Mortgage and construction loans for the periods presented consisted of the following (in thousands):

	Face Amount		Principal Outstanding at 3/31/2015		Principal Outstanding at 12/31/2014			Stated Interest Rate		Interest Rate at 3/31/2015			Maturity Date ⁽¹⁾	Amortization
Construction loans
The Grove at Muncie	$	14,567	$	13,892	$	13,892			LIBOR + 225 BPS		2.43	%	7/31/2015		Interest only
The Grove at Slippery Rock		17,961		17,738		16,031			LIBOR + 215 BPS		2.33	%	6/21/2016		Interest only
The Grove at Fort Collins		19,073		19,073		19,073			LIBOR + 190 BPS		2.08	%	7/13/2016		Interest only
The Grove at Pullman		16,016		10,886		10,886			LIBOR + 220 BPS		2.38	%	9/5/2016		Interest only
The Grove at Grand Forks		16,916		15,414		12,474			LIBOR + 200 BPS		2.18	%	2/5/2016		Interest only
The Grove at Gainesville		30,069		25,593		22,836			LIBOR + 215 BPS		2.33	%	3/13/2017		Interest only
Copper Beech at Ames		23,551		21,797		21,170			LIBOR + 225 BPS		2.43	%	5/2/2017		Interest only
Toledo Vivo		9,404		4,377		4,357			LIBOR + 215 BPS		2.33	%	11/25/2017		Interest only
CMU Phase II—Mount Pleasant, MI		10,130		9,120		-	⁽⁶⁾		LIBOR + 250 BPS		2.68	%	2/1/2017		30 years	⁽⁷⁾
Statesboro, GA Phase II		9,703		9,288		-	⁽⁶⁾		LIBOR + 250 BPS		2.68	%	11/1/2016		30 years	⁽⁷⁾
Auburn, AL		15,750		15,750		-	⁽⁶⁾		LIBOR + 200 BPS		2.18	%	2/6/2017		Interest only
Mortgage loans
The Grove at Denton		17,167		16,549		16,613			LIBOR + 215 BPS		2.33	%	3/1/2017		30 years	⁽²⁾
The Grove at Milledgeville		16,250		15,583		15,640			6.12%		6.12	%	10/1/2016		30 years	⁽²⁾
The Grove at Carrollton and The Grove at Las Cruces		29,790		28,571		28,674			6.13%		6.13	%	10/11/2016		30 years	⁽²⁾
The Grove at Asheville		14,800		14,251		14,304			5.77%		5.77	%	4/11/2017		30 years	⁽²⁾
The Grove at Ellensburg		16,125		15,784		15,845			5.10%		5.10	%	9/1/2018		30 years	⁽³⁾
The Grove at Nacogdoches		17,160		16,792		16,857			5.01%		5.01	%	9/1/2018		30 years	⁽³⁾
The Grove at Greeley		15,233		14,880		14,945			4.29%		4.29	%	10/1/2018		30 years	⁽³⁾
The Grove at Clarksville		16,350		16,167		16,238			4.03%		4.03	%	7/1/2022		30 years	⁽⁴⁾
The Grove at Columbia		23,775		22,623		22,738			3.83%		3.83	%	7/1/2022		30 years	⁽²⁾
The Grove at Statesboro		18,100		18,047		18,100			4.01%		4.01	%	1/1/2023		30 years	⁽⁵⁾
Copper Beech I - State College		5,250		5,136		-	⁽⁶⁾		5.61%		5.61	%	2/11/2016		30 years	⁽²⁾
Copper Beech II - State College		8,805		9,446		-	⁽⁶⁾		5.97%		5.97	%	8/1/2019		30 years	⁽²⁾
Oakwood - State College		5,750		6,119		-	⁽⁶⁾		4.99%		4.99	%	10/1/2020		30 years	⁽²⁾
IUP Phase I - Indiana		6,500		6,500		-	⁽⁶⁾		2.15%		2.15	%	6/2/2017		Interest only
IUP Phase II - Indiana		6,250		6,027		-	⁽⁶⁾		5.90%		5.90	%	10/1/2015		30 years	⁽²⁾
Radford		12,400		12,624		-	⁽⁶⁾		5.99%		5.99	%	11/6/2016		30 years	⁽²⁾
Bloomington		10,860		7,873		-	⁽⁶⁾		6.22%		6.22	%	10/1/2016		30 years	⁽²⁾
CMU Phase I - Mount Pleasant, MI		20,000		18,455		-	⁽⁶⁾		5.47%		5.47	%	10/1/2015		30 years	⁽²⁾
Bowling Green Phase I		13,000		12,344		-	⁽⁶⁾		5.63%		5.63	%	10/1/2015		30 years	⁽²⁾
Allendale Phase I		23,780		24,110		-	⁽⁶⁾		5.98%		5.98	%	10/1/2016		30 years	⁽²⁾
Allendale Phase II		11,896		12,621		-	⁽⁶⁾		6.27%		6.27	%	9/6/2017		30 years	⁽²⁾
Columbia, MO		24,516		24,997		-	⁽⁶⁾		6.22%		6.22	%	10/1/2016		30 years	⁽²⁾
Statesboro, GA Phase I		31,000		32,455		-	⁽⁶⁾		5.81%		5.81	%	10/6/2017		30 years	⁽²⁾
Columbia, SC Phase I		36,936		38,995		-	⁽⁶⁾		6.27%		6.27	%	9/6/2017		30 years	⁽²⁾
Columbia, SC Phase II		6,300		6,618		-	⁽⁶⁾		5.41%		5.41	%	8/1/2020		30 years	⁽²⁾
			$	566,495	$	300,673

	⁽¹⁾	For the construction loans, the maturity date is the stated maturity date in the respective loan agreements, some of which can be extended for an additional one to two years, subject to the satisfaction of certain conditions, depending on the loan. Prior to the filing of this document, the construction loan for The Grove at Fort Collins was extended to July 31, 2016. The extension for the construction loan for The Grove at Muncie is pending an appraisal. Additionally, for loans that have matured or will mature during 2015, the Company is actively pursuing an extension or refinancing of those loans.
	⁽²⁾	Loan requires monthly payments of principal and interest, plus certain reserve and escrows, until maturity when all principal is due.
	⁽³⁾	Loan requires interest only payments plus certain reserves and escrows, payable monthly through September 2013. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.
	⁽⁴⁾	Loan requires interest only payments plus certain reserves and escrows, payable monthly through August 2014. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.
	⁽⁵⁾	Loan requires interest only payments plus certain reserves and escrows, payable monthly through January 2015. Thereafter, principal and interest, plus certain reserves and escrows, are payable monthly until maturity.
	⁽⁶⁾	As stated in Note 6, on January 30, 2015, the Company and certain of its affiliates completed the acquisition of substantially all of the Sellers’ remaining interests in 28 of the Copper Beech properties. Accordingly, these balances were not recognized by the Company as of December 31, 2014. As part of recording the mortgage loans from the First CB Closing at fair value, the outstanding amount, after giving effect for each loan’s respective provisional fair value adjustment, could result in an outstanding balance greater than the face amount of the mortgage loan. These fair value adjustments are amortized to interest expense over the term of the respective mortgage loans.
	⁽⁷⁾	Loan required interest only payments until the loan was extended in March of 2015. Thereafter, principal and interest, plus certain reserves, are payable monthly until maturity.