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MORTGAGES AND OTHER NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Mortgage Loan Activity | The following table reflects mortgage loan activity for the year ended December 31, 2015:
(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% | 1/27/2021 | $ | — |  |
Lincoln Park Centre | January | Repayment | — |  |  |  | 28,000 |  | LIBOR+1.45%
163 Highland Avenue | March | Assumption | 9,765 |  | 4.66% | 2/1/2024 | — |  |
Broughton Street Portfolio (1) | May | New Borrowing | 20,000 |  | LIBOR+3.00% | 5/5/2016 | — |  |
City Point | June | Assumption | 19,000 |  | 1.25% | 12/23/2016 | — |  |
City Point | June | Assumption | 62,000 |  | SIFMA+1.60% | 12/23/2016 | — |  |
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%
Pacesetter Park Shopping Center | September | Repayment | — |  |  |  | 11,152 |  | 5.13%
Elmwood Park Shopping Center | October | Repayment | — |  |  | 1/1/2016 | 31,723 |  | 5.53%
210 Bowery | October | Refinancing | 4,600 |  | LIBOR+2.75% | 10/15/2017 | 4,600 |  | LIBOR+1.95%
2207 Filmore | November | Assumption | 1,120 |  | 4.50% | 10/31/2025 | — |  |
Gateway Shopping Center | December | Repayment | — |  |  | 3/1/2016 | 19,117 |  | 5.44%
Total |  |  | $ | 177,485 |  |  |  | $ | 131,568 |  |
Note: (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.
Schedule of Line of Credit Facilities | The following table sets forth certain information pertaining to our secured and unsecured credit facilities as of December 31, 2015:
(dollars in thousands) Borrower | Total Amount of Credit Facility |  | Amount borrowed as of December 31, 2014 |  | Net borrowings (repayments) during the year ended December 31, 2015 |  | Amount borrowed as of December 31, 2015 |  | Letters of Credit |  | Amount available under credit facilities as of December 31, 2015
Unsecured Line (1) | $ | 150,000 |  |  | $ | — |  |  | $ | 20,800 |  |  | $ | 20,800 |  |  | $ | 17,500 |  |  | $ | 111,700 |
Term Loan | 50,000 |  |  | 50,000 |  |  | — |  |  | 50,000 |  |  | — |  |  | — |
Term Loan | 50,000 |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | — |
Term Loan | 50,000 |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | — |
Fund II Line | 25,000 |  |  | — |  |  | 12,500 |  |  | 12,500 |  |  | — |  |  | 12,500 |
Fund IV Revolving Loan | 50,000 |  |  | — |  |  | 34,500 |  |  | 34,500 |  |  | — |  |  | 15,500 |
Fund IV revolving subscription line (2) | 150,000 |  |  | 77,100 |  |  | 14,810 |  |  | 91,910 |  |  | — |  |  | 58,090 |
Total | $ | 525,000 |  |  | $ | 127,100 |  |  | $ | 182,610 |  |  | $ | 309,710 |  |  | $ | 17,500 |  |  | $ | 197,790 |
Notes: (1) This is an unsecured revolving credit facility. (2) The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.
