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MORTGAGES AND OTHER NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Mortgage Loan Activity | The following table reflects mortgage loan activity for the year ended December 31, 2014:
(dollars in thousands) |  |  | Borrowings |  | Repayments
Property | Date | Description | Amount | Interest Rate | Maturity Date | Amount | Interest Rate
664 N. Michigan Avenue | January | New Borrowing | $ | 45,000 |  | LIBOR + 1.65% | 6/28/2018 | $ | — |  |
New Hyde Park Shopping Center | January | Additional Draw | 1,500 |  | LIBOR + 2.25% | 11/10/2015 | — |  |
Heritage Shops | February | Refinancing | 24,500 |  | LIBOR + 1.55% | 2/28/2016 | 20,900 |  | LIBOR + 2.25%
654 Broadway | March | New Borrowing | 9,000 |  | LIBOR + 1.88% | 3/7/2017 | — |  |
Paramus Plaza | March | New Borrowing | 12,600 |  | LIBOR + 1.70% | 2/20/2019 | — |  |
613-623 W. Diversey | April | Repayment | — |  |  | 7/1/2014 | 4,200 |  | 6.35%
Lake Montclair Center | April | New Borrowing | 15,500 |  | LIBOR + 2.15% | 5/1/2019 | — |  |
New Hyde Park Shopping Center | April | Refinancing | 12,000 |  | LIBOR + 1.85% | 5/1/2017 | 7,700 |  | LIBOR + 2.25%
938 W. North Avenue | May | New Borrowing | 12,500 |  | LIBOR + 2.35% | 5/1/2017 | — |  |
1151 Third Ave | June | New Borrowing | 12,500 |  | LIBOR + 1.75% | 6/3/2017 | — |  |
New Loudon Center | June | Repayment | — |  | 5.64% | 9/6/2014 | 13,300 |  | 5.64%
Bedford Green | July | Assumption | 29,794 |  | 5.10% | 9/5/2017 | — |  |
City Point | October | Refinancing | 20,000 |  | LIBOR + 2.00% | 11/1/2021 | 20,000 |  | 7.25%
City Point | December | Refinancing | 20,000 |  | LIBOR + 1.70% | 8/23/2015 | 20,000 |  | LIBOR + 5.00%
Lincoln Park Center | December | Additional Draw | 5,000 |  |  |  |  |
3104 M Street | December | New Borrowing | 103 |  | Prime + 0.50% | 12/10/2021 | — |  |
City Point (1) | Various | Additional Draw | 81,191 |  |  |  |  |  |
Total |  |  | $ | 301,188 |  |  |  | $ | 86,100 |  |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued Note: (1) As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014.
Schedule of Line of Credit Facilities | The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:
(dollars in thousands) Borrower |  | Total amount of credit facility |  | Amount borrowed as of December 31, 2013 |  | Net borrowings (repayments) during the year ended December 31, 2014 |  | Amount borrowed as of December 31, 2014 |  | Letters of credit outstanding as of December 31, 2014 |  | Amount available under credit facilities as of December 31, 2014
Operating Partnership |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,500 |  |  | $ | 137,500 |
Fund IV |  | 150,000 |  |  | 68,750 |  |  | 8,350 |  |  | 77,100 |  |  | — |  |  | 72,900 |
Total |  | $ | 300,000 |  |  | $ | 68,750 |  |  | $ | 8,350 |  |  | $ | 77,100 |  |  | $ | 12,500 |  |  | $ | 210,400 |
Schedule of Debt | 8. Mortgage and Other Notes Payable, continued The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2014 |  | 12/31/2013 |  | Interest Rate at December 31, 2014 |  | Maturity |  | Payment Terms
Mortgage notes payable – variable-rate |  |  |  |  |  |  |  |  |
Liberty Avenue |  | $ | 8,973 |  |  | $ | 9,090 |  |  | 2.92% (LIBOR+2.75%) |  | 4/30/2015 |  | Monthly principal and interest.
210 Bowery |  | 4,600 |  |  | 4,600 |  |  | 2.12% (LIBOR+1.95%) |  | 6/1/2015 |  | Interest only monthly.
640 Broadway |  | 22,564 |  |  | 22,750 |  |  | 3.12% (LIBOR+2.95%) |  | 7/1/2015 |  | Monthly principal and interest.
Heritage Shops |  | — |  |  | 20,871 |  |  | 2.42% (LIBOR+2.25%) |  | 8/10/2015 |  | Interest only monthly.
