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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2011
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS During October 2011, the Company refinanced a loan collateralized by a property that was scheduled to mature on December 1, 2011. The new principal balance of the loan is $12.8 million and bears interest at LIBOR plus 2.25%. The maturity date of the loan is September 30, 2014, with one three-year extension option. In addition, the Company executed a forward swap for a notional amount of $12.5 million which fixes LIBOR at 3.765% from December 3, 2012 to December 1, 2022. During October 2011, the Company made a $5.4 million construction loan commitment to an entity under which it made an initial loan advance of $1.5 million. The loan bears interest at 15% and has an initial maturity date of April 1, 2012 with one six-month extension. During October 2011, the Company repaid $12.0 million of the Fund III subscription line of credit. During October 2011, the Company drew down an additional $2.5 million on a construction loan collateralized by a property.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + Details
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