XML 48 R38.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt, gross $ 1,151,115 $ 1,144,052
Unamortized debt issuance costs (12,077) (12,898)
Total debt, net of unamortized debt issuance costs $ 1,139,038 1,131,154
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member]    
Interest rate [1] 3.125%  
Debt, gross [1] $ 329,000 329,000
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member]    
Interest rate [2] 3.63%  
Debt, gross [2] $ 125,000 125,000
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member]    
Interest rate [3] 3.21%  
Debt, gross [3]   100,000
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member]    
Interest rate [4] 4.506%  
Debt, gross [4] $ 360,000 360,000
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member]    
Interest rate [5] 3.68%  
Debt, gross [5] $ 63,670 64,047
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member]    
Interest rate [6] 3.53%  
Debt, gross [6] $ 82,000 82,000
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member]    
Interest rate [7] 3.375%  
Debt, gross [7] $ 32,743 32,921
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member]    
Debt, gross [8]   21,084
Mortgages and Mezzanine Notes 1[Member] | Dean Street, Prospect Heights [Member]    
Debt, gross 30,000 30,000
Mortgages and Mezzanine Notes [Member]    
Unamortized debt issuance costs $ (12,077) $ (12,898)
[1] The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
[2] The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium.
[3] On February 18, 2021, the Company refinanced the $79,500 mortgage note agreement with NYCB, with a $100,000, ten-year secured first mortgage note with Citi Real Estate Funding Inc. The note matures on March 6, 2031, bears interest at 3.21% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium.
[4] The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027.
[5] The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium.
[6] The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029.
[7] On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with NYCB, related to the 10 West 65th Street acquisition. The note matures on November 1, 2027, and bears interest at 3.375% through October 2022 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note required interest-only payments through November 2019, and monthly principal and interest payments of $152 thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined.
[8] On December 24, 2019, the Company entered into a $18,600 mortgage note agreement with CIT Bank, N.A., related to the 1010 Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender to provide up to $2,987 for eligible pre-development and carrying costs, of which $2,280 was drawn as of June 30, 2021. The notes were scheduled to mature on June 24, 2021, required interest-only payments and bore interest at one-month LIBOR (with a floor of 1.25%) plus 3.60% (4.85% as of June 30, 2021). The notes were extended in June 2021 with a new maturity date of August 30, 2021. The Company guaranteed this mortgage note and complied with the financial covenants therein. On August 10, 2021, the Company refinanced the above 1010 Pacific Street loan with a group of loans with AIG Asset Management (U.S.), LLC providing for maximum borrowings of $52,500 to develop the property. The notes have a 36 month term, bear interest at 30 day LIBOR plus 3.60% (with a floor of 4.1%). The notes mature on September 1, 2024 and may be extended until September 1, 2026. The Company may prepay the unpaid balance of the note within five months of maturity.