Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at June 30, 2016 and December 31, 2015, respectively, were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate⁽¹⁾		June 30, 2016			December 31, 2015
Fixed Rate Debt:
Landmark Square	December 2016	4.00	%	$	78,682		$	79,562
FHLB Facility	January 2017	1.03	%	105,000			—
FHLB Facility	January 2017	0.80	%	100,000			—
485 Lexington Avenue	February 2017	5.61	%	450,000			450,000
762 Madison Avenue	February 2017	3.86	%	7,784			7,872
885 Third Avenue⁽²⁾	July 2017	6.26	%	267,650			267,650
Unsecured Loan	June 2018	4.81	%	16,000			16,000
One Madison Avenue	May 2020	5.91	%	530,876			542,817
100 Church Street	July 2022	4.68	%	223,294			225,099
919 Third Avenue⁽³⁾	June 2023	5.12	%	500,000			500,000
400 East 57th Street	February 2024	4.13	%	66,998			67,644
400 East 58th Street	February 2024	4.13	%	28,713			28,990
420 Lexington Avenue	October 2024	3.99	%	300,000			300,000
1515 Broadway	March 2025	3.93	%	896,248			900,000
11 Madison Avenue	September 2025	3.84	%	1,400,000			1,400,000
Series J Preferred Units⁽⁴⁾	April 2051	3.75	%	4,000			4,000
388-390 Greenwich Street⁽⁵⁾				—			1,004,000
500 West Putnam Avenue⁽⁶⁾				—			22,376
Total fixed rate debt				$	4,975,245		$	5,816,010
Floating Rate Debt:
Master Repurchase Agreement⁽⁷⁾	July 2016	3.59	%	$	134,259		$	253,424
FHLB Facility	December 2016	0.72	%	24,000			45,750
600 Lexington Avenue	October 2017	2.63	%	110,857			112,795
719 Seventh Avenue	February 2018	3.49	%	27,514			—
183,187 Broadway & 5-7 Dey Street	May 2018	3.11	%	58,000			40,000
1080 Amsterdam	November 2018	4.19	%	3,525			3,525
220 East 42nd Street	October 2020	2.04	%	275,000			275,000
388-390 Greenwich Street⁽⁵⁾				—			446,000
248-252 Bedford Avenue⁽⁸⁾				—			29,000
Total floating rate debt				$	633,155		$	1,205,494
Total fixed rate and floating rate debt				$	5,608,400		$	7,021,504
Mortgages reclassed to liabilities related to assets held for sale⁽⁵⁾⁽⁸⁾				—			(29,000		)
Total mortgages and other loans payable				$	5,608,400		$	6,992,504
Deferred financing costs, net of amortization				(84,290		)	(110,584		)
Total mortgages and other loans payable, net				$	5,524,110		$	6,881,920


(1)	Effective weighted average interest rate for the quarter ended June 30, 2016, taking into account interest rate hedges in effect during the period.


(2)	In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met.


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

(4)

In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million, 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units are accounted for as debt because they can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as provided for in the related agreement.


(5)	In June 2016, we closed on the sale of 388-390 Greenwich Street. At March 31, 2016, this property was classified as a held for sale property and the related mortgage, net of deferred financing costs, net of amortization of $24.5 million, was included in liabilities related to assets held for sale.


(6)	In January 2016, the mortgage was repaid.


(7)	In July 2016, we entered into a new Master Repurchase Agreement, with a maximum facility capacity of $300.0 million that bears interest ranging from 225 and 400 basis points over 30-day LIBOR, depending on the pledged collateral. The new MRA has an initial maturity date of July 2018, with an extension term of one additional year.


(8)	The property at 248-252 Bedford Avenue in Brooklyn, New York was sold in February 2016. At December 31, 2015 this property was held for sale and the related mortgage, net of deferred financing, net of amortization costs of $0.9 million, was included in liabilities related to assets held for sale.

Federal Home Loan Bank of New York Facility

The Company’s wholly-owned subsidiary, Belmont Insurance Company, or Belmont, a New York licensed captive insurance company, is a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Belmont may borrow funds from the FHLBNY in the form of secured advances. As of June 30, 2016, we had $229.0 million in outstanding secured advances with a weighted average borrowing rate of 0.90%.

On January 12, 2016, the Federal Housing Finance Agency, or FHFA, adopted a final regulation on Federal Home Loan Bank, or FHLB, membership. The rule excludes captive insurance entities from FHLB membership on a going-forward basis and provides termination rules for current captive insurance members. Unless the final rule is modified, Belmont's membership will terminate on February 19, 2017, at which point we would be required to repay all funds borrowed from the FHLBNY.

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 and 325 basis points over 30-day LIBOR depending on the pledged collateral. Since December 6, 2015, we have been 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, as defined below.

At June 30, 2016 and December 31, 2015, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable, not including assets held for sale, was approximately $8.7 billion and $10.8 billion, respectively.

In July 2016, we entered into a new Master Repurchase Agreement, with a maximum facility capacity of $300.0 million that bears interest ranging from 225 and 400 basis points over 30-day LIBOR depending on the pledged collateral. The new MRA has an initial maturity date of July 2018, with an extension term of one additional year.