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Mortgages Payable | 6 Months Ended
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Jun. 30, 2013
Debt Disclosure [Abstract] |
Mortgage Notes Payable Disclosure [Text Block] |
8. | Mortgages Payable
Mortgages payable consisted of the following:
|  | June 30, 2013 |  | December 31, 2012 |
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases |  | $ | 25,000,000 |  | $ | 25,000,000 |
Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases |  |  | 23,640,000 |  |  | 23,640,000 |
Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.74% as of June 30, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company,subject to certain conditions, collateralized by related real estate and tenants’ leases |  |  | 22,318,478 |  |  | 22,601,978 |
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases |  |  | 9,745,258 |  |  | 10,320,440 |
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases |  |  | 9,803,832 |  |  | 10,042,152 |
Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases |  |  | 9,391,146 |  |  | 9,509,011 |
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases |  |  | 3,880,847 |  |  | 4,340,850 |
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases |  |  | 8,580,000 |  |  | 8,580,000 |
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease |  |  | 3,308,678 |  |  | 3,341,711 |
Total |  | $ | 115,668,239 |  | $ | 117,376,142 |
The above mortgages payable are collateralized by related real estate with an aggregate net book value of $147,091,613. Future scheduled annual maturities of mortgages payable for years ending June 30 are as follows: 2014 - $12,738,876; 2015 - $3,573,277; 2016 - $12,393,468; 2017 - $23,354,309; 2018 - $27,324,754 and $36,283,555 thereafter. The weighted average interest rate at June 30, 2013 was 4.40%.

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- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
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