NOTE 19—SUBSEQUENT EVENT
Effective January 1, 2014, we acquired a controlling interest in The Grove at Shrewsbury, a 187,000 square foot shopping center in Shrewsbury, New Jersey, and Brook 35 Plaza, a 99,000 square foot shopping center in Sea Girt, New Jersey for a gross value of $161 million. Our effective economic interest approximates 84% and was funded by the assumption of our share of $68 million of mortgage debt, 632,000 downREIT units, and $13 million of cash. The mortgage debt assumed is secured by the individual properties and has the following contractual terms:
|
| | | | | | | | |
| Principal | | Stated Interest Rate | | Maturity Date |
| (in millions) | | | | |
Brook 35 Plaza | $ | 11.5 |
| | 5.46 | % | | July 1, 2014 |
The Grove at Shrewsbury | 45.4 |
| | 5.82 | % | | October 1, 2017 |
The Grove at Shrewsbury (West) | 11.4 |
| | 6.38 | % | | March 1, 2018 |
The purchase price allocation will be completed after our valuation studies are complete. Additionally, we have entered into an agreement to acquire the interest of one of the non-controlling interest holders in the Grove at Shrewsbury for approximately $9 million in 2015.
