| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of September 30, 2015, and December 31,
2014, are summarized below:
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As of September 30, 2015
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As of December 31,
2014 |
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Issuer
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Type of
Issuance
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Date(s) of
Issuance
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Initial
Commitment |
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Maturity
Date(s)
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Principal
Outstanding |
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Stated
Interest
Rate(1)
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Undrawn
Commitment |
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Principal
Outstanding |
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Stated
Interest
Rate(1) |
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Undrawn
Commitment |
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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(2)
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$ |
87,470,194 |
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3.35 |
% |
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12,529,806 |
(3)
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66,331,998 |
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3.61 |
% |
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33,668,002 |
(3)
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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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5,000,000 |
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2.58 |
% |
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20,000,000 |
(3)
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4,000,000 |
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2.75 |
% |
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21,000,000 |
(3)
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Farm Credit
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Mortgage Notes Payable |
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9/19/2014–5/8/2015 |
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18,425,880 |
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5/1/2020–8/1/2034 |
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17,800,200 |
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3.38 |
%(4)
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— |
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12,410,363 |
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3.53 |
%(4)
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— |
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Farmer Mac
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Bonds Payable |
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12/11/2014 |
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75,000,000 |
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7/30/2018–1/6/2020(5)
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29,815,000 |
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2.85 |
% |
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45,185,000 |
(6)
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3,675,000 |
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3.25 |
% |
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71,325,000 |
(6)
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Totals: |
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$ |
140,085,394 |
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$ |
77,714,806 |
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$ |
86,417,361 |
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$ |
125,993,002 |
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| (1) |
Where applicable, represents the
weighted-average, blended rate on the respective borrowing
facilities as of each September 30, 2015, and
December 31, 2014. |
| (2) |
If facility not fully utilized by
December 31, 2017, MetLife has the option to be relieved of
its obligations to disburse the additional funds under the
loan. |
| (3) |
Based on the properties that were
pledged as collateral as of September 30, 2015, and
December 31, 2014, approximately $2.0 million and $
13.8 million, respectively, of the undrawn commitment was
available for us to draw. |
| (4) |
Rate is before interest patronage.
2014 interest patronage (as described below) received resulted in a
12.7% reduction to the stated interest rate on such
borrowings. |
| (5) |
If facility not fully utilized by
December 11, 2016, Farmer Mac has the option to be relieved of
its obligations to purchase additional bonds under the
facility. |
| (6) |
At each of September 30, 2015,
and December 31, 2014, there was no additional availability to
draw under this facility, as no additional properties had been
pledged as collateral. |
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