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Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2013 and 2012:

 

     Outstanding Principal        
     As of
December 31, 2013		      As of
December 31, 2012		      Current
Interest Rate		     Maturity Date

Belle Creek Apartments

      10,575         10,575         2.4 %(1)    April 28, 2021

Berkshire Square Apartments

      8,612         —           4.4 %(5)    January 1, 2021

Centrepoint Apartments

      17,600         17,600         3.7 %(2)    January 1, 2019

Copper Mill Apartments

      7,293         7,350         5.7 %(3)    May 1, 2021

Crestmont Apartments

      6,698         6,750         5.7 %(3)    May 1, 2021

Cumberland Glen Apartments

      6,846         6,900         5.7 %(3)    May 1, 2021

Heritage Trace Apartments

      5,457         5,500         5.7 %(3)    May 1, 2021

Runaway Bay Apartments

      10,222         10,238         3.6 %(4)    November 1, 2022

Tresa at Arrowhead

      27,500         27,500         2.4 %(1)    April 28, 2021
  

 

 

     

 

 

     

 

 

    

Total mortgage debt/Weighted-Average

    $ 100,803       $ 92,413         3.8 %   
  

 

 

     

 

 

     

 

 

    

Secured Credit Facility

      2,500         —           2.9 %(6)    October 25, 2016
  

 

 

     

 

 

     

 

 

    

Total indebtedness /Weighted-Average

    $ 103,303       $ 92,413         3.8 %   
  

 

 

     

 

 

       

 

(1) Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013 and 2012, 30-day LIBOR was 0.17% and 0.21%, respectively. Interest only payments are due monthly. These mortgages are held by RAIT.
(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.
(5) Fixed Rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
(6) Floating rate at 275 basis points our 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly.
Maturity of Indebtness

The following table displays the principal repayments on of our indebtedness by year:

 

2014

    $ 550   

2015

      869   

2016

      3,556   

2017

      1,120   

2018

      1,172   

Thereafter

      96,036   
  

 

 

  

Total

    $ 103,303