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MORTGAGE NOTES PAYABLE (Details) (USD $) |  | 0 Months Ended | 12 Months Ended | 0 Months Ended |
--- | --- | --- | --- | --- | ---
Dec. 31, 2013 | Jul. 15, 2013 Hamilton Green | Dec. 31, 2013 Mortgages payable | Dec. 20, 2013 Mortgages payable Hamilton Green | Oct. 02, 2013 Mortgages payable Westgate Apartments LLC | Feb. 25, 2013 Mortgages payable Hamilton Cypress LLC Commercial-1031Exchange Brookline, Massachusetts | Mar. 11, 2013 Mortgages payable Property located at School Street | Jul. 07, 2013 Mortgages payable Boylston Downtown L.P. Residential Apartments Boston, Massachusetts | Dec. 31, 2013 Mortgages payable Minimum | Dec. 31, 2013 Mortgages payable Maximum
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |  |
Interest rate (as a percent) |  |  |  | 4.67% | 4.65% |  | 3.70% | 3.97% | 3.25% | 5.97%
Amount of monthly installments including principal |  |  | $ 835,000 | $ 198,982 |  |  |  |  |  |
Weighted average interest rate (as a percent) |  |  | 4.83% |  |  |  |  |  |  |
Effective interest rate (as a percent) | 5.52% |  | 4.93% |  |  |  |  |  |  |
Annual maturities of mortgage debt |  |  |  |  |  |  |  |  |  |
2014-current maturities | 8,646,000 |  |  |  |  |  |  |  |  |
2015 | 2,135,000 |  |  |  |  |  |  |  |  |
2016 | 1,184,000 |  |  |  |  |  |  |  |  |
2017 | 1,782,000 |  |  |  |  |  |  |  |  |
2018 | 7,860,000 |  |  |  |  |  |  |  |  |
Thereafter | 176,913,000 |  |  |  |  |  |  |  |  |
Total | 198,520,000 |  |  |  |  |  |  |  |  |
Additional disclosures related to mortgages |  |  |  |  |  |  |  |  |  |
Amount of mortgage paid off |  |  |  | 40,000,000 |  | 3,967,000 |  |  |  |
Mortgage prepayment penalties |  |  |  |  |  | 0 |  |  |  |
Amount of new loan |  |  |  |  | 15,700,000 |  | 15,000,000 | 40,000,000 |  |
Period of interest only payments on loans |  |  |  | 2 years |  |  | 3 years |  |  |
Term of debt |  |  |  | 15 years | 10 years |  |  | 15 years |  |
Period for which the entity is required to make interest only payments |  |  |  | 2 years |  |  |  | 3 years |  |
Amortization period of debt |  |  |  | 30 years |  |  | 30 years | 30 years |  |
Amount of loan proceeds utilized for pay off the existing mortgage |  |  |  | 1,846,000 | 7,616,000 |  | 15,284,000 | 19,500,000 |  |
Deferred financing cost associated with mortgage |  |  |  |  |  |  | 159,000 |  |  |
Net proceed from the loan - cash back |  |  |  |  |  |  |  | 20,000,000 |  |
Refinancing cost |  |  |  |  |  |  |  | 279,000 |  |
Closing costs associated with financing |  | 38,000 |  | 346,000 | 190,000 |  |  |  |  |
Amount of new loan |  |  |  | $ 38,500,000 |  |  |  |  |  |

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