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RENTAL PROPERTIES (Details 2) (USD $) |  | 0 Months Ended | 1 Months Ended | 0 Months Ended
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May 31, 2013 | Jul. 15, 2013 Hamilton Green item | May 31, 2013 Nashoba Apartments L.P. Residential Apartments Acton, Massachusetts | Dec. 20, 2013 Mortgages payable Hamilton Green
RENTAL PROPERTIES |  |  |  |
Sales price of real estate properties |  |  | $ 4,300,000 |
Amount of sale proceeds transferred to Investment Property | 2,100,000 |  |  |
Gain on sale of property |  |  | 3,679,000 |
Number of units |  | 193 |  |
Purchase price of real estate properties |  | 62,500,000 |  |
Purchase price allocated to the value of the in-place leases |  | 1,656,000 |  |
Purchase price allocated to the value of the tenant relationships |  | 96,000 |  |
Amortization period of value of the in-place leases |  | 12 months |  |
Amortization period of value of the tenant relationships |  | 36 months |  |
Short term finance for real estate properties |  | 40,000,000 |  |
Proceeds from sale of discontinued operations |  | 2,100,000 |  |
Closing costs associated with financing |  | 38,000 |  | 346,000
Amount of new loan |  |  |  | 38,500,000
Interest rate (as a percent) |  |  |  | 4.67%
Term of debt |  |  |  | 15 years
Period for which the entity is required to make interest only payments |  |  |  | 2 years
Amortization period of debt |  |  |  | 30 years
Additional capital required for refinancing |  |  |  | $ 1,846,000

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