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Note Payable (Notes)
6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Note Payable
NOTE PAYABLE
On December 17, 2010, Wells VAF I entered into an agreement with NXT Capital, LLC ("NXT Capital") for a loan in the amount of up to $30 million (the "NXT Loan"). Following the repayment of the outstanding balance in May 2012 in connection with the disposition of the Parkway at Oak Hill Buildings, the remaining availability on the NXT Loan was $10 million, subject to certain funding requirements. The NXT Loan, which matures on December 16, 2013, bears interest at the greater of (i) one-month London Interbank Offered Rate ("LIBOR") plus a margin of 3.25% or (ii) 7.25%. As of June 30, 2012, the NXT Loan was secured by the Nathan Lane Building and the Commerce Street Building.
Wells VAF I paid cash for interest expense on its note payable of approximately $155,000 and $352,000 during the three months ended June 30, 2012 and 2011, respectively, and approximately $508,000 and 698,000 during the six months ended June 30, 2012 and 2011. During the periods presented, Wells VAF I did not capitalize any interest expense related to the NXT Loan.