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