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Mortgages Payable | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Mortgages Payable | Mortgages Payable On December 12, 2018, we completed a refinancing of our Rego Park II shopping center in the amount of $252,544,000. The loan is at LIBOR plus 1.35% (2.29% as of March 31, 2020) and matures in December 2025. As of December 31, 2019, we had a participation in the mortgage in the amount of $195,708,000 which for GAAP purposes was netted against the mortgage balance. On February 14, 2020, we reduced our participation in the mortgage loan to $50,000,000 and received cash proceeds of approximately $145,000,000. Therefore, the balance sheet amount of the mortgage loan was $202,544,000 and $56,836,000 as of March 31, 2020 and December 31, 2019, respectively. The following is a summary of our outstanding mortgages payable as of March 31, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.
|  |  |  |  |  | Balance at
(Amounts in thousands) |  | Maturity |  | Interest Rate at March 31, 2020 |  | March 31, 2020 |  | December 31, 2019
First mortgages secured by: |  |  |  |  |  |  |  |
731 Lexington Avenue, retail condominium(1) |  | Aug. 2020 |  | 2.78% |  | $ | 350,000 |  |  | $ | 350,000 |
Paramus |  | Oct. 2021 |  | 4.72% |  | 68,000 |  |  | 68,000 |
731 Lexington Avenue, office condominium(2) |  | Jun. 2024 |  | 1.61% |  | 500,000 |  |  | 500,000 |
Rego Park II shopping center(3) |  | Dec. 2025 |  | 2.29% |  | 202,544 |  |  | 56,836 |
Total |  | 1,120,544 |  |  | 974,836 |
Deferred debt issuance costs, net of accumulated amortization of $15,651 and $14,362, respectively |  |  |  |  |  | (2,665 | ) |  | (3,875 | )
|  |  |  |  |  | $ | 1,117,879 |  |  | $ | 970,961 |
(1) | Interest at LIBOR plus 1.40%. Maturity is August 2020 plus two one-year renewal options subject to financial covenants which we will not satisfy.
(2) | Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend.
(3) Interest at LIBOR plus 1.35%. The amount of this loan is net of our loan participation of $50,000 and $195,708 as of March 31, 2020 and December 31, 2019, respectively.

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