Debt

On December 1, 2015, we completed a $1.0 billion refinancing of 1633 Broadway, a 2.6 million square foot, office building located on Broadway between 50th and 51st Streets in Manhattan. The new seven-year loan is interest only at LIBOR plus 175 basis points and can be increased at our option, by $250,000,000 to $1.25 billion, until December 1, 2018, if certain performance hurdles relating to the property are satisfied. The net proceeds from the refinancing were used to repay the existing $926,260,000 loan and fund $42,011,000 of costs, primarily for swap breakage. The existing loan was scheduled to mature in December 2016 and had a weighted average interest rate of 5.35%.

The following is a summary of our outstanding debt.

	Maturity	Fixed/Variable	Interest Rate at			Balance at
(Amounts in thousands)	Date	Rate	December 31, 2015			December 31, 2015		December 31, 2014
Notes and mortgages payable
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000	$	772,100
	Dec-2022	Variable		2.15	%		13,544		154,160
				3.52	%		1,013,544		926,260
900 Third Avenue
	Nov-2017	Fixed ⁽¹⁾		5.98	%		162,000		255,000
	Nov-2017	Variable		1.69	%		112,337		19,337
				4.22	%		274,337		274,337
31 West 52nd Street
	Dec-2017	Fixed ⁽¹⁾		6.04	%		237,600		337,500
	Dec-2017	Variable		1.79	%		175,890		75,990
				4.23	%		413,490		413,490

One Market Plaza (49.0% interest)	Dec-2019	Fixed ⁽¹⁾		6.14	%		857,037		853,711
Waterview	June-2017	Fixed		5.76	%		210,000		210,000
1899 Pennsylvania Avenue	Nov-2020	Fixed		4.88	%		89,116		90,489
Liberty Place	June-2018	Fixed		4.50	%		84,000		84,000
Total Notes and mortgages payable				4.68	%	$	2,941,524	$	2,852,287

$1.0 Billion Revolving Credit Facility
($200,000 reserved for
outstanding letters of credit)	Nov-2018	Variable		1.54	%	$	20,000	$	-

⁽¹⁾

Represents loans with variable interest rates that have been fixed by interest rate swaps. (See Note 9, Derivative Instruments and Hedging Activities).

As of December 31, 2015, principal repayments required for the next five years and thereafter in connection with our mortgages and notes payable and revolving credit facility are as follows.

(Amounts in thousands)
2016	$	1,441
2017		899,340
2018		105,588
2019		858,705
2020		82,906
Thereafter		1,013,544