Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v2.4.0.8
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Summary of Mortgage Note Payable and Line of Credit

Our borrowings as of March 31, 2014, and December 31, 2013, are summarized below:

 

                               As of March 31, 2014      As of December 31, 2013  

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       $ 41,331,998         3.50 %    $ —         $ 43,054,165         3.50 %    $ —     

MetLife

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

 

 

       

 

 

     

 

 

       

 

 

  
              Totals:       $ 41,431,998         $ 4,685,000       $ 43,154,165         $ 4,685,000   
              

 

 

       

 

 

     

 

 

       

 

 

  
Principal Payments of Mortgage Note Payable

Scheduled principal payments of the mortgage note payable for the remainder of 2014 and each of the five succeeding fiscal years and thereafter are as follows:

 

Period

           Scheduled
Principal Payments		  

For the remaining nine months ending December 31:

      2014       $ —     

For the fiscal years ending December 31:

      2015         1,653,280   
     2016         1,587,149   
     2017         1,523,663   
     2018         1,462,716   
     2019         1,404,208   
     Thereafter         33,700,982   
     

 

 

  
      $ 41,331,998