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Mortgage Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract] |
Mortgage Notes Payable | Mortgage notes payable consisted of the following:
|  |  |  | Principal as of |  |  |  |  |  |  |  |  |
|  |  |  | December 31, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | Notes |  | 2018 |  |  | 2017 |  |  | Type |  | Rate (1) |  |  | Maturity
Port of San Diego Complex |  | (4) |  | $ | - |  |  | $ | 9,575,508 |  |  | Fixed |  |  | 4.75 | % |  | 3/5/2020
Garden Gateway Plaza |  |  |  |  | 6,270,896 |  |  |  | 6,445,300 |  |  | Fixed |  |  | 5.00 | % |  | 4/5/2020
World Plaza |  | (9) |  |  | 3,350,539 |  |  |  | - |  |  | Variable |  |  | 5.10 | % |  | 7/5/2020
West Fargo Industrial |  |  |  |  | 4,292,809 |  |  |  | 4,365,449 |  |  | Fixed |  |  | 4.79 | % |  | 9/6/2020
Morena Office Center |  | (2) |  |  | 1,567,358 |  |  |  | 2,156,479 |  |  | Fixed |  |  | 4.30 | % |  | 6/1/2021
Waterman Plaza |  |  |  |  | 3,369,960 |  |  |  | 3,850,365 |  |  | Fixed |  |  | 5.78 | % |  | 4/29/2021
Pacific Oaks Plaza |  | (6) |  |  | - |  |  |  | 1,466,351 |  |  | Fixed |  |  | 4.30 | % |  | 6/1/2021
300 N.P. |  |  |  |  | 2,348,443 |  |  |  | 2,380,703 |  |  | Fixed |  |  | 4.95 | % |  | 6/11/2022
Highland Court |  |  |  |  | 6,568,320 |  |  |  | 6,695,541 |  |  | Fixed |  |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  |  | 10,314,520 |  |  |  | 10,492,904 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Union Terrace |  |  |  |  | 6,354,153 |  |  |  | 6,454,448 |  |  | Fixed |  |  | 4.50 | % |  | 9/5/2024
The Presidio |  |  |  |  | 5,992,905 |  |  |  | 6,000,000 |  |  | Fixed |  |  | 4.54 | % |  | 12/1/2021
Centennial Tech Center |  |  |  |  | 9,745,811 |  |  |  | 9,908,235 |  |  | Fixed |  |  | 4.43 | % |  | 1/5/2024
Research Parkway |  |  |  |  | 1,864,139 |  |  |  | 1,909,012 |  |  | Fixed |  |  | 3.94 | % |  | 1/5/2025
Arapahoe Center |  |  |  |  | 8,233,567 |  |  |  | 8,364,088 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  |  | 8,440,000 |  |  |  | 8,440,000 |  |  | Fixed |  |  | 4.28 | % |  | 1/5/2025
Yucca Valley Retail Center |  | (7) |  |  | - |  |  |  | 6,000,000 |  |  | Fixed |  |  | 4.31 | % |  | 4/11/2025
Executive Office Park |  | (8) |  |  | 4,947,808 |  |  |  | 4,151,161 |  |  | Fixed |  |  | 4.83 | % |  | 6/1/2027
Genesis Plaza |  |  |  |  | 6,476,032 |  |  |  | 6,500,000 |  |  | Fixed |  |  | 4.71 | % |  | 8/25/2025
One Park Centre |  |  |  |  | 6,585,922 |  |  |  | 6,610,000 |  |  | Fixed |  |  | 4.77 | % |  | 9/5/2025
Shea Center II |  |  |  |  | 17,727,500 |  |  |  | 17,727,500 |  |  | Fixed |  |  | 4.92 | % |  | 1/5/2026
Grand Pacific Center |  | (3) |  |  | 3,961,304 |  |  |  | 4,057,752 |  |  | Fixed |  |  | 4.02 | % |  | 8/1/2037
Office/Industrial and Retail Properties |  |  |  | $ | 118,411,986 |  |  | $ | 133,550,796 |  |  |  |  |  |  |  |  |
Model Home Properties |  |  |  |  | 32,728,930 |  |  |  | 28,454,883 |  |  | Fixed |  | (5) |  |  | 2019-2020
Mortgage Notes Payable |  |  |  | $ | 151,140,916 |  |  | $ | 162,005,679 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (1,426,740 | ) |  |  | (1,682,942 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable held for investment, net |  |  |  | $ | 149,714,176 |  |  | $ | 160,322,737 |  |  |  |  |  |  |  |  |
(1) | Interest rates as of December 31, 2018.
(2) | Property held for sale as of December 31, 2018 and sold for $5.6 million on January 15, 2019.
(3) | Interest rate is subject to reset on September 1, 2023.
(4) | Port of San Diego Complex was sold on December 20, 2018.
(5) | Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.6% (at December 31, 2018).
(6) | Pacific Oaks Plaza was sold on December 27, 2018.
(7) | Yucca Valley Retail Center was sold on December 31, 2018.
(8) | The loan was refinanced to a new loan on June 1, 2018.
(9) | Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2018, the weighted average interest rate was 4.97%.
Scheduled Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable are as follows:
|  | Office/Industrial and Retail |  |  | Model Home Properties |  |  | Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2019 |  | $ | 3,456,829 |  |  | $ | 9,945,470 |  |  | $ | 13,402,299 |
2020 |  |  | 15,231,332 |  |  |  | 11,595,332 |  |  | $ | 26,826,664 |
2021 |  |  | 10,749,691 |  |  |  | 11,188,128 |  |  | $ | 21,937,819 |
2022 |  |  | 10,055,657 |  |  |  | - |  |  | $ | 10,055,657 |
2023 |  |  | 10,928,130 |  |  |  | - |  |  | $ | 10,928,130 |
Thereafter |  |  | 67,990,347 |  |  |  | - |  |  | $ | 67,990,347 |
Total |  | $ | 118,411,986 |  |  | $ | 32,728,930 |  |  | $ | 151,140,916 |

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