Mortgage notes payable at December 31, 2018 and 2017 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2018				2017				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,972	$	—	$	199,904	3.77	%	$	625	2019
Danbury Fair Mall(6)	—		202,158		104,599		104,598		5.53	%	1,538		2020
Fashion Outlets of Chicago(7)	—		199,622		—		199,298		4.01	%	642		2020
Fashion Outlets of Niagara Falls USA	—		109,651		—		112,770		4.89	%	727		2020
Freehold Raceway Mall(5)	—		398,212		—		398,050		3.94	%	1,300		2029
Fresno Fashion Fair	—		323,460		—		323,261		3.67	%	971		2026
Green Acres Commons(8)	—		128,006		—		107,219		5.06	%	488		2021
Green Acres Mall	—		284,686		—		291,366		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		437,120		—		447,231		3.67	%	2,229		2019
Oaks, The	—		192,037		—		196,732		4.14	%	1,064		2022
Pacific View	—		121,362		—		124,397		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place(9)	—		297,069		—		296,366		4.01	%	939		2022
SanTan Village Regional Center(10)	—		121,585		—		124,703		3.14	%	589		2019
Towne Mall	—		20,733		—		21,161		4.48	%	117		2022
Tucson La Encantada(6)	—		65,361		66,970		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,675		—		114,617		4.00	%	380		2024
Vintage Faire Mall	—		258,207		—		263,818		3.55	%	1,256		2026
Westside Pavilion(11)	—		—		—		141,020
	$	—	$	4,073,916	$	171,569	$	4,066,511

(1)

The mortgage notes payable balances includes an unamortized debt premium. Debt premiums represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The loan on Fashion Outlets of Niagara Falls USA had a premium of $1,701 and $2,630 at December 31, 2018 and 2017, respectively.

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $13,053 and $17,838 at December 31, 2018 and 2017, respectively.


(2)	The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.


(3)	The monthly debt service represents the payment of principal and interest.


(4)	The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.


(5)	A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 11—Financing Arrangement).


(6)	Related party mortgage notes payable were amounts due to NML (See Note 18—Related Party Transactions).


(7)	The loan bears interest at LIBOR plus 1.50%. At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.02%, respectively. On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at 4.58% and matures on February 1, 2031.


(8)	On March 1, 2018, the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15%. At December 31, 2018 and 2017, the total interest rate was 5.06% and 4.07%, respectively.


(9)	The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.13%, respectively.


(10)	On February 13, 2019, the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten-year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.


(11)	On August 31, 2018, a 75% interest in the loan was assumed by a third party in connection with the sale of a 75% ownership interest in the underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).