Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v2.4.0.8
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Summary of Mortgage Note Payable and Line of Credit

Our borrowings as of December 31, 2013 and 2012 are summarized below:

 

                          As of December 31, 2013     As of December 31, 2012  
    Type of   Date of     Initial     Maturity     Principal     Stated     Remaining     Principal     Stated     Remaining  

Issuer

  

Issuance

   Issuance     Commitment     Date     Outstanding     Interest Rate     Availability     Outstanding     Interest Rate     Availability  

MetLife

   Mortgage Note Payable     12/30/2010      $ 45,200,000        1/5/2026      $ 43,054,165        3.50 %    $ —        $ 30,717,880        3.50 %    $ 13,565,000   

MetLife

   Line of Credit     5/31/2012        4,785,000        4/5/2017        100,000        3.25 %      4,685,000        100,000        3.35 %      4,685,000   
         

 

 

      

 

 

    

 

 

      

 

 

  
          Totals:      $ 43,154,165        $ 4,685,000      $ 30,817,880        $ 18,250,000   
         

 

 

      

 

 

    

 

 

      

 

 

  
Principal Payments of Mortgage Note Payable

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

 

         Scheduled  

Period

    Principal Payments  

For the fiscal years ending December 31:

   2014    $ 1,722,167   
  2015      1,653,280   
  2016      1,587,149   
  2017      1,523,663   
  2018      1,462,716   
  Thereafter      35,105,190   
    

 

 

  
     $ 43,054,165