Quarterly report pursuant to Section 13 or 15(d)

Mortgage Note Payable and Line of Credit (Tables)

v2.4.0.8
Mortgage Note Payable and Line of Credit (Tables)
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Summary of Mortgage Note Payable and Line of Credit

Our mortgage note payable and line of credit as of September 30, 2013, and December 31, 2012, are summarized below:

 

                               As of September 30, 2013      As of December 31, 2012  

Issuer

    Type of
Issuance		    Date of
Issuance		      Initial
Commitment		      Maturity
Date		      Principal
Outstanding		      Stated
Interest
Rate		     Remaining
Availability		      Principal
Outstanding		      Stated
Interest
Rate		     Remaining
Availability		  

MetLife

    Mortgage Note Payable      12/30/2010         45,200,000         1/5/2026       $ 29,489,165         3.50 %    $ 13,565,000       $ 30,717,880         3.50 %    $ 13,565,000   

MetLife

    Line of Credit      5/31/2012         4,785,000         4/5/2017         100,000         3.27 %      4,685,000         100,000         3.35 %      4,685,000   
           

 

 

     

 

 

       

 

 

     

 

 

       

 

 

  
              Totals:       $ 29,589,165         $ 18,250,000       $ 30,817,880         $ 18,250,000   
              

 

 

       

 

 

     

 

 

       

 

 

  
Principal Payments of Mortgage Note Payable

Scheduled principal payments of the mortgage note payable for the remainder of 2013 and each of the five succeeding fiscal years and thereafter are as follows:

 

          Scheduled  

Period

    Principal Payments  

For the remaining three months ending December 31:

    2013    $ —     

For the fiscal years ending December 31:

    2014      1,179,567   
   2015      1,132,384   
   2016      1,087,088   
   2017      1,043,605   
   2018      1,001,861   
   Thereafter      24,044,660   
     

 

 

  
      $ 29,489,165