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Mortgage Indebtedness
 6 Months Ended
Jun. 30, 2011
Mortgage Indebtedness  
Mortgage Indebtedness

NOTE 4: Mortgage Indebtedness

Each of the properties included in the initial portfolio is encumbered by a first mortgage held by our sponsor. A summary of each mortgage, as of June 30, 2011 is as follows:

 

Property

    Outstanding
Principal		      Current
Interest  Rate		    

Maturity Date

   

Interest Terms

Crestmont Apartments

    $ 6,750         5.7 %    April 29, 2021    Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Cumberland Glen Apartments

      6,900         5.7 %    April 29, 2021    Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Copper Mill Apartments

      7,350         5.7 %    April 29, 2021    Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Heritage Trace Apartments

      5,500         5.7 %    April 29, 2021    Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Belle Creek Apartments

      10,575         2.5 %    April 29, 2021    Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only.

Tresa at Arrowhead

      27,500         2.5 %    April 29, 2021    Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only.
  

 

 

     

 

 

       

Total /Weighted-Average

    $ 64,575         3.8 %