Mortgages Payable

12 Months Ended

Dec. 31, 2014

6. MORTGAGES PAYABLE

On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options. The proceeds of the new loan and existing cash were used to repay the existing loan and closing costs. In connection therewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%.

The following is a summary of outstanding mortgages payable.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	December 31, 2014		2014		2013
First mortgages secured by:
	Rego Park I shopping center (100% cash	Mar. 2015	0.40	%	$	78,246	$	78,246
	collateralized)
	731 Lexington Avenue, retail space⁽²⁾	Jul. 2015	4.93	%		320,000		320,000
	Paramus	Oct. 2018	2.90	%		68,000		68,000
	Rego Park II shopping center⁽³⁾	Nov. 2018	2.02	%		266,534		269,496
	731 Lexington Avenue, office space⁽⁴⁾	Mar. 2021	1.11	%		300,000		314,217
					$	1,032,780	$	1,049,959
___________________

(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(3)	This loan bears interest at LIBOR plus 1.85%.
(4)	This loan bears interest at LIBOR plus 0.95%.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $706,791,000 at December 31, 2014. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2014, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2015	$	401,439
2016		3,440
2017		3,707
2018		324,194
2019		-
Thereafter		300,000

We intend to refinance our maturing debt as it comes due