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MORTGAGE AND OTHER NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2015
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, 2015: Secured Debt:
(dollars in thousands) |  |  | Borrowings |  | Repayments
Property | Date | Description | Amount | Interest Rate | Maturity Date | Amount | Interest Rate
1035 Third Ave | January | New Borrowing | $ | 42,000 |  | 2.52% (LIBOR+2.35%) | 1/27/2021 | $ | — |  |
Lincoln Park Centre | January | Repayment | — |  |  | 12/3/2016 | 28,000 |  | 1.62% (LIBOR+1.45%)
163 Highland Avenue | March | Assumption | 9,765 |  | 4.66% | 2/1/2024 | — |  |
Total |  |  | $ | 51,765 |  |  |  | $ | 28,000 |  |
8. | MORTGAGE AND OTHER NOTES PAYABLE (continued)
Unsecured Debt: During the three months ended March 31, 2015, the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value. During the three months ended March 31, 2015, the Company borrowed $50.0 million on its unsecured credit facility. The outstanding balance under this facility is $50.0 million as of March 31, 2015. During the three months ended March 31, 2015, the Company borrowed $46.6 million on its Fund IV subscription line. The outstanding balance under this facility is $123.7 million as of March 31, 2015. During March 2015, Fund IV closed on a $50.0 million unsecured credit facility. At closing, Fund IV drew down $31.0 million. The facility bears interest at LIBOR plus 275 basis points and matures February 9, 2017 with one 6-month extension option. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund IV, has provided a guarantee of principal, interest and fees upon a default as a result of Fund IV’s breach of certain specified financial covenants.

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