Mortgage notes payable at June 30, 2016 and December 31, 2015 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	June 30, 2016				December 31, 2015
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	—	$	—	$	—	$	221,194	—		$	—	—
Chandler Fashion Center(6)	—		199,803		—		199,766		3.77	%	625		2019
Danbury Fair Mall	109,525		109,525		111,078		111,079		5.53	%	1,538		2020
Deptford Mall(7)	—		—		—		193,337		—		—		—
Deptford Mall(8)	—		—		—		13,999		—		—		—
Fashion Outlets of Chicago	—		198,781		—		198,653		2.10	%	323		2020
Fashion Outlets of Niagara Falls USA	—		117,203		—		117,708		4.89	%	727		2020
Flagstaff Mall(9)	—		37,000		—		37,000		8.97	%	153		2015
FlatIron Crossing(7)	—		—		—		254,075		—		—		—
Freehold Raceway Mall(6)	—		222,762		—		224,836		4.20	%	1,132		2018
Green Acres Mall	—		300,909		—		303,960		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		461,659		—		466,266		3.67	%	2,229		2019
Northgate Mall(10)	—		63,662		—		63,783		3.35	%	143		2017
Oaks, The	—		203,418		—		205,555		4.14	%	1,064		2022
Pacific View	—		128,723		—		130,108		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		222,209		—		224,815		2.99	%	1,004		2018
SanTan Village Regional Center	—		129,192		—		130,638		3.14	%	589		2019
Stonewood Center	—		102,543		—		105,494		1.80	%	640		2017
Superstition Springs Center(11)	—		67,599		—		67,749		2.27	%	154		2016
Towne Mall	—		21,765		—		21,956		4.48	%	117		2022
Tucson La Encantada	69,260		—		69,991		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,529		—		114,500		4.00	%	380		2024
Vintage Faire Mall	—		271,847		—		274,417		3.55	%	1,255		2026
Westside Pavilion	—		145,275		—		146,630		4.49	%	783		2022
	$	178,785	$	3,718,404	$	181,069	$	4,427,518

(1)

The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following:



Property Pledged as Collateral	June 30, 2016		December 31, 2015
Arrowhead Towne Center	$	—	$	8,494
Deptford Mall	—		(3		)
Fashion Outlets of Niagara Falls USA	4,022		4,486
Stonewood Center	3,766		5,168
Superstition Springs Center	105		263
	$	7,893	$	18,408

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $12,368 and $16,025 at June 30, 2016 and December 31, 2015, respectively.


(2)	The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.


(3)	The monthly debt service represents the payment of principal and interest.


(4)	The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5)

On January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028, which resulted in a loss of $3,575 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).


(6)	A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).


(7)	On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).


(8)	On March 1, 2016, the Company paid off in full the loan on the property.


(9)	On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the transfer, the Company was discharged from the mortgage note payable.


(10)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At June 30, 2016 and December 31, 2015, the total interest rate was 3.35% and 3.30%, respectively.


(11)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At June 30, 2016 and December 31, 2015, the total interest rate was 2.27% and 2.17%, respectively.