7. DEBT

Information on our debt is as follows:

	March 31, 2016			December 31, 2015
	(in thousands)
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.	$	46,000		$	46,000
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		28,451			29,201
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		39,669			39,846
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		29,603			29,744

		143,723			144,791
Deferred loan costs related to mortgage loans		(862	)		(897	)
Premiums and discounts on assumed mortgages, net		1,064			1,178

Total Mortgages Payable		143,925			145,072

Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070			27,070
Unsecured term loan facility		385,000			385,000
Unsecured credit facility		107,000			107,000

		519,070			519,070
Deferred loan costs related to unsecured term loan and credit facilities		(4,425	)		(5,216	)
Discount on junior subordinated notes		(2,072	)		(2,091	)

Total Other		512,573			511,763

Total Debt	$	656,498		$	656,835

The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents.

The junior subordinated notes may be redeemed at par at our option.

Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight-line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs of $10,445,000 and $10,445,000 are presented net of accumulated amortization of $5,158,000 and $4,332,000 at March 31, 2016 and December 31, 2015, respectively.

In September 2014, CIM Commercial entered into an $850,000,000 unsecured credit facility with a bank syndicate consisting of a $450,000,000 revolver, a $325,000,000 term loan and a $75,000,000 delayed-draw term loan. The credit facility can be increased to $1,150,000,000 under certain conditions. CIM Commercial is subject to certain financial maintenance covenants and a minimum property ownership condition. Outstanding advances under the revolver bear interest at (i) the base rate, plus 0.20% to 1.00% or (ii) London Interbank Offered Rate ("LIBOR") plus 1.20% to 2.00%, depending on the maximum consolidated leverage ratio. Outstanding advances under the term loans bear interest at (i) the base rate, plus 0.15% to 0.95% or (ii) LIBOR plus 1.15% to 1.95%, depending on the maximum consolidated leverage ratio. The revolver is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The delayed-draw term loan was also subject to an unused line fee of 0.25%. The credit facility matures in September 2016 and provides for two one-year extension options under certain conditions. We intend to either exercise the extension option or identify alternative funding options at or prior to debt maturity. At March 31, 2016 and December 31, 2015, $107,000,000 ($0 under the revolver and $107,000,000 under the term loans) was outstanding under the credit facility and $450,000,000 was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions and general corporate purposes, and to repay mortgage loans and outstanding balances under our prior unsecured credit facilities. At March 31, 2016, the interest rate on this unsecured credit facility was 1.58%, while at December 31, 2015, the interest rate was 1.57%.

In May 2015, CIM Commercial entered into an unsecured term loan facility with a bank syndicate pursuant to which CIM Commercial can borrow up to a maximum of $385,000,000. The term loan facility ranks pari passu with CIM Commercial's $850,000,000 unsecured credit facility described above; covenants under the term loan facility are substantially the same as those in the $850,000,000 unsecured credit facility. Outstanding advances under the term loan facility bear interest at (i) the base rate plus 0.60% to 1.25% or (ii) LIBOR plus 1.60% to 2.25%, depending on the maximum consolidated leverage ratio. The unused portion of the term loan facility was also subject to an unused fee of 0.20%. With some exceptions, any prepayment of the term loan facility prior to May 2017 will be subject to a prepayment fee up to 2% of the outstanding principal amount. The term loan facility matures in May 2022. On November 2, 2015, $385,000,000 was drawn under the term loan facility. At March 31, 2016 and December 31, 2015, $385,000,000 was outstanding under the term loan facility. Proceeds from the term loan facility were used to repay balances outstanding under our unsecured credit facility. At March 31, 2016 and December 31, 2015, the variable interest rate on this unsecured term loan facility was 2.04% and 1.84%, respectively. The interest rate of the loan has been effectively converted to a fixed rate of 3.16% until May 8, 2020 through interest rate swaps (see Note 11).

At March 31, 2016 and December 31, 2015, we were in compliance with all of our respective financial covenants.

At March 31, 2016 and December 31, 2015, accrued interest and unused commitment fees payable of $1,865,000 and $1,688,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at March 31, 2016 are as follows:

Years Ending December 31,	Mortgages Payable		Other(1)		Total
	(in thousands)
2016 (Nine months ending December 31, 2016)	$	3,286	$	107,000	$	110,286
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
2020		1,596		—		1,596
Thereafter		108,380		412,070		520,450

	$	143,723	$	519,070	$	662,793


(1)	Represents the junior subordinated notes and unsecured credit and term loan facilities.