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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details) |  |  | 3 Months Ended | 12 Months Ended
--- | --- | --- | --- | ---
Jul. 08, 2016 USD ($) | Mar. 02, 2005 USD ($) item | Mar. 31, 2017 USD ($) item | Dec. 31, 2016 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |
Investments in joint venture |  |  | $ 9,955,145 | $ 8,336,505
Outstanding amount of mortgage |  |  | $ 212,322,196 | $ 212,709,080
Hamilton 1025 |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |
Investments in joint venture |  | $ 2,352,000 |  |
Ownership interest (as a percent) |  | 50.00% |  |
Number of units | item |  | 176 |  |
Number of units sold | item |  | 127 | 6 | 10
Unsold units | item |  |  | 30 |
Number of units retained for long-term investment | item |  | 49 | 2 |
Capital contributions | $ 2,359,500 |  |  |
Purchase price of investments |  | $ 23,750,000 |  |
Gain on sale of assets |  |  | $ 711,000 | $ 1,324,000
Hamilton 1025 | Mortgages payable |  |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |  |
Term of debt |  | 10 years |  |
Interest rate (as a percent) |  | 5.67% |  |
Period for which the entity is required to make interest only payments |  | 5 years |  |
Amortization period of debt |  | 30 years |  |
Borrowings |  | $ 5,000,000 |  |

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- Definition Contractual interest rate for funds borrowed, under the debt agreement. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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