Schedule of Debt |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2015 |  | 12/31/2014 |  | Interest Rate at December 31, 2015 |  | Maturity |  | Payment Terms
Mortgage notes payable – fixed-rate |  |  |  |  |  |  |  |  |  |
Crescent Plaza |  | — |  |  | 16,455 |  |  | 4.98 | % |  | 9/6/2015 |  | Monthly principal and interest
Pacesetter Park Shopping Center |  | — |  |  | 11,307 |  |  | 5.13 | % |  | 11/6/2015 |  | Monthly principal and interest
Elmwood Park Shopping Center |  | — |  |  | 32,201 |  |  | 5.53 | % |  | 1/1/2016 |  | Monthly principal and interest
Chicago Street Retail Portfolio (1) |  | 14,955 |  |  | 15,265 |  |  | 5.61 | % |  | 2/1/2016 |  | Monthly principal and interest
The Gateway Shopping Center |  | — |  |  | 19,440 |  |  | 5.44 | % |  | 3/1/2016 |  | Monthly principal and interest
330-340 River Street |  | 10,421 |  |  | 10,668 |  |  | 5.24 | % |  | 5/1/2016 |  | Monthly principal and interest
Brandywine (2) |  | 166,200 |  |  | 166,200 |  |  | 6.00 | % |  | 7/1/2016 |  | Interest only monthly
Rhode Island Place Shopping Center |  | 15,727 |  |  | 15,975 |  |  | 6.35 | % |  | 12/1/2016 |  | Monthly principal and interest
City Point |  | 19,000 |  |  | — |  |  | 1.25 | % |  | 12/1/2016 |  | Interest only monthly
Convertible Note |  | — |  |  | 380 |  |  | 3.75 | % |  | 12/15/2016 |  | Interest only monthly
239 Greenwich Avenue |  | 26,000 |  |  | 26,000 |  |  | 5.42 | % |  | 2/11/2017 |  | Interest only monthly
639 West Diversey |  | 4,142 |  |  | 4,245 |  |  | 6.65 | % |  | 3/1/2017 |  | Monthly principal and interest
Merrillville Plaza |  | 25,150 |  |  | 25,504 |  |  | 5.88 | % |  | 8/1/2017 |  | Monthly principal and interest
Bedford Green |  | 29,151 |  |  | 29,586 |  |  | 5.10 | % |  | 9/5/2017 |  | Monthly principal and interest
216th Street |  | 25,500 |  |  | — |  |  | 5.80 | % |  | 10/1/2017 |  | Interest only monthly
City Point |  | 5,262 |  |  | 5,262 |  |  | 1.00 | % |  | 8/23/2019 |  | Interest only monthly
City Point |  | 200,000 |  |  | 199,000 |  |  | 4.75 | % |  | 5/29/2020 |  | Interest only monthly
163 Highland Avenue |  | 9,595 |  |  | — |  |  | 4.66 | % |  | 2/1/2024 |  | Monthly principal and interest
2207 Filmore Street |  | 1,120 |  |  | — |  |  | 4.50 | % |  | 10/31/2025 |  | Interest only monthly
Interest rate swaps (3) |  | 256,491 |  |  | 223,829 |  |  | 2.15 | % |  |  |  |
Total fixed-rate debt |  | 808,714 |  |  | 801,317 |  |  |  |  |  |  |
Unamortized loan costs |  | (11,722 | ) |  | (11,879 | ) |  |  |  |  |  |
Unamortized premium |  | 1,364 |  |  | 2,943 |  |  |  |  |  |  |
Total |  | $ | 1,358,606 |  |  | $ | 1,118,602 |  |  |  |  |  |  |
Notes:
(1) | Loan was repaid subsequent to December 31, 2015.
(2) | Comprised of four loans, one of which was in default as of December 31, 2015.
(3) | Represents the amount of the Company's variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 11).
The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2015 and December 31, 2014:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2015 |  | 12/31/2014 |  | Interest Rate at December 31, 2015 |  | Maturity |  | Payment Terms
Variable |  |  |  |  |  |  |  |  |  |
Liberty Avenue |  | $ | — |  |  | $ | 8,973 |  |  | LIBOR+2.75% |  | 4/30/2015 |  | Monthly principal and interest
City Point |  | — |  |  | 20,650 |  |  | LIBOR+4.00% |  | 8/12/2015 |  | Interest only monthly
Cortlandt Towne Center (1) |  | 83,070 |  |  | 83,936 |  |  | LIBOR+1.65% |  | 10/26/2015 |  | Monthly principal and interest
Nostrand Avenue |  | 11,527 |  |  | 12,046 |  |  | LIBOR+2.65% |  | 2/1/2016 |  | Monthly principal and interest
Heritage Shops |  | 24,500 |  |  | 24,500 |  |  | LIBOR+1.55% |  | 2/28/2016 |  | Interest only monthly
