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Mortgage Debt (CS) (From Inception To Quarter1, 2011 [Member]) | 3 Months Ended
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Mar. 31, 2011
From Inception To Quarter1, 2011 [Member] |
Reporting Period For Combined Statements [Line Items] |
Mortgage Debt | NOTE 3: MORTGAGE DEBT Each of the Properties is encumbered by a first mortgage held by RAIT. A summary of each mortgage, as of March 31, 2011 and as of December 31, 2010, is as follows:
Property |  | Outstanding Principal |  |  | Current Interest Rate |  |  | Maturity Date |  | Interest Terms
Crestmont Apartments |  | $ | 13,666,778 |  |  |  | 7.00 | % |  | February 15, 2012 |  | Interest only is payable monthly at a rate of 5.875% through the loan's maturity date. Interest accrues at a fixed rate of 7.00%.
Cumberland Glen Apartments |  |  | 13,536,085 |  |  |  | 7.00 | % |  | February 28, 2012 |  | Interest only is payable monthly at a rate of 5.875% through the loan's maturity date. Interest accrues at a fixed rate of 7.00%.
Copper Mill Apartments |  |  | 14,709,492 |  |  |  | 7.00 | % |  | February 15, 2012 |  | Interest only is payable monthly at a rate of 5.875% through the loan's maturity date. Interest accrues at a fixed rate of 7.00%.
Heritage Trace Apartments |  |  | 11,026,582 |  |  |  | 7.00 | % |  | February 14, 2012 |  | Interest only is payable monthly at a rate of 5.875% through the loan's maturity date. Interest accrues at a fixed rate of 7.00%.
Belle Creek Apartments |  |  | 15,224,074 |  |  |  | 5.00 | % |  | November 1, 2015 |  | Interest payments are required monthly in an amount equal to the excess cash flow of the property, up to the interest due at the fixed rate of 5%. Interest accrues monthly at a fixed rate of 5.00%.
Tresa at Arrowhead |  |  | 36,675,000 |  |  |  | 5.00 | % |  | December 7, 2013 |  | Floating rate; interest only is payable monthly at a rate of 400 basis points over LIBOR (effective rate of 4.26%), subject to a 5.00% floor.

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