Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by either the respective properties and assignment of leases or certain debt investments at December 31, 2015 and 2014, respectively, were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate⁽¹⁾		December 31, 2015		December 31, 2014
Fixed Rate Debt:						(as adjusted)
919 Third Avenue⁽²⁾	June 2023	5.12	%	$	500,000	$	500,000
711 Third Avenue⁽³⁾				—		120,000
Total fixed rate debt				500,000		620,000
Floating Rate Debt:
Master Repurchase Agreement	June 2016	3.36	%	$	253,424	$	100,000
Total floating rate debt				253,424		100,000
Total fixed and floating rate debt				$	753,424	$	720,000

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(1)	Effective weighted average interest rate for the year ended December 31, 2015.


(2)	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.


(3)	In March 2015, we repaid the mortgage.

Master Repurchase Agreement

The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us with the ability to sell certain debt investments with a simultaneous agreement to repurchase the same at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 basis points and 325 basis points over 30-day LIBOR depending on the pledged collateral. In September 2015, we entered into an amendment to the MRA to extend the maturity to June 29, 2016. Further, as of December 6, 2015 we are now required to pay monthly in arrears a 25 basis point fee on the excess of $150.0 million over the average daily balance during the period if the average daily balance is less than $150.0 million. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and access to additional liquidity through the 2012 Credit Facility. See Note 7, "Corporate Indebtedness."

At December 31, 2015 and 2014, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $2.0 billion and $1.9 billion, respectively.