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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2018
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS On March 22, 2018, Hamilton Park Towers, LLC entered into a Rate Lock Confirmation with John Hancock Life Insurance Company (U.S.A.) and paid the requisite deposit of $1,290,000. A subsequent deposit was made on April 11, 2018 for $1,250,000. The partnership contributed $1,016,000 of these payments. The confirmation calls for a loan of $125,000,000 at a fixed interest rate of 3.99% per annum. Hamilton Park intends to use the proceeds of the loan, when closed, to pay off an outstanding mortgage of approximately $82,000,000. In association with this refinancing, there will be a defeasance cost of approximately $3,750,000. Based on its’ ownership in the property, the Partnership will incur 40% of this charge, an expense of approximately $1,500,000. This charge will have a material effect on the 2018 second quarter net income.

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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