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MORTGAGE NOTES PAYABLE (Details) (USD $) |  | 6 Months Ended | 0 Months Ended |
--- | --- | --- | --- | ---
Jun. 30, 2013 | Jun. 30, 2013 Mortgages payable | Jun. 30, 2013 Mortgages payable Boylston Street, Westgate Woburn, School Street and Cypress Street | Feb. 25, 2013 Mortgages payable Hamilton Cypress LLC Commercial-1031Exchange Brookline, Massachusetts | Mar. 11, 2013 Mortgages payable Property located at School Street | Jun. 30, 2013 Mortgages payable Minimum | Jun. 30, 2013 Mortgages payable Maximum
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |
Interest rate (as a percent) |  |  |  |  | 3.70% | 3.25% | 7.07%
Amount of monthly installments including principal |  | $ 656,000 |  |  |  |  |
Weighted average interest rate (as a percent) |  | 5.30% |  |  |  |  |
Effective interest rate (as a percent) | 5.47% | 5.40% |  |  |  |  |
Annual maturities of mortgage debt |  |  |  |  |  |  |
2014-current maturities | 27,517,000 |  |  |  |  |  |
2015 | 9,160,000 |  |  |  |  |  |
2016 | 267,000 |  |  |  |  |  |
2017 | 486,000 |  |  |  |  |  |
2018 | 1,709,000 |  |  |  |  |  |
Thereafter | 92,532,000 |  |  |  |  |  |
Total | 131,671,000 |  |  |  |  |  |
Additional disclosures related to mortgages |  |  |  |  |  |  |
Amount of mortgage paid off |  |  |  | 3,697,000 |  |  |
Mortgage prepayment penalties |  |  |  | 0 |  |  |
Increase in debt |  |  | 28,000,000 |  |  |  |
Amount of new loan |  |  |  |  | 15,000,000 |  |
Period of interest only payments on loans |  |  |  |  | 3 years |  |
Deferred financing cost associated with mortgage |  |  | 67,000 |  | 159,000 |  |
Total amount expected to be refinanced |  |  | 27,000,000 |  |  |  |
Expected amount of new loan |  |  | 55,000,000 |  |  |  |
Expected prepayment penalties upon refinancing |  |  | $ 125,000 |  |  |  |

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