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MORTGAGE AND OTHER NOTES PAYABLE | 6 Months Ended
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Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract] |
MORTGAGE AND OTHER NOTES PAYABLE | MORTGAGE AND OTHER NOTES PAYABLE The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the six months ended June 30, 2015: Secured Debt:
(dollars in thousands) |  |  | Borrowings |  | Repayments
Property | Date | Description | Amount | Interest Rate | Maturity Date | Amount | Interest Rate
1035 Third Avenue | January | New Borrowing | $ | 42,000 |  | LIBOR+2.35% | 1/28/2021 | $ | — |  |
Lincoln Park Centre | January | Repayment |  |  |  | 28,000 |  | LIBOR+1.45%
163 Highland Avenue | March | Assumption | 9,765 |  | 4.66% | 3/1/2024 |  |
Broughton Street Portfolio (1) | May | New Borrowing | 20,000 |  | LIBOR+3.00% | 5/5/2016 |  |
City Point | June | Assumption | 19,000 |  | 1.25% | 12/1/2016 |  |
City Point | June | Assumption | 62,000 |  | SIFMA+1.60% | 12/1/2016 |  |
City Point | June | Repayment |  |  |  | 20,650 |  | LIBOR+4.00%
17 E. 71st Street | June | New Borrowing | 19,000 |  | LIBOR+1.90% | 6/9/2020 |  |
Crescent Plaza | June | Repayment |  |  |  | 16,326 |  | 4.98%
Total |  |  | $ | 171,765 |  |  |  | $ | 64,976 |  |
Notes: (1) This loan is collateralized by properties in an unconsolidated joint venture. Fund IV has fully indemnified the unaffiliated joint venture partner and as such, this loan is included as consolidated debt. Unsecured Debt: During the six months ended June 30, 2015, the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value. During the six months ended June 30, 2015, the Company borrowed $83.5 million on its unsecured credit facility. The outstanding balance under this facility is $83.5 million as of June 30, 2015. During the six months ended June 30, 2015, the Company repaid $54.7 million on its Fund IV subscription line. The outstanding balance under this facility is $22.4 million as of June 30, 2015. During May 2015, Fund II closed on a $25.0 million unsecured credit facility. At closing, Fund II drew $12.5 million. The facility bears interest at LIBOR plus 275 basis points, bears an unused fee of 275 basis points if the amount drawn is less than $12.5 million. The loan matures October 19, 2016. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund II, has provided a guarantee of principal, interest and fees upon a default as a result of Fund II’s breach of certain specified financial covenants. During March 2015, Fund IV closed on a $50.0 million unsecured credit facility. The current balance outstanding at June 30, 2015 is $34.5 million. The facility bears interest at LIBOR plus 275 basis points, bears an unused fee of 100 basis points if the unused amount is greater than $20.0 million and an unused fee of 275 basis points if the unused amount is less than $20.0 million. The loan matures February 9, 2017 with one 6-month extension option. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund IV, has provided a guarantee of principal, interest and fees upon a default as a result of Fund IV’s breach of certain specified financial covenants.

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