CityPoint |  | 20,650 |  |  | 20,650 |  |  | 4.17% (LIBOR+4.00%) |  | 8/12/2015 |  | Interest only monthly.
CityPoint |  | 20,000 |  |  | 20,000 |  |  | 1.87% (LIBOR+1.70%) |  | 8/23/2015 |  | Interest only monthly.
Cortlandt Towne Center |  | 83,936 |  |  | 84,745 |  |  | 1.82% (LIBOR+1.65%) |  | 10/26/2015 |  | Monthly principal and interest.
New Hyde Park Shopping Center |  | — |  |  | 6,294 |  |  | 2.40% (LIBOR+1.85%) |  | 11/10/2015 |  | Monthly principal and interest.
3780-3858 Nostrand Avenue |  | 12,046 |  |  | 12,567 |  |  | 2.82% (LIBOR+2.65%) |  | 2/1/2016 |  | Monthly principal and interest.
Heritage Shops |  | 24,500 |  |  | — |  |  | 1.72% (LIBOR+1.55%) |  | 2/28/2016 |  | Interest only monthly.
Lincoln Park Centre |  | 28,000 |  |  | 23,000 |  |  | 1.62% (LIBOR+1.45%) |  | 12/3/2016 |  | Interest only monthly.
654 Broadway |  | 9,000 |  |  | — |  |  | 2.05% (LIBOR+1.88%) |  | 3/1/2017 |  | Interest only monthly.
New Hyde Park Shopping Center |  | 11,720 |  |  | — |  |  | 2.02% (LIBOR+1.85%) |  | 5/1/2017 |  | Monthly principal and interest.
938 W. North Avenue |  | 12,500 |  |  | — |  |  | 2.52% (LIBOR+2.35%) |  | 5/1/2017 |  | Interest only monthly.
1151 Third Avenue |  | 12,481 |  |  | — |  |  | 1.92% (LIBOR+1.75%) |  | 6/3/2017 |  | Interest only monthly.
161st Street |  | 29,500 |  |  | 29,500 |  |  | 2.67% (LIBOR+2.50%) |  | 4/1/2018 |  | Interest only monthly.
664 N. Michigan |  | 44,369 |  |  | — |  |  | 1.82% (LIBOR+1.65%) |  | 6/28/2018 |  | Monthly principal and interest.
Paramus Plaza |  | 12,600 |  |  | — |  |  | 1.87% (LIBOR+1.70%) |  | 2/20/2019 |  | Interest only monthly.
Lake Montclair Center |  | 15,284 |  |  | — |  |  | 2.32% (LIBOR+2.15%) |  | 5/1/2019 |  | Monthly principal and interest.
City Point |  | 20,000 |  |  | — |  |  | 1.56% (LIBOR+1.39%) |  | 11/1/2021 |  | Interest only monthly.
3104 M Street |  | 103 |  |  | — |  |  | 3.75% (Prime+0.5%) |  | 12/10/2021 |  | Interest only monthly.
4401 N. White Plains Road |  | 6,141 |  |  | 6,263 |  |  | 2.07% (LIBOR+1.90%) |  | 9/1/2022 |  | Monthly principal and interest.
28 Jericho Turnpike |  | 15,747 |  |  | 16,164 |  |  | 2.07% (LIBOR+1.90%) |  | 1/23/2023 |  | Monthly principal and interest.
60 Orange Street |  | 8,236 |  |  | 8,457 |  |  | 1.92% (LIBOR+1.75%) |  | 4/3/2023 |  | Monthly principal and interest.
Sub-total mortgage notes payable |  | $ | 422,950 |  |  | $ | 284,951 |  |  |  |  |  |  |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2014 |  | 12/31/2013 |  | Interest Rate at December 31, 2014 |  | Maturity |  | Payment Terms
Unsecured Debt |  |  |  |  |  |  |  |  |
Fund IV revolving subscription line of credit (2) |  | $ | 77,100 |  |  | $ | 68,750 |  |  | 1.82% (LIBOR+1.65%) |  | 11/20/2015 |  | Interest only monthly.
Unsecured Line of Credit |  | — |  |  | — |  |  | 1.57% (LIBOR+1.40%) |  | 1/31/2018 |  | Interest only monthly.
Term Loan |  | 50,000 |  |  | 50,000 |  |  | 1.47% (LIBOR+130%) |  | 11/25/2019 |  | Interest only monthly.
