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MORTGAGES AND OTHER NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Mortgages and Other Notes Payable | Mortgage and Other Notes Payable At December 31, 2015 and 2014, mortgage and other notes payable, excluding the net valuation premium on the assumption of debt and unamortized loan costs, aggregated $1,369.0 million and $1,127.5 million respectively, and were collateralized by 39 and 40 properties, respectively and the related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.0% to 6.65% with maturities that ranged from February 2016 to October 2025. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. 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. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The Company completed the following transactions related to its other notes payable during the year ended December 31, 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 and bears an unused fee of 275 basis points if the unused amount is greater 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 December 31, 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 less than $20.0 million and an unused fee of 275 basis points if the unused amount is greater 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. During July 2015, the Company closed on a $50.0 million unsecured term loan. The note bears interest at LIBOR plus 130 basis points and matures in July 2, 2020. During December 2015, the Company closed on a $50.0 million unsecured term loan. The note bears interest at LIBOR plus 160 basis points and matures December 18, 2022. During 2015, the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value. 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. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued 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 |  |  |  |  |  |  |
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 |  | 12/31/2015 |  | 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).
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued 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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