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MORTGAGE NOTES PAYABLE (Details) (Mortgages payable, USD $) | 9 Months Ended | 1 Months Ended |  |  | 1 Months Ended |  | 9 Months Ended |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Sep. 30, 2012 | Jul. 31, 2011 Battle Green Apartments | Sep. 30, 2012 Battle Green Apartments | Jul. 27, 2011 Battle Green Apartments | Jun. 30, 2011 Battle Green Apartments Harold Brown | Jun. 02, 2011 Battle Green Apartments Harold Brown | Sep. 30, 2012 Boylston Street, Westgate Woburn, School Street and Cypress Street | Sep. 30, 2012 Minimum | Sep. 30, 2012 Weighted average | Sep. 30, 2012 Maximum
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |  |
Interest rate (as a percent) |  |  | 4.95% |  |  | 6.00% |  | 4.25% | 5.53% | 7.07%
Amount of monthly installments including principal | $ 742,000 |  |  |  |  |  |  |  |  |
Effective interest rate (as a percent) | 5.62% |  | 5.07% |  |  |  |  |  |  |
Annual maturities of mortgage debt |  |  |  |  |  |  |  |  |  |
2013-current maturities | 41,357,000 |  |  |  |  |  |  |  |  |
2014 | 7,889,000 |  |  |  |  |  |  |  |  |
2015 | 9,116,000 |  |  |  |  |  |  |  |  |
2016 | 192,000 |  |  |  |  |  |  |  |  |
2017 | 202,000 |  |  |  |  |  |  |  |  |
Thereafter | 79,580,000 |  |  |  |  |  |  |  |  |
Total | 138,336,000 |  |  |  |  |  |  |  |  |
Additional disclosures related to mortgages |  |  |  |  |  |  |  |  |  |
Borrowings |  | 5,000,000 |  |  | 3,998,573 |  |  |  |  |
Amortization period of debt |  | 30 years |  |  |  |  |  |  |  |
Deferred financing cost associated with mortgage |  |  |  | 100,000 |  |  |  |  |  |
Total amount expected to be refinanced |  |  |  |  |  |  | 47,000,000 |  |  |
Expected prepayment penalties upon refinancing |  |  |  |  |  |  | $ 1,000,000 |  |  |

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