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Mortgage Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2014
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following table contains summary information concerning the indebtedness that encumbered our properties as of March 31, 2014:

 

     Outstanding Principal      Carrying Amount      Effective Interest Rate     Maturity Date

Belle Creek Apartments

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

Berkshire Square Apartments

      8,612         8,612         4.4 %(3)    January 1, 2021

Centrepoint Apartments

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

Copper Mill Apartments

      7,269         7,269         5.7 %    May 1, 2021

Crestmont Apartments

      6,675         6,675         5.7 %    May 1, 2021

Cumberland Glen Apartments

      6,824         6,824         5.7 %    May 1, 2021

Heritage Trace Apartments

      5,439         5,439         5.7 %    May 1, 2021

Runaway Bay Apartments

      10,174         10,174         3.6 %    November 1, 2022

Tresa at Arrowhead

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

Reserve at Eagle Ridge

      18,850         18,850         4.7 %    March 1, 2024

OKC Portfolio

      45,685         48,132         2.8 %(5)    April 1, 2016

Kings’ Landing

      21,200         21,200         4.0 %(6)    June 1, 2021
  

 

 

     

 

 

     

 

 

    

Total mortgage debt/Weighted-Average

    $ 186,403       $ 188,850         3.6 %   
  

 

 

     

 

 

     

 

 

    

Secured Credit Facility

      2,500         2,500         2.9 %(4)    October 25, 2016
  

 

 

     

 

 

     

 

 

    

Total indebtedness /Weighted-Average

    $ 188,903       $ 191,350         3.6 %   
  

 

 

     

 

 

       

 

(1) Floating rate at 225 basis points over 30-day LIBOR. As of March 31, 2014, 30-day LIBOR was 0.15%. 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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
(4) Floating rate at 275 basis points over 30-day LIBOR. As of March 31, 2014, 30-day LIBOR was 0.15%. Interest only payments are due monthly. As of March 31, 2014, we were in compliance with all financial covenants contained in the credit facility.
(5) Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
(6) Fixed Rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.

 

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

 

     Outstanding Principal      Carrying Amount      Effective
Interest Rate		     Maturity Date

Belle Creek Apartments

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

Berkshire Square Apartments

      8,612         8,612         4.4 %(3)    January 1, 2021

Centrepoint Apartments

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

Copper Mill Apartments

      7,293         7,293         5.7 %    May 1, 2021

Crestmont Apartments

      6,698         6,698         5.7 %    May 1, 2021

Cumberland Glen Apartments

      6,846         6,846         5.7 %    May 1, 2021

Heritage Trace Apartments

      5,457         5,457         5.7 %    May 1, 2021

Runaway Bay Apartments

      10,222         10,222         3.6 %    November 1, 2022

Tresa at Arrowhead

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

 

 

     

 

 

     

 

 

    

Total mortgage debt/Weighted-Average

    $ 100,803       $ 100,803         3.8 %   
  

 

 

     

 

 

     

 

 

    

Secured Credit Facility

      2,500         2,500         2.9 %(4)    October 25, 2016
  

 

 

     

 

 

     

 

 

    

Total indebtedness /Weighted-Average

    $ 103,303       $ 103,303         3.8 %   
  

 

 

     

 

 

       

 

(1) Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. 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 February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
(4) Floating rate at 275 basis points over 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly. As of March 31, 2014, we were in compliance with all financial covenants contained in the credit facility.