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Debt Obligations | 3 Months Ended
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Mar. 31, 2018
Debt Obligations |
Debt Obligations | Note 9 — Debt Obligations Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):
|  | March 31, 2018 |  | December 31, 2017 |
Mortgages payable, gross |  | $ | 393,085 |  | $ | 396,946 |
Unamortized deferred financing costs |  | (3,803 | ) | (3,789 | )
Mortgages payable, net |  | $ | 389,282 |  | $ | 393,157 |
Line of Credit The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which the Company may borrow up to $100,000,000, subject to borrowing base requirements. The facility, which matures December 31, 2019, provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. At March 31, 2018 and 2017, the applicable margin was 175 basis points. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 3.35% and 2.52% for the three months ended March 31, 2018 and 2017, respectively. The Company was in compliance with all covenants at March 31, 2018. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):
|  | March 31, 2018 |  | December 31, 2017 |
Line of credit, gross |  | $ | 20,900 |  | $ | 9,400 |
Unamortized deferred financing costs |  | (546 | ) | (624 | )
Line of credit, net |  | $ | 20,354 |  | $ | 8,776 |
At May 2, 2018, there was an outstanding balance of $15,300,000 (before unamortized deferred financing costs) under the facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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