Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Mortgage Notes Payable [Table Text Block]

The following table summarizes certain information as of March 31, 2015 and December 31, 2014, with respect to the Company’s indebtedness (amounts in thousands).

	Outstanding Principal				As of March 31, 2015
Property	March 31, 2015		December 31, 2014		Interest Rate			Fixed/ Floating	Maturity Date
Springhouse at Newport News	$	22,428	$	22,515		5.66	%	Fixed	January 1, 2020
Enders Place at Baldwin Park⁽¹⁾		25,398		25,475		4.30	%	Fixed	November 1, 2022
MDA Apartments		37,600		37,600		5.35	%	Fixed	January 1, 2023
Village Green of Ann Arbor		42,887		43,078		3.92	%	Fixed	October 1, 2022
Lansbrook Village		43,043		42,357		4.42	%	Blended ⁽²⁾	March 31, 2018
ARIUM Grande Lakes		29,444		29,444		1.84	%	Floating ⁽³⁾	December 1, 2024
Fox Hills		26,705		—		3.57	%	Fixed	April 1, 2022
Park & Kingston		15,250		—		3.21	%	Fixed	April 1, 2020
Total		242,755		200,469
Fair value adjustments		808		874
Total continuing operations		243,563		201,343
North Park Towers - held for sale		11,500		11,500		5.65	%	Fixed	January 6, 2024
Total	$	255,063	$	212,843

⁽¹⁾ The principal includes a $17.4 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate.

⁽²⁾ The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.0 million that bears interest at a floating rate of one month LIBOR plus 3.00%, as of March 31, 2015, the additional advance had an interest rate of 3.31%.

⁽³⁾ ARIUM Grande Lakes Senior Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2015, the interest rate was 1.84%.

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of March 31, 2015, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2015 (April 1-December 31)	$	1,056
2016		2,717
2017		3,040
2018		44,297
2019		2,938
Thereafter		200,207
	$	254,255
Add: Unamortized fair value debt adjustment		808
Total	$	255,063