Interest rate swaps (1) |  | (223,829 | ) |  | (179,660 | ) |  |  |  |  |  |
Total variable-rate debt |  | 326,221 |  |  | 224,041 |  |  |  |  |  |  |
Mortgage notes payable – fixed-rate |  |  |  |  |  |  |  |  |  |  |  |
613-623 W. Diversey |  | $ | — |  |  | $ | 4,192 |  |  | 6.35% |  | 7/1/2014 |  | Monthly principal and interest.
New Loudon Center |  | — |  |  | 13,369 |  |  | 5.64% |  | 9/6/2014 |  | Monthly principal and interest.
CityPoint |  | — |  |  | 20,000 |  |  | 7.25% |  | 11/1/2014 |  | Interest only quarterly.
Crescent Plaza |  | 16,455 |  |  | 16,747 |  |  | 4.98% |  | 9/6/2015 |  | Monthly principal and interest.
Pacesetter Park Shopping Center |  | 11,307 |  |  | 11,530 |  |  | 5.12% |  | 11/6/2015 |  | Monthly principal and interest.
Elmwood Park Shopping Center |  | 32,201 |  |  | 32,744 |  |  | 5.53% |  | 1/1/2016 |  | Monthly principal and interest.
Chicago Street Retail Portfolio |  | 15,265 |  |  | 15,558 |  |  | 5.61% |  | 2/1/2016 |  | Monthly principal and interest.
Gateway Shopping Center |  | 19,440 |  |  | 19,746 |  |  | 5.44% |  | 3/1/2016 |  | Monthly principal and interest.
330-340 River Street |  | 10,668 |  |  | 10,904 |  |  | 5.30% |  | 5/1/2016 |  | Monthly principal and interest.
Brandywine Town Center |  | 166,200 |  |  | 166,200 |  |  | 5.99% |  | 7/1/2016 |  | Interest only monthly.
Walnut Hill Plaza |  | — |  |  | 22,910 |  |  | 6.06% |  | 10/1/2016 |  | Monthly principal and interest.
Rhode Island Place Shopping Center |  | 15,975 |  |  | 16,208 |  |  | 6.35% |  | 12/1/2016 |  | Monthly principal and interest.
239 Greenwich Avenue |  | 26,000 |  |  | 26,000 |  |  | 5.42% |  | 2/11/2017 |  | Interest only monthly.
639 West Diversey |  | 4,245 |  |  | 4,341 |  |  | 6.65% |  | 3/1/2017 |  | Monthly principal and interest.
Merrillville Plaza |  | 25,504 |  |  | 25,837 |  |  | 5.88% |  | 8/1/2017 |  | Monthly principal and interest.
Bedford Green |  | 29,586 |  |  | — |  |  | 5.10% |  | 9/5/2017 |  | Monthly principal and interest.
216th Street |  | — |  |  | 25,500 |  |  | 5.80% |  | 10/1/2017 |  | Interest only monthly.
CityPoint |  | 5,262 |  |  | 5,262 |  |  | 1.00% |  | 8/23/2019 |  | Interest only monthly.
CityPoint |  | 199,000 |  |  | 197,000 |  |  | 4.75% |  | 2020 (3) |  | Interest only monthly.
Convertible Notes |  | 380 |  |  | 380 |  |  | 3.75% |  | (4) |  | Interest only semi-annually.
Interest rate swaps (1) |  | 223,829 |  |  | 179,660 |  |  | 2.15% |  |  |  |
Total fixed-rate debt |  | 801,317 |  |  | 814,088 |  |  |  |  |  |  |
Unamortized premium |  | 2,943 |  |  | 1,868 |  |  |  |  |  |  |
Total |  | $ | 1,130,481 |  |  | $ | 1,039,997 |  |  |  |  |  |  |
Notes:
(1) | Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).
(2) | The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.
(3) | The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.
(4) | Holders of the Convertible Notes may require the Company to repurchase them at par on December 15, 2016 and December 15, 2021. The Company may redeem the Convertible Notes, in whole, or in part, at any time.
Schedule of Maturities of Long-term Debt | The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2014 are as follows (does not include $2,943 net valuation premium on assumption of debt):
(dollars in thousands)
2015 | $ | 271,784 |
2016 | 326,767 |
2017 | 130,721 |
2018 | 71,790 |
2019 | 82,423 |
Thereafter | 244,053 |
| $ | 1,127,538 |

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