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MORTGAGE NOTES PAYABLE (Mortgage by property) (Details) |  |  |  |  | 6 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Mar. 31, 2020 USD ($) | Dec. 21, 2019 | Dec. 20, 2019 USD ($) item | May 31, 2019 USD ($) | Jun. 30, 2020 USD ($) property | Jun. 30, 2019 USD ($) | Aug. 31, 2014 | Dec. 31, 2005 | Mar. 07, 2005 item
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Repayment of loan |  |  |  |  | $ 1,000,000 | $ 2,000,000 |  |  |
Loan balance |  |  |  |  | $ 285,867,000 |  |  |  |
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount |  |  |  | $ 20,750,000 |  |  |  |  |
Interest rate (as a percent) |  |  |  | 4.05% |  |  |  |  |
Loan balance |  |  |  | $ 20,071,000 |  |  |  |  |
Mortgage prepayment penalties |  |  |  | $ 202,000 |  |  |  |  |
57 Mill Street |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Number of units | item |  |  | 181 |  |  |  |  |  |
Loan amount |  |  | $ 31,000,000 |  |  |  |  |  |
Purchase price of real estate properties |  |  | 59,550,000 |  |  |  |  |  |
Cash from reserves |  |  | 10,550,000 |  |  |  |  |  |
Line of credit |  |  | 18,000,000 |  |  |  |  |  |
Closing costs associated with financing |  |  | 237,000 |  |  |  |  |  |
Purchase price allocated to the value of the in-place leases |  |  | 1,282,000 |  |  |  |  |  |
Purchase price allocated to the value of the tenant relationships |  |  | $ 136,000 |  |  |  |  |  |
Amortization period of value of the in-place leases |  |  | 12 months |  |  |  |  |  |
Amortization period of value of the tenant relationships |  | 36 months |  |  |  |  |  |  |
Hamilton Essex 81 |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Number of units |  |  |  |  | 49 | 49 |  |  | 48
Brookside Associates LLC Residential Apartments Woburn, Massachusetts |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount | $ 6,175,000 |  |  |  |  |  |  |  |
Repayment of loan | 2,390,000 |  |  |  |  |  |  |  |
Closing Costs | $ 136,000 |  |  |  |  |  |  |  |
Interest rate (as a percent) | 3.53% |  |  |  |  |  |  |  |
Initial Advance | 57 Mill Street |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount |  |  | $ 31,000,000 |  |  |  |  |  |
Interest rate (as a percent) |  | 3.586% |  |  |  |  |  |  |
Subsequent Advance | 57 Mill Street |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount |  |  | 4,000,000 |  |  |  |  |  |
Interest rate (as a percent) |  | 3.50% |  |  |  |  |  |  |
Minimum | 57 Mill Street |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount |  |  | 35,000,000 |  |  |  |  |  |
Maximum |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Loan amount |  |  | $ 35,000,000 |  |  |  |  |  |
Mortgages payable | Hamilton on Main Apartments, LLC |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Interest rate (as a percent) |  |  |  |  |  |  | 4.34% | 5.18% |
Amortization period of debt |  |  |  |  |  |  |  | 30 years |
Debt Instrument, Amortization Term |  |  |  |  |  |  |  | 30 years |
Mortgages payable | Minimum |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Interest rate (as a percent) |  |  |  |  | 3.53% |  |  |  |
Mortgages payable | Maximum |  |  |  |  |  |  |  |  |
MORTGAGE NOTES PAYABLE |  |  |  |  |  |  |  |  |
Interest rate (as a percent) |  |  |  |  | 5.66% |  |  |  |

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910 + Details
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