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MORTGAGES NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2012
Mortgage Loans on Real Estate [Abstract] |
Mortgage Notes Payable | MORTGAGE NOTES PAYABLE The Company completed the following transactions related to mortgage notes payable and credit facilities during the three months ended March 31, 2012: During the first quarter 2012, the Company repaid $2.5 million under the Fund III subscription line of credit. As of March 31, 2012, the total outstanding amount on this facility was $133.6 million. During March 2012, in conjunction with the acquisition of four properties in Chicago, Illinois (Note 2), the Company assumed loans of $14.5 million and $1.5 million, which bear interest at 5.62% and 5.55%, respectively, and mature on February 1, 2016. During February 2012, in conjunction with the acquisition of a property in Cambridge, Massachusetts (Note 2), the Company assumed a $7.0 million loan which bears interest at 6.26% and matures on May 1, 2016, and has one five-year extension option. During February 2012, the Company closed on a $4.3 million loan collateralized by a property. The loan bears interest at LIBOR plus 200 basis points and matures on February 28, 2013.

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- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
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