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MORTGAGE NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
MORTGAGE NOTES PAYABLE | MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following:
Mortgage note property |  | Notes |  | Principal as of |  |  |  | Loan Type |  | Interest Rate (1) |  | Maturity
|  |  |  | September 30, |  | December 31, |  |  |  |  |  |
|  |  |  | 2019 |  | 2018 |  |  |  |  |  |
Garden Gateway Plaza |  | (3) |  |  | $ | 6,122,148 |  |  | $ | 6,270,896 |  |  | Fixed |  | 5.00 | % |  | 2/5/2020
World Plaza |  | (3)(4) |  | 5,005,210 |  |  | 3,350,539 |  |  | Variable |  | 5.18 | % |  | 7/5/2020
West Fargo Industrial |  |  |  | 4,236,111 |  |  | 4,292,809 |  |  | Fixed |  | 4.79 | % |  | 9/6/2020
Morena Office Center |  | (2) |  |  | — |  |  | 1,567,358 |  |  | Fixed |  | 4.30 | % |  | 6/1/2021
Waterman Plaza |  |  |  | 3,293,690 |  |  | 3,369,960 |  |  | Fixed |  | 5.78 | % |  | 4/29/2021
300 N.P. |  |  |  | 2,321,165 |  |  | 2,348,443 |  |  | Fixed |  | 4.95 | % |  | 6/11/2022
Highland Court |  |  |  | 6,460,871 |  |  | 6,568,320 |  |  | Fixed |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  | 10,163,642 |  |  | 10,314,520 |  |  | Fixed |  | 4.74 | % |  | 7/6/2024
Union Terrace |  | (3) |  |  | 6,269,514 |  |  | 6,354,153 |  |  | Fixed |  | 4.50 | % |  | 8/5/2024
The Presidio |  | (7) |  |  | — |  |  | 5,992,905 |  |  | Fixed |  | 4.54 | % |  | 12/1/2021
Centennial Tech Center |  | (3) |  |  | 9,608,758 |  |  | 9,745,811 |  |  | Fixed |  | 4.43 | % |  | 12/5/2024
Research Parkway |  |  |  | 1,826,202 |  |  | 1,864,139 |  |  | Fixed |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  | 8,123,537 |  |  | 8,233,567 |  |  | Fixed |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  | 8,440,000 |  |  | 8,440,000 |  |  | Fixed |  | 4.28 | % |  | 1/5/2025
Executive Office Park |  |  |  | 4,867,125 |  |  | 4,947,808 |  |  | Fixed |  | 4.83 | % |  | 6/1/2027
Genesis Plaza |  |  |  | 6,403,234 |  |  | 6,476,032 |  |  | Fixed |  | 4.71 | % |  | 9/6/2025
One Park Centre |  |  |  | 6,512,787 |  |  | 6,585,922 |  |  | Fixed |  | 4.77 | % |  | 9/5/2025
Shea Center II |  |  |  | 17,727,500 |  |  | 17,727,500 |  |  | Fixed |  | 4.92 | % |  | 1/5/2026
Grand Pacific Center |  | (5) |  |  | 3,879,710 |  |  | 3,961,304 |  |  | Fixed |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  | 111,261,204 |  |  | 118,411,986 |  |  |  |  |  |  |
Model Home mortgage notes |  |  |  | 29,823,671 |  |  | 32,728,930 |  |  | Fixed |  | (6) |  |  | 2019-2022
Mortgage Notes Payable |  |  |  | $ | 141,084,875 |  |  | $ | 151,140,916 |  |  |  |  |  |  |
Unamortized loan costs |  |  |  | (1,109,867) |  |  | (1,426,740) |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 139,975,008 |  |  | $ | 149,714,176 |  |  |  |  |  |  |
(1)Interest rates as of September 30, 2019. (2)Morena Office Center was sold on January 15, 2019. (3)Properties held for sale as of September 30, 2019. (4)Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the nine months ended September 30, 2019, the weighted average interest rate was 5.29%. (5)Interest rate is subject to reset on September 1, 2023. Each model home has a stand-alone mortgage note at interest rates ranging from 3.72% to 5.75% per annum (at September 30, 2019). (6)The Presidio was sold on July 31, 2019. The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2019:
| Presidio Property Trust, Inc. Notes Payable |  | Model Homes Notes Payable |  | Total Principal Payments
Three months remaining in 2019 | $ | 482,495 |  |  | $ | 2,272,651 |  |  | $ | 2,755,146 |
Years ending December 31: |  |  |  |  |
2020 | 16,846,577 |  |  | 11,585,541 |  |  | $ | 28,432,118 |
2021 | 4,951,463 |  |  | 11,679,255 |  |  | $ | 16,630,718 |
2022 | 10,055,657 |  |  | 4,286,224 |  |  | $ | 14,341,881 |
2023 | 1,783,291 |  |  | — |  |  | $ | 1,783,291 |
Thereafter | 77,141,721 |  |  | — |  |  | $ | 77,141,721 |
Total | $ | 111,261,204 |  |  | $ | 29,823,671 |  |  | $ | 141,084,875 |

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