Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Lines of Credit (Tables)

v2.4.0.6
Mortgage Notes Payable and Lines of Credit (Tables)
 3 Months Ended
Mar. 31, 2013
Mortgage Notes Payable and Lines of Credit [Abstract]  
Summary of mortgage notes payable and line of credit
                                                                             
                          As of March 31, 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       3.31 %      4,685,000       100,000       3.35 %      4,685,000  
                               

 

 

            

 

 

    

 

 

            

 

 

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

 

 

            

 

 

    

 

 

            

 

 

  

 

(1)

Our line of credit with RaboBank was repaid, in full, in May 2012 and was terminated at such time. No early termination fee was incurred; however, $36,031 of unamortized deferred financing costs were written off to interest expense upon the termination.

Principal payments of mortgage notes payable
             

Period

   Scheduled
Principal Payments		  
For the remaining nine 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