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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2013
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS On July 7, 2013, Boylston Downtown LP, a wholly owned subsidiary of the Partnership, refinanced the property located at 62 Boylston Street, Boston, Massachusetts. The new $40,000,000 mortgage has an interest rate of 3.97%. The terms of the loan are interest only for the first three years, with a 30 year amortization thereafter until maturity in August 2028. Approximately $19,500,000 of loan proceeds was used to pay off the existing mortgage. The balance of the funds, approximately $20,000,000, after closing costs, is included in the Partnership’s cash reserves. On July 15, 2013, Hamilton Green Apartments, LLC, a newly formed subsidiary of the Partnership, purchased Windsor Green at Andover, a 193 unit apartment complex located at 311 and 319 Lowell Street, Andover, Massachusetts. The purchase price was $62,500,000. To fund this purchase, the Partnership obtained short term financing of approximately $40,000,000, used the funds of approximately $2,100,000 from the like kind exchange of the Nashoba Apartments, and the balance from the Partnership’s cash reserves. The mortgage has a maturity date of October 15, 2013; and is interest only with an interest rate of LIBOR plus 225 points (currently 2.45%). The Partnership is currently working on long term financing. On August 1, 2013, Hamilton Bay Unit Sales paid down $350,000 of its outstanding mortgage. This entity intends to pay off the remaining balance of $1,318,000 by the end of September 2013. The Partnership will need to contribute approximately $800,000 to complete this transaction. Through August 9, 2013, the Partnership purchased a total of 12,000 Depositary Receipts. The price was $41.50 per receipt or $1,245.00 Class A unit. The total cost was $498,000. The Partnership is required to repurchase approximately 95 Class B Units and 5 General Partner units at a cost of $118,275 and $6,225, respectively. There were no repurchases during the fiscal quarter ended June 30, 2013.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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