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Indebtedness (Tables)
 12 Months Ended
Dec. 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 December 31, 2014 (dollars in thousands):

 

     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

      7,200         7,200         5.7 %    May 1, 2021

Crestmont Apartments

      6,612         6,612         5.7 %    May 1, 2021

Cumberland Glen Apartments

      6,759         6,759         5.7 %    May 1, 2021

Heritage Trace Apartments

      5,388         5,388         5.7 %    May 1, 2021

Runaway Bay Apartments

      10,033         10,033         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

      44,939         46,471         2.8 %(5)    April 1, 2016

Kings’ Landing

      21,200         21,200         4.0 %(6)    June 1, 2022

Crossings

      15,313         15,313         3.9 %    June 1, 2024

Carrington Park

      14,235         14,235         4.0 %    August 1, 2024

Arbors at the Reservoir

      13,150         13,150         4.0 %    August 1, 2024

Walnut Hill

      18,650         18,650         3.4 %    October 1, 2021

Lenoxplace

      15,991         15,991         3.7 %    November 1, 2021

Bennington Pond

      11,375         11,375         3.7 %    December 1, 2024

Stonebridge Crossing

      19,370         19,370         3.4 %    January 1, 2022

Prospect Park

      9,230         9,230         3.6 %    January 1, 2025

Brookside

      13,455         13,455         3.6 %    January 1, 2025

Jamestown

      22,880         22,880         3.6 %    January 1, 2025

Meadows

      24,245         24,245         3.6 %    January 1, 2025

Oxmoor

      35,815         35,815         3.6 %    January 1, 2025
  

 

 

     

 

 

     

 

 

    

Total mortgage debt/Weighted-Average

 $ 398,977    $ 400,509      3.6 % 

Secured Credit Facility

   18,392      18,392      2.7 %(4)  October 25, 2016
  

 

 

     

 

 

     

 

 

    

Total indebtedness /Weighted-Average

 $ 417,369    $ 418,901      3.6 % 
  

 

 

     

 

 

     

 

 

    

 

(1) Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 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 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly.
(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.

As of December 31, 2014 we were in compliance with all financial covenants contained in our indebtedness.

 

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.
Maturity of Indebtness

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

 

2015

 $ 1,954   

2016

   44,940   

2017

   1,331   

2018

   17,809   

2019

   1,251   

Thereafter

   350,084   
  

 

 

  

Total

 $ 417,369