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Mortgage Indebtedness | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2013 | Dec. 31, 2012
Mortgage Indebtedness | NOTE 4: Mortgage Indebtedness Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of March 31, 2013 and December 31, 2012, is as follows:
|  | Outstanding Principal |  |  |  |  |  |
Property |  | As of March 31, 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 |  |  | 7,350 |  |  |  | 7,350 |  |  |  | 5.7 | (3) |  | May 1, 2021
Crestmont Apartments |  |  | 6,750 |  |  |  | 6,750 |  |  |  | 5.7 | (3) |  | May 1, 2021
Cumberland Glen Apartments |  |  | 6,900 |  |  |  | 6,900 |  |  |  | 5.7 | (3) |  | May 1, 2021
Heritage Trace Apartments |  |  | 5,500 |  |  |  | 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 |  | $ | 92,413 |  |  | $ | 92,413 |  |  |  | 3.8 | % |  |
(1) | 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.
(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 March 31, 2013 RAIT holds $38,075 of our debt while $54,338 is held by third parties. For the three months ended March 31, 2013 and 2012 we paid $238 and $241 of interest to RAIT, respectively. | NOTE 4: Mortgage Indebtedness Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of December 31, 2012, is as follows:
Property |  | Outstanding Principal |  |  | Current Interest Rate |  |  | Maturity Date |  | Interest Terms
Crestmont Apartments |  | $ | 6,750 |  |  |  | 5.7 | % |  | May 1, 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 |  |  | May 1, 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 |  |  | May 1, 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 |  |  | May 1, 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 28, 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 28, 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.
Runaway Bay Apartments |  |  | 10,238 |  |  |  | 3.6 |  |  | November 1, 2022 |  | 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.
Centrepoint Apartments |  |  | 17,600 |  |  |  | 3.7 |  |  | January 1, 2019 |  | 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.
Total/Weighted-Average |  | $ | 92,413 |  |  |  | 3.8 | % |  |  |  |
As of December 31, 2012 our sponsor holds $38,075 of our debt while $54,338 is held by third parties. From April 29, 2011 to September 16, 2011 our sponsor held $64,575 of our debt. On September 16, 2011 $26,500 of this debt was sold to third parties. For the years ended December 31, 2012 and 2011 we paid $968 and $1,347 of interest to our sponsor, respectively. Maturity of Indebtedness The following table displays the principal repayments on of our indebtedness by year:
2013 |  | $ | 213 |
2014 |  |  | 527 |
2015 |  |  | 843 |
2016 |  |  | 905 |
2017 |  |  | 950 |
Thereafter |  |  | 88,975 |
Total |  | $ | 92,413 |
As of December 31, 2012, the fair value of our fixed-rate indebtedness was $95,827. The fair value estimate of our fixed rate debt was estimated using a discounted cash flow analysis utilizing interest rates we would expect to pay for debt of a similar type and remaining maturity if the loans were originated at December 31, 2012.

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