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Mortgage Indebtedness | 6 Months Ended
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Jun. 30, 2013
Mortgage Indebtedness | NOTE 4: Mortgage Indebtedness Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of June 30, 2013 and December 31, 2012, is as follows:
|  | Outstanding Principal |  |  |  |  |  |
Property |  | As of June 30, 2013 |  |  | As of December 31, 2012 |  |  | Current Interest Rate |  |  | Maturity Date
Belle Creek Apartments |  |  | 10,575 |  |  |  | 10,575 |  |  |  | 2.5 | (1) |  | April 28, 2021
Centrepoint Apartments |  |  | 17,600 |  |  |  | 17,600 |  |  |  | 3.7 | (2) |  | January 1, 2019
Copper Mill Apartments |  |  | 7,335 |  |  |  | 7,350 |  |  |  | 5.7 | (3) |  | May 1, 2021
Crestmont Apartments |  |  | 6,737 |  |  |  | 6,750 |  |  |  | 5.7 | (3) |  | May 1, 2021
Cumberland Glen Apartments |  |  | 6,886 |  |  |  | 6,900 |  |  |  | 5.7 | (3) |  | May 1, 2021
Heritage Trace Apartments |  |  | 5,489 |  |  |  | 5,500 |  |  |  | 5.7 | (3) |  | May 1, 2021
Runaway Bay Apartments |  |  | 10,238 |  |  |  | 10,238 |  |  |  | 3.6 | (4) |  | November 1, 2022
Tresa at Arrowhead |  |  | 27,500 |  |  |  | 27,500 |  |  |  | 2.5 | (1) |  | April 28, 2021
Total /Weighted-Average |  | $ | 92,360 |  |  | $ | 92,413 |  |  |  | 3.8 | % |  |
(1) | Floating rate at 225 basis points over 30-day LIBOR. As of June 30, 2013 30-day LIBOR was 0.19%. Interest only payments are due monthly.
(2) | Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
(3) | 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.
(4) | Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
As of June 30, 2013 RAIT holds $38,075 of our debt while $54,285 is held by third parties. As of December 31, 2012, RAIT holds $38,075 of our debt while $54,338 is held by third parties. For the three and six months ended June 30, 2013, we paid $241 and $479 of interest to RAIT, respectively. For the three and six months ended June 30, 2012, we paid $241 and $481 of interest to RAIT, respectively.

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