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Mortgages Payable | 12 Months Ended
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Dec. 31, 2015
Mortgages Payable [Abstract] |
Mortgages Payable | 6. MORTGAGES PAYABLE In February 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with f our one-year extension options. In connect ion t herewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%. In August 2015, we completed a $350,000,000 refinancing of the retail portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 1.40% and matures in August 2020, with two one-year extension options. The following is a summary of our outstanding mortgages payable. We intend to refinance our maturing debt as it comes due.
|  |  |  | Interest Rate at |  | Balance at December 31, |
(Amounts in thousands) | Maturity(1) |  | December 31, 2015 |  | 2015 |  |  | 2014 |
First mortgages secured by: |  |  |  |  |  |  |  |  |  |  |  |
| Rego Park I shopping center (100% cash | Mar. 2016 |  | 0.40 | % |  | $ | 78,246 |  |  | $ | 78,246 |
| collateralized)(2) |  |  |  |  |  |  |  |  |  |  |  |
| Paramus | Oct. 2018 |  | 2.90 | % |  |  | 68,000 |  |  |  | 68,000 |
| Rego Park II shopping center(3) | Nov. 2018 |  | 2.27 | % |  |  | 263,341 |  |  |  | 266,534 |
| 731 Lexington Avenue, office space(4) | Mar. 2021 |  | 1.28 | % |  |  | 300,000 |  |  |  | 300,000 |
| 731 Lexington Avenue, retail space | Aug. 2022 |  | 1.67 | % |  |  | 350,000 | (5) |  |  | 320,000 |
| Total |  |  |  |  |  |  | 1,059,587 |  |  |  | 1,032,780 |
| Deferred debt issuance costs, net of accumulated |  |  |  |  |  |  |  |  |  |  |  |
| amortization of $4,267 and $11,295, respectively |  |  |  |  |  |  | (6,325) |  |  |  | (4,824) |
|  |  |  |  |  |  | $ | 1,053,262 |  |  | $ | 1,027,956 |
___________________ |  |  |  |  |  |  |  |  |  |  |  |
(1) | Represents the extended maturity where we have the unilateral right to extend. |
(2) | Extended for one year from March 10, 2015. |
(3) | This loan bears interest at LIBOR plus 1.85%. |
(4) | This loan bears interest at LIBOR plus 0.95%. |
(5) | This loan bears interest at LIBOR plus 1.40%. |  |  |  |  |  |  |  |  |  |  |  |
All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $684,054,000 at December 31, 2015. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2015, the principal repayments for the next five years and thereafter are as follows:
| (Amounts in thousands) |  |  |  |  |
| Year Ending December 31, |  | Amount |  |
| 2016 |  | $ | 81,686 |  |
| 2017 |  |  | 3,707 |  |
| 2018 |  |  | 324,194 |  |
| 2019 |  |  | - |  |
| 2020 |  |  | - |  |
| Thereafter |  |  | 650,000 |  |

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