Mortgages Payable

3 Months Ended

Mar. 31, 2013

Mortgage Notes Payable Disclosure [Text Block]

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, 2013, outstanding mortgage loans totaled approximately $46.6 million. As of December 31, 2012, outstanding mortgage loans totaled approximately $39.1 million.

In February 2013, the Partnership obtained a $7.5 million loan secured by the Maples on 97th property. This loan is with an unrelated third party and carries a fixed annual interest rate of approximately 3.6%, maturing on February 10, 2016.

The Company’s mortgages payable as of March 31, 2013 contractually mature over the next five years and thereafter as follows:



2013	$	13,285,331
2014	17,661,871
2015	6,118,840
2016	7,500,000
2017	1,991,979
Thereafter	—
Total	$	46,558,021