MORTGAGES PAYABLE

On October 3, 2018, we extended our mortgage loan on our Paramus property. The $68,000,000 interest-only loan has a fixed rate of 4.72% and matures in October 2021. Previously the loan bore interest at a fixed rate of 2.90%.

On December 12, 2018, we completed a $252,544,000 refinancing of our Rego Park II shopping center. The interest-only loan is at LIBOR plus 1.35% (3.87% as of December 31, 2018) and matures in December 2025. The previous loan bore interest at LIBOR plus 1.85% and was scheduled to mature in January 2019.

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.



			Interest Rate at December 31, 2018	Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	Interest Rate at December 31, 2018	2018				2017
First mortgages secured by:
	Paramus	Oct. 2021	4.72%	$	68,000			$	68,000
	731 Lexington Avenue, retail space⁽²⁾	Aug. 2022	3.78%	350,000				350,000
	731 Lexington Avenue, office space⁽³⁾	Jun. 2024	3.36%	500,000				500,000
	Rego Park II shopping center	Dec. 2025	3.87%	252,544			⁽⁴⁾	256,194
	Rego Park I shopping center (100% cash
	collateralized)⁽⁵⁾	—	—	—				78,246
	Total			1,170,544				1,252,440
	Deferred debt issuance costs, net of accumulated
	amortization of $9,212 and $6,315, respectively			(9,010		)		(12,218		)
				$	1,161,534			$	1,240,222

(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	Interest at LIBOR plus 1.40%.
(3)	Interest at LIBOR plus 0.90%.
(4)	Interest at LIBOR plus 1.35%. See Note 8 for details of our Rego Park II loan participation.
(5)	Refinanced on May 11, 2018 and repaid on June 6, 2018.

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 $589,492,000 as of December 31, 2018. 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, 2018, the principal repayments for the next five years and thereafter are as follows:



(Amounts in thousands)
Year Ending December 31,	Amount
2019	$	—
2020	—
2021	68,000
2022	350,000
2023	—
Thereafter	752,544