ortgages Payable

The Company reports the mortgage loans secured by certain MF Properties on its consolidated financial statements as Mortgages payable. As of December 31, 2013, outstanding mortgage loans totaled approximately $57.1 million. As of December 31, 2012, outstanding mortgage loans totaled approximately $39.1 million.

In September 2013, the Partnership executed a $7.0 million promissory note related to the Woodland Park property. This promissory note carries a fixed interest rate of approximately 2.8% per annum plus 30-day London Interbank Offered Rate ("LIBOR") which was approximately 0.2% per annum resulting in approximately 3.0% per annum at the date of closing. The Partnership has borrowed approximately $6.0 million as of December 31, 2013.

In April 2013, the Company executed an interest-only loan to borrow up to $25.5 million for a three year term at a variable interest rate secured by The 50/50 Student Housing at UNL mixed-use project in Lincoln, Nebraska. The Company also secured a $4.3 million tax-incremental financing loan which is for a term of five years, carries a fixed interest rate of approximately 4.7% per annum, requires principal payments commencing after 24 months and has a balloon payment due at maturity. The Company has borrowed approximately $7.2 million on the three year term facility as of December 31, 2013 (Notes 7 and 16).

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% per annum through June 30, 2013 switching to approximately 4.4% per annum beginning on July 1, 2013, maturing on February 10, 2016.

The following is a summary of the Mortgage Loans payable on MF Properties:



MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2013		Year Acquired	Stated Maturity	Effective Rate ⁽¹⁾

Arboretum	$	17,500,000	2011	March 2014	5.32	%
Eagle Village	8,828,435		2010	June 2014	4.04	%
Glynn Place	1,845,058		2008	May 2014	2.81	%
Maples on 97th	7,500,000		2013	March 2016	3.47	%
Residences of DeCordova	1,948,064		2012	February 2017	5.00	%
Residences of Weatherford	6,268,311		2011	July 2015	5.90	%
The 50/50 Student Housing at UNL	7,177,438		2013	March 2020	3.25	%
Woodland Park	6,020,014		2013	March 2014	2.97	%
Total Mortgage Payable	$	57,087,320

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2012		Year Acquired	Stated Maturity	Effective Rate ⁽¹⁾

Arboretum	$	17,500,000	2011	March 2014	5.25	%
Eagle Village	8,925,000		2010	June 2013	3.50	%
Glynn Place	4,252,836		2008	May 2013	2.78	%
Residences of DeCordova	1,995,628		2012	February 2017	5.01	%
Residences of Weatherford	6,446,043		2011	July 2015	5.84	%
Total Mortgage Payable	$	39,119,507

(1) Represents the average effective interest rate, including fees, for the years ended December 31, 2013 and 2012 and excludes the effect of interest rate caps (Note 15).

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



2014	$	34,371,238
2015	6,308,490
2016	7,282,090
2017	1,948,064
2018	—
Thereafter	7,177,438
Total	$	57,087,320

The Partnership expects each of the MF Properties to eventually be sold either to a not-for-profit entity or in connection with a syndication of LIHTCs. The proceeds from such sale will be utilized to retire any associated outstanding mortgage loan. Should a mortgage loan reach maturity prior to a sale of the associated MF Property, the Partnership would either seek to refinance such mortgage loan or utilize cash reserves to retire the loan. The Partnership expects to provide mortgage revenue bonds as part of an overall plan of financing the acquisition of a MF Property by a new property owner.