MAYS J W INC
For the period ended Jul 31, 2025. Filed Oct 23, 2025.
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FY2025 · Filed Oct 23, 2025
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EX-13 · 3. MORTGAGES PAYABLE:
3. MORTGAGES PAYABLE:
| Years Ended July 31, | ||||
|---|---|---|---|---|
| Current Annual Interest Rate | Final Payment Date | 2025 | 2024 | |
| Bond St. building, Brooklyn, NY (1) | 4.375% | 12/1/2024 | $— | $497,045 |
| Fishkill building (2) | 3.980% | 4/1/2040 | 3,235,561 | 3,393,720 |
| Deferred financing costs | — | (16,519) | ||
| Net | $3,235,561 | $3,874,246 | ||
| (1) | In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan was self-liquidating over a period of five years and was secured by the Nine Bond Street land and building in Brooklyn, New York. This loan was paid off in December 2024. |
| (2) | In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98%. Effective any time after In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98%. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. Although the interest rate is currently favorable, the company may choose to refinance the mortgage after April 1, 2025; however, the bank is under no obligation to refinance if or when the balloon payment comes due upon demand. |
April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. Although the interest rate is currently favorable, the company may choose to refinance the mortgage after April 1, 2025; however, the bank is under no obligation to refinance if or when the balloon payment comes due upon demand.
Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows:
| 2025 | 2024 | |
|---|---|---|
| Interest expense | $(152,009) | $(221,902) |
| Capitalized interest | 84,265 | 85,610 |
| Interest expense, net of capitalized interest | $(67,744) | $(136,292) |
Maturities of long-term mortgages outstanding at July 31, 2025 based on the contractual payment dates, are as follows:
| Fiscal Year: | Amount |
|---|---|
| *2026 | $164,570 |
| 2027 | 171,241 |
| 2028 | 178,182 |
| 2029 | 185,404 |
| 2030 | 192,920 |
| After 2030 | 2,343,244 |
| Total | $3,235,561 |
| * | Contractual payments do not include balloon payment disclosed in (2) above. As of October 23, 2025, the bank has not communicated any intent to accelerate repayment. |
The carrying value of the property collateralizing the above debt is $13,377,697 at July 31, 2025.
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