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MORTGAGES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable
The following is a summary of mortgages payable as of September 30, 2020 and December 31, 2019.
 Interest Rate atSeptember 30,December 31,
(Amounts in thousands)MaturitySeptember 30, 202020202019
First mortgages secured by: 
Variable rate
Cherry Hill (Plaza at Cherry Hill)(1)
5/24/20221.76%$28,930 $28,930 
Westfield (One Lincoln Plaza)(1)
5/24/20221.76%4,730 4,730 
Woodbridge (Plaza at Woodbridge)(1)
5/25/20221.76%55,340 55,340 
Jersey City (Hudson Commons)(2)
11/15/20242.06%28,724 29,000 
Watchung(2)
11/15/20242.06%26,742 27,000 
Bronx (1750-1780 Gun Hill Road)(2)
12/1/20242.06%25,295 24,500 
Total variable rate debt169,761 169,500 
Fixed rate
Bergen Town Center - West, Paramus4/8/20233.56%300,000 300,000 
Bronx (Shops at Bruckner)5/1/20233.90%10,510 10,978 
Jersey City (Hudson Mall)(4)
12/1/20235.07%23,085 23,625 
Yonkers Gateway Center(5)
4/6/20244.16%28,897 30,122 
Las Catalinas(8)
8/6/20247.43%128,822 129,335 
Brick12/10/20243.87%50,000 50,000 
North Plainfield12/10/20253.99%25,100 25,100 
Middletown12/1/20263.78%31,400 31,400 
Rockaway12/1/20263.78%27,800 27,800 
East Hanover (200 - 240 Route 10 West)12/10/20264.03%63,000 63,000 
North Bergen (Tonnelle Ave)4/1/20274.18%100,000 100,000 
Manchester6/1/20274.32%12,500 12,500 
Millburn6/1/20273.97%23,488 23,798 
Totowa12/1/20274.33%50,800 50,800 
Woodbridge (Woodbridge Commons)12/1/20274.36%22,100 22,100 
East Brunswick12/6/20274.38%63,000 63,000 
East Rutherford1/6/20284.49%23,000 23,000 
Brooklyn (Kingswood Center)(6)
2/6/20285.07%71,916 — 
Hackensack3/1/20284.36%66,400 66,400 
Marlton12/1/20283.86%37,400 37,400 
East Hanover Warehouses12/1/20284.09%40,700 40,700 
Union (2445 Springfield Ave)12/10/20284.01%45,600 45,600 
Freeport (Freeport Commons)12/10/20294.07%43,100 43,100 
Montehiedra(9)
6/1/20305.00%81,571 83,202 
Montclair8/15/20303.15%7,250 — 
Garfield12/1/20304.14%40,300 40,300 
Mt Kisco(3)
11/15/20346.40%13,090 13,488 
Montehiedra (junior loan)(9)
——%— 30,000 
Total fixed rate debt1,430,829 1,386,748 
 Total mortgages payable1,600,590 1,556,248 
Unamortized debt issuance costs(10,286)(10,053)
Total mortgages payable, net of unamortized debt issuance costs1,590,304 1,546,195 
Unsecured credit facilities:
Revolving credit agreement(7)
1/29/20241.21%250,000 — 
Total unsecured credit facilities250,000 — 
Total debt outstanding$1,840,304 $1,546,195 
(1)Bears interest at one month LIBOR plus 160 bps. The mortgage loans encumbered by these properties were modified during the second quarter of 2020 to contain a payment deferral period from June 1, 2020 through August 1, 2020.
(2)Bears interest at one month LIBOR plus 190 bps. The mortgage loans encumbered by these properties were modified during the second quarter of 2020 to contain an interest-only payment period from May 1, 2020 through July 1, 2020.
(3)The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million of unamortized debt discount as of both September 30, 2020 and December 31, 2019. The effective interest rate including amortization of the debt discount is 7.31% as of September 30, 2020.
(4)The mortgage payable balance on the loan secured by Hudson Mall includes $0.8 million and $1.0 million of unamortized debt premium as of September 30, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.91% as of September 30, 2020.
(5)The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.5 million and $0.6 million of unamortized debt premium as of September 30, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.74% as of September 30, 2020.
(6)The mortgage payable balance on the loan secured by Kingswood Center includes $6.4 million of unamortized debt premium as of September 30, 2020. The effective interest rate including amortization of the debt premium is 3.74% as of September 30, 2020.
(7)Bears interest at one month LIBOR plus 1.05% as of September 30, 2020.
(8)In April 2020, the non-recourse mortgage loan on Las Catalinas Mall was defaulted on and became subject to incremental default interest of 3.00% while the outstanding balance remains unpaid. We currently remain in active negotiations with the special servicer and no determination has been made as to the timing or ultimate resolution of this matter.
(9)On June 1, 2020, we refinanced the mortgage secured by The Outlets at Montehiedra in Puerto Rico, whereby the $30 million junior loan plus accrued interest of $5.4 million was forgiven and the senior loan was replaced by a new $82 million 10-year fixed rate mortgage, bearing interest at 5.00%.
Schedule of Principal Repayments
As of September 30, 2020, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2020(1)
$3,067 
202112,956 
2022101,490 
2023347,158 
2024529,208 
202535,382 
Thereafter821,329 
(1) Remainder of 2020.