Mortgages Payable

The Company reports the mortgage loans secured by certain MF Properties on its condensed consolidated financial statements as Mortgages payable. As of March 31, 2015 and December 31, 2014, the outstanding mortgage loans totaled approximately $76.4 million and $76.7 million, respectively. These mortgages carry interest rates ranging from 2.9% to 4.8% with maturity dates ranging from September 2015 to March 2020.

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 LIBOR which was approximately 0.2% per annum, resulting in approximately 3.0% per annum at the date of closing. The maturity date was extended to August 1, 2017 and the maximum borrowing was changed to $7.5 million. The Partnership has borrowed approximately $7.5 million as of March 31, 2015. Approximately $6.1 million is related to the Woodland Park property and is reported as part of Mortgage payables and approximately $1.4 million is reported in Debt financing on the balance sheet at March 31, 2015 (Note 9).

The Company’s mortgages payable as of March 31, 2015 contractually mature over the next five years and thereafter as follows:



2015	$	9,130,349
2016	24,265,268
2017	13,581,274
2018	3,968,570
2019	25,499,990
Thereafter	—
Total	$	76,445,451

The Company plans to either extend or refinance the mortgage on Eagle Village as it matures in 2015.