2020 but may be further extended through the exercise of two, six-month extension options, subject to certain conditions. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Land.

On December 3, 2018, the Company entered into a mortgage loan collateralized by the Bowery Land and the Air Rights (the “Bowery Mortgage) for approximately $35.6 million. The Bowery Mortgage has a term of two years, bears interest at LIBOR+4.25% and requires monthly interest-only payments through its stated maturity with the entire unpaid balance due upon maturity. Through September 30, 2019, the Company received aggregate proceeds of $34.3 million under the Bowery Mortgage. As a result, the Bowery Mortgage had an outstanding balance and remaining availability of $34.3 million and $1.3 million, respectively, as of September 30, 2019.

The Exterior Street Loan (outstanding principal balance of $35.0 million as of September 30, 2019) initially matures on April 9, 2020 but has two, six-month extension options, subject to certain conditions. The Company intends to seek to exercise the extension options or refinance the Exterior Street Loan on or before its applicable stated maturity date. However, if we are unable to extend or refinance the outstanding indebtedness at favorable terms, we will look to repay the then outstanding balance with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities of mortgage debt over the next 12 months.

The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of September 30, 2019:


	2019		2020		2021		2022		2023		Thereafter		Total

Principal maturities	$	311	$	70,512	$	1,328	$	1,389	$	1,454	$	66,696	$	141,690

Less: Deferred financing costs														(2,677)

Total principal maturities, net													$	139,013