| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of June 30, 2014, and December 31,
2013, are summarized below:
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As of June 30, 2014 |
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As of December 31, 2013 |
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Issuer
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Type of
Issuance
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Date of
Issuance |
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Initial
Commitment |
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Maturity
Date |
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Principal
Outstanding |
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Stated
Interest
Rate |
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Remaining
Availability |
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Principal
Outstanding |
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Stated
Interest
Rate |
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Remaining
Availability |
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MetLife
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Mortgage Note Payable |
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12/30/2010 |
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$ |
45,200,000 |
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1/5/2026 |
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$ |
— |
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N/A |
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$ |
— |
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$ |
43,054,165 |
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3.50% |
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$ |
— |
(1)
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MetLife
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Line of Credit |
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5/23/2012 |
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4,785,000 |
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4/5/2017 |
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— |
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N/A |
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— |
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100,000 |
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3.25% |
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4,685,000 |
(1)
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MetLife
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Mortgage Note Payable |
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5/9/2014 |
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100,000,000 |
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1/5/2029 |
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41,331,998 |
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3.50% |
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58,668,002 |
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— |
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N/A |
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— |
(2)
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MetLife
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Line of Credit |
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5/9/2014 |
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25,000,000 |
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4/5/2024 |
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3,000,000 |
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2.75% |
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22,000,000 |
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— |
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N/A |
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— |
(2)
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Totals: |
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$ |
44,331,998 |
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$ |
80,668,002 |
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$ |
43,154,165 |
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$ |
4,685,000 |
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| (1) |
Indebtedness was fully repaid with
the proceed from the New Credit Facility, as defined below, and was
terminated on May 9, 2014. |
| (2) |
Based on the properties that were
pledged as collateral as of June 30, 2014, approximately $14.5
million of the remaining availability was available for us to
draw. |
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| Principal Payments of Mortgage Note Payable |
Scheduled principal payments of the mortgage note payable for the
remainder of 2014 and each of the five succeeding fiscal years and
thereafter are as follows:
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Period
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Scheduled
Principal Payments |
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For the remaining six months ending December 31:
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2014 |
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$ |
— |
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For the fiscal years ending December 31:
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2015 |
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1,446,620 |
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2016 |
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1,395,988 |
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2017 |
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1,347,129 |
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2018 |
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1,299,979 |
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2019 |
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1,254,480 |
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Thereafter |
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34,587,802 |
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$ |
41,331,998 |
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