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MORTGAGE AND OTHER NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract] |
MORTGAGE AND OTHER NOTES PAYABLE | MORTGAGE AND OTHER NOTES PAYABLE The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the three months ended March 31, 2014: During the three months ended March 31, 2014, the Company borrowed $15.0 million on its unsecured credit facility. During January 2014, the Company drew the remaining $1.5 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 225 basis points and matures on November 10, 2015. During January 2014, the Company borrowed $45.0 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 165 basis points and matures on June 28, 2018. During February 2014, the Company refinanced a $20.9 million loan collateralized by a property, bearing interest at LIBOR plus 225 basis points, with a new $24.5 million loan. The new loan bears interest at LIBOR plus 155 basis points and matures on February 28, 2016. In connection with this refinancing, the Company expensed $0.2 million in unamortized loan costs relating to the original loan.
8. | MORTGAGE AND OTHER NOTES PAYABLE (continued)
During February 2014, the Company borrowed $21.6 million on its Fund IV subscription line. In March 2014, the Company paid down $16.7 million. The outstanding balance under this facility is $73.7 million as of March 31, 2014. During March 2014, the Company closed on two loans aggregating $9.0 million that are collateralized by a property. The loans bear interest at a blended rate of LIBOR plus 188 basis points and mature on March 7, 2017, and each have two one-year extension options. During March 2014, the Company closed on a $12.6 million loan collateralized by a property. The loan bears interest at LIBOR plus 170 basis points and matures on February 20, 2019. As of March 31, 2014, $198.5 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $103.8 million has been drawn to fund construction activities, with $94.7 million remaining in the restricted cash account at March 31, 2014.

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