v3.8.0.1
DEBT (Details)
 9 Months Ended
Sep. 30, 2017
USD ($)
Debt Instrument [Line Items]  
Deferred Financing Costs, Net $ (1,246,566)
Net Balance 49,825,707
Mortgage Note Payable One [Member]  
Debt Instrument [Line Items]  
Principal Amount 7,167,501
Deferred Financing Costs, Net (133,762)
Net Balance $ 7,033,739
Contractual Interest Rate 3.95% [1]
Effective Interest Rate 3.95% [1]
Loan Maturity Jul. 01, 2021
Mortgage Note Payable Two [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 4,728,857
Deferred Financing Costs, Net (131,129)
Net Balance $ 4,597,728
Contractual Interest Rate 4.56% [1]
Effective Interest Rate 4.56% [1]
Loan Maturity Apr. 01, 2023
Mortgage Note Payable Three [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 3,962,211 [2]
Deferred Financing Costs, Net (162,403) [2]
Net Balance $ 3,799,808 [2]
Contractual Interest Rate 4.69% [1],[2]
Effective Interest Rate 4.69% [1],[2]
Loan Maturity Apr. 01, 2022 [2]
Mortgage Note Payable Four [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 5,945,400 [3]
Deferred Financing Costs, Net (112,374) [3]
Net Balance $ 5,833,026 [3]
Debt Instrument, Description of Variable Rate Basis One-month LIBOR + 2.05% [1],[3]
Effective Interest Rate 4.34% [1],[3]
Loan Maturity Jun. 05, 2027 [3]
Mortgage Note Payable Five [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 4,719,600 [3]
Deferred Financing Costs, Net (90,057) [3]
Net Balance $ 4,629,543 [3]
Debt Instrument, Description of Variable Rate Basis One-month LIBOR + 2.05% [1],[3]
Effective Interest Rate 4.05% [1],[3]
Loan Maturity Jun. 05, 2022 [3]
Mortgage Note Payable Six [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 4,440,000
Deferred Financing Costs, Net (174,480)
Net Balance $ 4,265,520
Contractual Interest Rate 4.36% [1]
Effective Interest Rate 4.36% [1]
Loan Maturity Jun. 01, 2022
Mortgage Note Payable Seven [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 7,010,000
Deferred Financing Costs, Net (207,598)
Net Balance $ 6,802,402
Contractual Interest Rate 4.25% [1]
Effective Interest Rate 4.25% [1]
Loan Maturity Sep. 01, 2024
Mortgage Note Payable Eight [Member]  
Debt Instrument [Line Items]  
Principal Amount $ 5,978,965
Deferred Financing Costs, Net (234,763)
Net Balance $ 5,744,202
Contractual Interest Rate 4.40% [1]
Effective Interest Rate 4.40% [1]
Loan Maturity Mar. 02, 2021
[1] Contractual interest rate represents the interest rate in effect under the mortgage note payable as of September 30, 2017. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2017 (consisting of the contractual interest rate and the effect of the interest rate swap, if applicable). For further information regarding the Company’s derivative instruments, see Note 6
[2] For the three and nine-months ended September 30, 2017, the loan was cross-collateralized with all six Dollar General properties owned by the Company and one Dollar General property owned by REIT I. As of September 30, 2017, the deeds of trust for the Company’s six Dollar General properties and the deed of trust for the REIT I Dollar General property contained cross-collateralization and cross default provisions. At September 30, 2017, the outstanding principal balance of the loan on REIT I’s one Dollar General property was $634,046. The cross-collateralization was removed on October 13, 2017.
[3] The loans on each of the Williams Sonoma and Wyndham properties (collectively, the “Property”) located in Summerlin, Nevada were originated by Nevada State Bank (“Bank”). The loans are collateralized by a deed of trust and a security agreement with assignment of rents and fixture filing. In addition, the individual loans are subject to a cross collateralization and cross default agreement whereby any default under, or failure to comply with the terms of any one or both of the loans is an event of default under the terms of both loans. The value of the Property must be in an amount sufficient to maintain a loan to value ratio of no more than 60%. If the loan to value ratio is ever more than 60%, the borrower shall, upon the Bank’s written demand, reduce the principal balance of the loans so that the loan to value ratio is no more than 60%