Mortgages Payable

6 Months Ended

Jun. 30, 2020

On December 12, 2018, we completed a refinancing of our Rego Park II shopping center in the amount of $252,544,000. The loan is at LIBOR plus 1.35% (1.53% as of June 30, 2020) and matures in December 2025. As of December 31, 2019, we had a participation in the mortgage in the amount of $195,708,000 which for GAAP purposes was netted against the mortgage balance. On February 14, 2020, we reduced our participation in the mortgage loan to $50,000,000 and received cash proceeds of approximately $145,000,000. Therefore, the balance sheet amount of the mortgage loan was $202,544,000 and $56,836,000 as of June 30, 2020 and December 31, 2019, respectively.


8.	Mortgages Payable - continued

The following is a summary of our outstanding mortgages payable as of June 30, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.



			Balance at
(Amounts in thousands)	Maturity	Interest Rate at June 30, 2020	June 30, 2020			December 31, 2019
First mortgages secured by:
731 Lexington Avenue, retail condominium⁽¹⁾	Aug. 05, 2020	1.57%	$	350,000		$	350,000
Paramus	Oct. 04, 2021	4.72%	68,000			68,000
731 Lexington Avenue, office condominium⁽²⁾	Jun. 11, 2024	1.09%	500,000			500,000
Rego Park II shopping center⁽³⁾	Dec. 12, 2025	1.53%	202,544			56,836
Total			1,120,544			974,836
Deferred debt issuance costs, net of accumulated amortization of $16,605 and $14,362, respectively			(1,731		)	(3,875		)
			$	1,118,813		$	970,961


(1)	Interest at LIBOR plus 1.40%. This loan matures on August 5, 2020; we are in discussions with the lender.


(2)	Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend.

(3)

Interest at LIBOR plus 1.35%. The amount of this loan is net of our loan participation of $50,000 and $195,708 as of June 30, 2020 and December 31, 2019, respectively.