MORTGAGE NOTES PAYABLE, NET (Tables)

3 Months Ended

Mar. 31, 2016

Notes Payable [Abstract]

Summary of mortgage notes payable

The following is a summary of mortgage notes payable, net (in thousands):

	March 31, 2016							December 31, 2015
Property	Mortgage balance		Deferred Finance Costs, Net (1)			Carrying Value		Mortgage balance		Deferred Finance Costs, Net(1)			Carrying Value
Bent Oaks	$	5,708	$	(46	)	$	5,662	$	5,731	(50		)	$	5,681
Cape Cod	5,927		(46		)	5,881		5,951		(51		)	5,900
Woodhollow	4,897		(40		)	4,857		4,916		(43		)	4,873
Village	9,247		(108		)	9,139		9,293		(117		)	9,176
Total	$	25,779	$	(240	)	$	25,539	$	25,891	$	(261	)	$	25,630

(1) Deferred financing costs include unamortized costs incurred to obtain financing which are being amortized over the term of the related debt.  

The following table includes additional information about the Partnership's mortgage notes payable, net (in thousands):

Property	Maturity Date		Annual Interest Rate	Monthly Debt Service
Bent Oaks	01/01/2019	(2)	5.99%	$	37	(1)
Cape Cod	01/01/2019	(2)	5.91%	$	38	(1)
Woodhollow	01/01/2019	(2)	6.14%	$	32	(1)
Village	04/01/2019		3.76%	$	44	(1)

(1) Monthly payment includes principal and interest. Interest is at a fixed rate.

(2) The Partnership has an option to extend the maturity date for an additional one year to January 1, 2020. During the extension

period, the interest rate would convert to the Federal Home Loan Mortgage Corporation Bill Index Rate plus 2.5%.

Schedule of annual principal payments on mortgage notes payable

Annual principal payments on the mortgage notes payable for the future years ending March 31, are as follows (in

thousands):

2017	$	460
2018	485
2019	16,159
2020	8,675
	$	25,779

Schedule of amortization of deferred financing costs

Estimated amortization of existing deferred financing costs for the next four years ending March 31, is as follows (in thousands):

2017	$	83
2018	81
2019	73
2020	3
	$	240