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Debt (Tables)
 6 Months Ended
Jun. 30, 2012
Debt [Abstract]  
Schedule of Debt
                                 
    Balance as of
June 30, 2012		     Balance as of
December 31,
2011		     Contractual
Interest Rate
As of
June 30, 2012		    

Payment Type

  

Loan
Maturity

Plainfield Mortgage Loan

   $ 20,398,388     $ 20,534,269       6.65 %    Principal and Interest   November 2017

Emporia Partners Mortgage Loan

     4,907,309       5,053,094       5.88 %    Principal and Interest   September 2023

LTI Mortgage Loan

     33,786,550       34,087,784       5.80 %    Principal and Interest   March 2016

LTI Mortgage Loan Premium

     314,874       357,815       —       —   —  

GE Mortgage Loan

     6,898,974       —         5.98 %    Principal and Interest   June 2016

GE Mortgage Loan Premium

     206,880       —         —       —   —  
   

 

 

    

 

 

                  

Mortgage Loan Total

     66,512,975       60,032,962                  
   

 

 

    

 

 

                  

Credit Facility

     95,880,000       35,395,985       3.00 % (1)     Interest Only   November 2014  (2)

Mezzanine Loan

     4,500,000       —         6.75 % (3)     Principal and Interest   July 2012

Bridge Loan

     6,200,000       —         6.75 % (4)     Principal and Interest   October 2012
   

 

 

    

 

 

                  

Total

   $ 173,092,975     $ 95,428,947                  
   

 

 

    

 

 

                  

 

(1) Prior to the amendment effective November 18, 2011, the interest rate on the Credit Facility was a one-month LIBO Rate + 3.75% subject to a minimum LIBO Rate of 2.0%. Under the terms of the amended credit agreement, the interest rate on the Credit Facility is a one-month LIBO Rate + 2.75%. As of June 30, 2012 the LIBO Rate was 0.25%.
(2) The Credit Facility agreement allows for a one-year extension, as long as an event of default does not occur. Maturity date assumes the one-year extension is exercised.
(3) The interest rate on the Mezzanine Loan is a daily LIBO Rate + 6.50%. As of June 30, 2012 the LIBO Rate was 0.25%.
(4) The interest rate on the Bridge Loan is a daily LIBO Rate + 6.50%. As of June 30, 2012 the LIBO Rate was 0.25%.
Schedule of future principal repayments of all loans
         

2012

   $ 11,361,218 ( 1 ) 

2013

     1,396,049   

2014

     97,363,643 (2) 

2015

     1,576,752  

2016

     38,564,152 ( 3 ) 

Thereafter

     22,309,407  
   

 

 

  

Total

   $ 172,571,221   
   

 

 

  

 

(1) Amount includes payment of the balances of the Mezzanine Loan and Bridge Loan, which expire on July 31, 2012 and October 31, 2012, respectively.
(2) Amount includes payment of the balance of the Credit Facility upon expiration on November 18, 2014, assuming the one-year extension is exercised.
(3) Amount includes payment of the balances of the LTI and GE mortgage loans which mature in 2016. Principal repayments on both mortgage loans do not include the valuation premium of $0.5 million.

The weighted average interest rate of the Company’s fixed rate debt as of June 30, 2012 was approximately 6.09%.