Broughton Street Portfolio |  | 20,000 |  |  | — |  |  | LIBOR+3.00% |  | 5/5/2016 |  | Interest only monthly
640 Broadway |  | 22,109 |  |  | 22,564 |  |  | LIBOR+2.95% |  | 7/1/2016 |  | Monthly principal and interest
City Point |  | 20,000 |  |  | 20,000 |  |  | LIBOR+1.70% |  | 8/23/2016 |  | Interest only monthly
City Point |  | 62,000 |  |  | — |  |  | SIFMA+1.60% |  | 12/1/2016 |  | Interest only monthly
Lincoln Park Centre |  | — |  |  | 28,000 |  |  | LIBOR+1.45% |  | 12/3/2016 |  | Interest only monthly
654 Broadway |  | 8,835 |  |  | 9,000 |  |  | LIBOR+1.88% |  | 3/1/2017 |  | Monthly principal and interest
New Hyde Park Shopping Center |  | 11,240 |  |  | 11,720 |  |  | LIBOR+1.85% |  | 5/1/2017 |  | Monthly principal and interest
938 W. North Avenue |  | 12,500 |  |  | 12,500 |  |  | LIBOR+2.35% |  | 5/1/2017 |  | Interest only monthly
1151 Third Avenue |  | 12,481 |  |  | 12,481 |  |  | LIBOR+1.75% |  | 6/3/2017 |  | Interest only monthly
210 Bowery |  | 4,600 |  |  | 4,600 |  |  | LIBOR+2.12% |  | 10/15/2017 |  | Interest only monthly
161st Street |  | 29,500 |  |  | 29,500 |  |  | LIBOR+2.50% |  | 4/1/2018 |  | Interest only monthly
664 North Michigan Avenue |  | 43,107 |  |  | 44,369 |  |  | LIBOR+1.65% |  | 6/28/2018 |  | Monthly principal and interest
Paramus Plaza |  | 13,339 |  |  | 12,600 |  |  | LIBOR+1.70% |  | 2/20/2019 |  | Interest only monthly
Lake Montclair |  | 14,904 |  |  | 15,284 |  |  | LIBOR+2.15% |  | 5/1/2019 |  | Monthly principal and interest
17 E. 71st Street |  | 19,000 |  |  | — |  |  | LIBOR+1.90% |  | 6/9/2020 |  | Interest only monthly
1035 Third Avenue |  | 42,000 |  |  | — |  |  | LIBOR+2.29% |  | 1/27/2021 |  | Interest only monthly
City Point |  | 19,984 |  |  | 20,000 |  |  | LIBOR+1.39% |  | 11/1/2021 |  | Interest only monthly
3104 M Street |  | 2,999 |  |  | 103 |  |  | Prime+0.50% |  | 12/10/2021 |  | Interest only monthly
4401 White Plains Road |  | 6,015 |  |  | 6,141 |  |  | LIBOR+1.90% |  | 9/1/2022 |  | Monthly principal and interest
28 Jericho Turnpike |  | 15,315 |  |  | 15,747 |  |  | LIBOR+1.90% |  | 1/23/2023 |  | Monthly principal and interest
60 Orange Street |  | 8,006 |  |  | 8,236 |  |  | LIBOR+1.75% |  | 4/3/2023 |  | Monthly principal and interest
Sub-total mortgage notes payable |  | 507,031 |  |  | 422,950 |  |  |  |  |  |  |
Unsecured Debt |  |  |  |  |  |  |  |  |  |
Fund IV revolving subscription line |  | 91,910 |  |  | 77,100 |  |  | LIBOR+1.65% |  | 11/20/2015 |  | Interest only monthly
Fund II Line |  | 12,500 |  |  | — |  |  | LIBOR+2.75% |  | 10/9/2016 |  | Interest only monthly
Fund IV Term Loan |  | 34,500 |  |  | — |  |  | LIBOR+2.75% |  | 2/9/2017 |  | Interest only monthly
Unsecured Line |  | 20,800 |  |  | — |  |  | LIBOR+1.40% |  | 1/31/2018 |  | Interest only monthly
Term Loan |  | 50,000 |  |  | 50,000 |  |  | LIBOR+1.30% |  | 11/25/2019 |  | Interest only monthly
Term Loan |  | 50,000 |  |  | — |  |  | LIBOR+1.40% |  | 7/2/2020 |  | Interest only monthly
Term Loan |  | 50,000 |  |  | — |  |  | LIBOR+1.60% |  | 12/18/2020 |  | Interest only monthly
Sub-total unsecured debt |  | 309,710 |  |  | 127,100 |  |  |  |  |  |  |
Interest rate swaps (3) |  | (256,491 | ) |  | (223,829 | ) |  |  |  |  |  |
Total variable-rate debt, net of swaps |  | 560,250 |  |  | 326,221 |  |  |  |  |  |  |
Schedule of Maturities of Long-term Debt | The scheduled principal repayments of all indebtedness, as of December 31, 2015 are as follows (excludes $1.4 million net valuation premium on assumption of debt and ($11.7 million) of unamortized loan costs):
(dollars in thousands)
2016 | $ | 578,450 |
2017 | 195,541 |
2018 | 92,904 |
2019 | 83,621 |
2020 | 270,105 |
Thereafter | 148,343 |
| $ | 1,368,964 |

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