Mortgages Payable

The Company reports the mortgage loans secured by certain MF Properties on its consolidated financial statements as Mortgages payable. As of March 31, 2012, outstanding mortgage loans totaled approximately $41.8 million. As of December 31, 2011, outstanding mortgage loans totaled approximately $40.1 million.

In February 2012, the Partnership obtained a $2.0 million construction loan secured by the DeCordova property to be used to expand the DeCordova campus by constructing a new apartment building adjacent to the existing DeCordova property. This construction loan is with an unrelated third party and carries a fixed annual interest rate of 5.0%, maturing on February 1, 2017.

In March 2011, the Company purchased Arboretum, an independent senior living facility in Omaha, Nebraska. A portion of the purchase price was financed with approximately $17.5 million mortgage payable. This mortgage carries a 5.25% fixed rate and matures on March 31, 2014.

The Company’s mortgages payable as of March 31, 2012 contractually mature over the next five years and thereafter as follows:



2012	$	4,294,560
2013	8,925,000
2014	22,128,000
2015	6,265,080
2016	—
Thereafter	139,494
Total	$	41,752,135