Debt

On May 3, 2016, we completed a $500,000,000 refinancing of 31 West 52nd Street, a 786,647 square foot Class A office building located between Fifth Avenue and Avenue of the Americas in Midtown Manhattan. The new 10-year loan is interest only at a fixed rate of 3.80%. We realized net proceeds of $64,538,000 after the repayment of the existing $413,490,000 loan and $21,972,000 of costs, primarily for swap breakage. The existing loan was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23%.

The following is a summary of our outstanding debt.

	Maturity	Fixed/Variable	Interest Rate at			As of
(Amounts in thousands)	Date	Rate	June 30, 2016			June 30, 2016			December 31, 2015
Notes and mortgages payable
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000		$	1,000,000
	Dec-2022	Variable ⁽²⁾		2.21	%		13,544			13,544
				3.52	%		1,013,544			1,013,544
900 Third Avenue
	Nov-2017	Fixed ⁽¹⁾		5.98	%		162,000			162,000
	Nov-2017	Variable ⁽³⁾		1.72	%		112,337			112,337
				4.24	%		274,337			274,337
31 West 52nd Street
	May-2026	Fixed		3.80	%		500,000			237,600
	n/a	Variable	n/a				-			175,890
				3.80	%		500,000			413,490
One Market Plaza (49.0% interest)
	Dec-2019	Fixed ⁽¹⁾		6.14	%		858,760			857,037
	Dec-2019	Variable ⁽⁴⁾		4.65	%		6,627			-
				6.13	%		865,387			857,037

Waterview	June-2017	Fixed		5.76	%		210,000			210,000
1899 Pennsylvania Avenue	Nov-2020	Fixed		4.88	%		88,404			89,116
Liberty Place	June-2018	Fixed		4.50	%		84,000			84,000
Total notes and mortgages payable				4.60	%	$	3,035,672		$	2,941,524
Less: deferred financing costs							(23,382	)		(18,914	)
Total notes and mortgages payable, net						$	3,012,290		$	2,922,610

$1.0 Billion Revolving Credit Facility
($200,000 reserved for
outstanding letters of credit)	Nov-2018	Variable		1.71	%	$	20,000		$	20,000

⁽¹⁾	Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 8, Derivative Instruments and Hedging Activities.

⁽²⁾	As of June 30, 2016, $13,544 was outstanding under a $250,000 line of credit that bears interest at LIBOR plus 175 basis points.

⁽³⁾	As of June 30, 2016, $7,710 was outstanding under a $10,000 line of credit that bears interest at LIBOR plus 150 basis points and an additional liquidity premium of 66 basis points.

⁽⁴⁾	As of June 30, 2016, $6,627 was outstanding under a $20,136 line of credit that bears interest at LIBOR plus 300 basis points and an additional liquidity premium of 120 basis points.