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DEBT OBLIGATIONS
 3 Months Ended
Mar. 31, 2023
DEBT OBLIGATIONS  
DEBT OBLIGATIONS

NOTE 7 – DEBT OBLIGATIONS

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Mortgages Payable

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The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):

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​

​

​

​

​

​

​

​

March 31, 

​

December 31, 

​

    

2023

    

2022

Mortgages payable, gross

​

$

410,897

​

$

409,175

Unamortized deferred financing costs

​

 

(3,316)

​

 

(3,355)

Unamortized mortgage intangible asset (a)

​

​

(635)

​

​

(658)

Mortgages payable, net

​

$

406,946

​

$

405,162

(a)In connection with the assumption of a below-market mortgage upon the acquisition of two properties in 2022.

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Line of Credit

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The Company has a credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC, pursuant to which it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $40,000,000 and 40% of the borrowing base. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries.

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The facility, which matures December 31, 2026, provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at March 31, 2023 and 2022. An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately 6.23% and 1.89% for the three months ended March 31, 2023 and 2022, respectively. The Company was in compliance with all covenants at March 31, 2023.

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The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

March 31, 

​

December 31, 

​

    

2023

    

2022

Line of credit, gross

​

$

11,500

​

$

21,800

Unamortized deferred financing costs

​

 

(686)

​

 

(732)

Line of credit, net

​

$

10,814

​

$

21,068

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At March 31, 2023 and May 1, 2023, $88,500,000 and $80,000,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 and $31,500,000, respectively, available for renovation and operating expense purposes.