MORTGAGE NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage notes payable consisted of the following:


		Principal as of
		December 31,		December 31,		Loan Type	Interest Rate (1)
Mortgage note property	Notes	2019		2018						Maturity
Garden Gateway Plaza	(7)	$	6,071,315	$	6,270,896	Fixed	5.00	%	2/5/2020
World Plaza	(4)	4,979,383		3,350,539		Variable	5.10	%	7/5/2020
West Fargo Industrial		4,216,565		4,292,809		Fixed	4.79	%	9/6/2020
Morena Office Center	(2)	—		1,567,358		Fixed	4.30	%	6/1/2021
Waterman Plaza		3,274,097		3,369,960		Fixed	5.78	%	4/29/2021
300 N.P.		2,311,738		2,348,443		Fixed	4.95	%	6/11/2022
Highland Court		6,424,366		6,568,320		Fixed	3.82	%	9/1/2022
Dakota Center		10,111,693		10,314,520		Fixed	4.74	%	7/6/2024
Union Terrace		6,240,396		6,354,153		Fixed	4.50	%	9/5/2024
The Presidio		—		5,992,905		Fixed	4.54	%	12/1/2021
Centennial Tech Center	(6)	9,561,654		9,745,811		Fixed	4.43	%	1/5/2024
Research Parkway		1,813,305		1,864,139		Fixed	3.94	%	1/5/2025
Arapahoe Center		8,085,727		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		4,839,576		4,947,808		Fixed	4.83	%	6/1/2027
Genesis Plaza		6,378,110		6,476,032		Fixed	4.71	%	8/25/2025
One Park Centre		6,487,532		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	(3)	3,851,962		3,961,304		Fixed	4.02	%	8/1/2037
Office/Industrial and Retail Properties		$	110,814,919	$	118,411,986
Model Home Properties		32,644,129		32,728,930		Fixed	(5)		2019-2022
Mortgage Notes Payable		$	143,459,048	$	151,140,916
Unamortized loan costs		(1,066,056)		(1,426,740)
Mortgage Notes Payable held for investment, net		$	142,392,992	$	149,714,176

(1)Interest rates as of December 31, 2019.

(2)Morena Office Center sold on January 15, 2019.

(3)Interest rate is subject to reset on September 1, 2023.

(4)Interest on this loan is ABR + 0.75% and LIBOR plus 2.75% For the year-ended December 31, 2019, the weighted average interest rate was 5.04%.

(5)Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.6% (at December 31, 2019).

(6)Centennial Tech Center was held for sale as of December 31, 2019 and sold for approximately $15.0 million on February 5, 2020. (7)The maturity date of the mortgage loan was extended to August 5, 2021.

Scheduled Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable are as follows:


Years ending December 31:	Office/Industrial and Retail Notes Payable		Model Home Properties Notes Payable		Principal Payments
2020	$	16,871,952	$	12,294,895	$	29,166,847
2021	4,960,217		11,932,259		$	16,892,476
2022	10,055,657		8,416,975		$	18,472,632
2023	1,783,291		—		$	1,783,291
2024	24,813,868		—		$	24,813,868
Thereafter	52,329,934		—		$	52,329,934
Total	$	110,814,919	$	32,644,129	$	143,459,048