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Mortgage Debt (CS) (From Inception To Quarter1, 2011 [Member])
3 Months Ended
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.