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Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt |
8. | Debt
On November 25, 2019, we completed a $1.25 billion refinancing of 1633 Broadway, a 2.5 million square foot Class A office building located in New York, New York. The new 10-year interest-only loan has a fixed rate of 2.99% and matures in December 2029. The proceeds from the refinancing were used to repay the existing $1.05 billion loan that bore interest at a weighted average rate of 3.55% and was scheduled to mature in December 2022. We realized net proceeds of $179,000,000 after the repayment of the existing loan, swap breakage costs and closing costs. The following table summarizes our outstanding debt.
|  | Maturity |  | Fixed/ |  | Interest Rate as of |  |  | As of December 31, |  |
(Amounts in thousands) |  | Date |  | Variable Rate |  | December 31, 2019 |  |  | 2019 |  |  | 2018 |  |
Notes and mortgages payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1633 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Dec-2029 |  | Fixed |  |  | 2.99 | % |  | $ | 1,250,000 |  |  | $ | 1,000,000 |  | (1)
|  | n/a |  | n/a |  | n/a |  |  |  | - |  |  |  | 46,800 |  | (2)
|  |  |  |  |  |  | 2.99 | % |  |  | 1,250,000 |  |  |  | 1,046,800 |  |
One Market Plaza (3) |  | Feb-2024 |  | Fixed |  |  | 4.03 | % |  |  | 975,000 |  |  |  | 975,000 |  |
1301 Avenue of the Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Nov-2021 |  | Fixed |  |  | 3.05 | % |  |  | 500,000 |  |  |  | 500,000 |  |
|  | Nov-2021 |  | L + 180 bps |  |  | 3.55 | % |  |  | 350,000 |  |  |  | 350,000 |  |
|  |  |  |  |  |  | 3.26 | % |  |  | 850,000 |  |  |  | 850,000 |  |
31 West 52nd Street |  | May-2026 |  | Fixed |  |  | 3.80 | % |  |  | 500,000 |  |  |  | 500,000 |  |
300 Mission Street (3) |  | Oct-2023 |  | Fixed |  |  | 3.65 | % |  |  | 234,643 |  |  |  | 228,000 |  |
Total notes and mortgages payable |  |  | 3.46 | % |  |  | 3,809,643 |  |  |  | 3,599,800 |  |
Less: deferred financing costs |  |  |  |  |  |  |  |  |  |  | (25,792 | ) |  |  | (32,883 | ) |
Total notes and mortgages payable, net |  |  |  |  |  | $ | 3,783,851 |  |  | $ | 3,566,917 |  |
$1.0 Billion Revolving Credit Facility |  | Jan-2022 |  | L + 115 bps |  |  | 2.94 | % |  | $ | 36,918 |  |  | $ | - |  |
(1) | Represents loans with variable interest rates that had been fixed by interest rate swaps. See Note 9, Derivative Instruments and Hedging Activities.
(2) | Represents amounts borrowed to fund leasing costs at the property.
(3) | Our ownership interest in One Market Plaza and 300 Mission Street (formerly 50 Beale Street) is 49.0% and 31.1%, respectively.
The following table summarizes our principal repayments required for the next five years and thereafter in connection with our notes and mortgages payable and revolving credit facility as of December 31, 2019.
|  |  |  |  |  | Notes and |  |  | Revolving |
(Amounts in thousands) |  | Total |  |  | Mortgages Payable |  |  | Credit Facility |
2020 |  | $ | - |  |  | $ | - |  |  | $ | - |
2021 |  |  | 850,000 |  |  |  | 850,000 |  |  |  | - |
2022 |  |  | 36,918 |  |  |  | - |  |  |  | 36,918 |
2023 |  |  | 234,643 |  |  |  | 234,643 |  |  |  | - |
2024 |  |  | 975,000 |  |  |  | 975,000 |  |  |  | - |
Thereafter |  |  | 1,750,000 |  |  |  | 1,750,000 |  |  |  | - |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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