Mortgages Payable

9 Months Ended

Sep. 30, 2020

On February 14, 2020, we reduced our participation in our Rego Park II shopping center loan to $50,000,000 and received cash proceeds of approximately $145,000,000.

On September 14, 2020, we amended and extended the $350,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property. Under the terms of the amendment, we paid down the loan by $50,000,000 to $300,000,000, extended the maturity date to August 2025 and guaranteed the interest payments and certain leasing costs. The principal of the loan is non-recourse to us. The interest-only loan remains at the same rate, LIBOR plus 1.40% (1.56% as of September 30, 2020).

On October 23, 2020, we completed a financing of The Alexander apartment tower in the amount of $94,000,000. The interest-only loan has a fixed rate of 2.63% and matures in November 2027.

The following is a summary of our outstanding mortgages payable as of September 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 September 30, 2020	September 30, 2020		December 31, 2019
First mortgages secured by:
Paramus	Oct. 04, 2021	4.72%	$	68,000	$	68,000
731 Lexington Avenue, office condominium(1)	Jun. 11, 2024	1.05%	500,000		500,000
731 Lexington Avenue, retail condominium(2)	Aug. 05, 2025	1.56%	300,000		350,000
Rego Park II shopping center(3)	Dec. 12, 2025	1.50%	202,544		56,836
Total			1,070,544		974,836
Deferred debt issuance costs, net of accumulated amortization of $12,701 and $14,362, respectively			(4,141)		(3,875)
			$	1,066,403	$	970,961

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

(2)Interest at LIBOR plus 1.40%.

(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 September 30, 2020 and December 31, 2019, respectively.