(4) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

At October 31, 2018, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031. The mortgage loans bear interest at rates ranging from 3.5% to 6.6% and are collateralized by real estate investments having a net carrying value of approximately $558.2 million.

Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands):

	Principal Repayments		Scheduled Amortization		Total
2019	$	26,880	$	6,362	$	33,242
2020		-		6,031		6,031
2021		-		6,391		6,391
2022		49,486		5,581		55,067
2023		-		5,269		5,269
Thereafter		181,579		6,222		187,801
	$	257,945	$	35,856	$	293,801

The Company has a $100 million unsecured revolving credit facility with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent. The syndicate also includes Wells Fargo Bank N.A. and Bank of Montreal (co-syndication agent). The Facility gives the Company the option, under certain conditions, to increase the Facility’s borrowing capacity up to $150 million (subject to lender approval). The maturity date of the Facility is August 23, 2020 with a one-year extension at the Company’s option. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company’s option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, financial and other covenants typical for this type of facility. The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. The Company was in compliance with such covenants at October 31, 2018.

As of October 31, 2018, $71 million was available to be drawn on the Facility.

During the fiscal years ended October 31, 2018 and 2017, the Company borrowed $33.6 million and $52 million, respectively, on its Facility to fund capital improvements to our properties, property acquisitions and for general corporate purposes. During the fiscal years ended October 31, 2018 and 2017, the Company re-paid $9.0 million and $56.0 million, respectively, on its Facility with available cash.

In March 2018, the Company through a wholly-owned subsidiary, purchased Tanglewood for $13.1 million (see note 3). A portion of the purchase price was funded by issuing $11 million of unsecured promissory notes payable to the seller of the property, consisting of three tranches. In May 2018, the short-term notes tranche in the amount of $7.8 million was repaid with borrowings on the Company's Facility. The remaining balance of the notes is included in mortgage notes payable and other loans on the Company's consolidated balance sheet at $3.2 million. Each tranche requires payments of interest only.

The terms of the remaining notes are detailed below:

	Principal Amount (in thousands)		Interest Rate				Interest Payment Terms	Maturity Date
Long Term A	$	1,650		4.91	%	(a)	Quarterly	March 29, 2030
Long Term B		1,513		5.05	%	(b)	Quarterly	March 29, 2030
	$	3,163

(a)	Interest rate is variable and based on the level of the Company's dividend declared on the Company's Class A Common stock, divided by $22 per Class A Share.

(b)	Interest rate is fixed.

In October 2018, we entered into a commitment to refinance our existing $15.0 million mortgage secured by our Darien, CT shopping center on March 18, 2019, the first day the current Darien mortgage can be repaid without penalty. The new mortgage will be in the amount of $25.0 million and will have a term of ten years and will require payment of principal and interest at the rate of LIBOR plus 1.65%. Concurrent with entering into the commitment, we also entered into an interest rate swap contract with the new lender, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.815% per annum. The fixed interest rate on the existing mortgage is currently 6.55%.

Also in October 2018, we entered into a commitment to refinance our existing $9.2 million mortgage secured by our Newark, NJ shopping center. We anticipate the refinancing will take place in March 2019, the first month the current mortgage can be repaid without penalty. The new mortgage will be in the amount of $10.0 million and will have a term of ten years and will require payment of principal and interest at the fixed rate of 4.63%. The fixed interest rate on the existing mortgage is currently 6.15%.

Interest paid in the years ended October 31, 2018, 2017, and 2016 was approximately $13.4 million, $12.9 million and $13.1 million, respectively.