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Mortgage Notes Payable, Net (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
The Company’s mortgage notes payable, net as of March 31, 2020 and December 31, 2019 are as follows:
 
 
 
 
Outstanding Loan Amount
 
 
 
 
 
 
Portfolio
 
Encumbered Properties
 
March 31,
2020
 
December 31,
2019
 
Effective Interest Rate
 
Interest Rate
 
Maturity
 
 
 
 
(In thousands)
 
(In thousands)
 
 
 
 
 
 
123 William Street (1)
 
1
 
$
140,000

 
$
140,000

 
4.74
%
 
Fixed
 
Mar. 2027
1140 Avenue of the Americas
 
1
 
99,000

 
99,000

 
4.18
%
 
Fixed
 
Jul. 2026
400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage
 
2
 
50,000

 
50,000

 
4.59
%
 
Fixed
 
May 2028
8713 Fifth Avenue
 
1
 
10,000

 
10,000

 
5.05
%
 
Fixed
 
Nov. 2028
9 Times Square
 
1
 
55,000

 
55,000

 
3.73
%
 
Fixed
(2) 
Apr. 2024
196 Orchard Street
 
1
 
51,000

 
51,000

 
3.91
%
 
Fixed
 
Aug. 2029
Mortgage notes payable, gross
 
7
 
405,000

 
405,000

 
4.35
%
 
 
 
 
Less: deferred financing costs, net (3)
 
 
 
(9,583
)
 
(9,969
)
 
 
 
 
 
 
Mortgage notes payable, net
 

 
$
395,417

 
$
395,031

 
 
 
 
 
 
_____________________
(1) 
As of March 31, 2020, $2.5 million was in escrow in accordance with the conditions under the loan agreement and presented as part of restricted cash on the unaudited consolidated balance sheet. The escrow amount will be released to fund leasing activity, tenant improvements and leasing commissions related to this property.
(2) 
Fixed as a result of the Company having entered into a “pay-fixed” interest rate swap agreement, which is included in derivatives, at fair value on the consolidated balance sheet as of March 31, 2020 (see Note 6 — Derivatives and Hedging Activities).
(3) 
Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Schedule of maturities of long-term debt
The following table summarizes the scheduled aggregate principal payments subsequent to March 31, 2020:
(In thousands)
 
Future Minimum Principal Payments
2020 (remainder)
 
$

2021
 

2022
 

2023
 

2024
 
55,000

Thereafter
 
350,000

Total
 
$
405,000