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Promissory Notes (Tables)
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Promissory Notes

The Company had the following promissory notes outstanding as of March 31, 2022 and December 31, 2021, respectively:

 

 

 

 

 

 

 

As of

March 31,

 

As of

December 31,

 

 

Interest Rate

 

Maturity Date

 

2022

 

2021

Promissory note issued for $1,550,000 by a financial institution. Note was issued on January 7, 2022 and can be prepaid at any time without penalty. Secured by our Fresenius - Chicago, IL property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

1/7/2024

 

1,550,000

 

Promissory note issued for $1,050,000 by a financial institution. Note was issued on January 14, 2022 and has a prepayment penalty of 2% of the principal amount if repaid within the first two years and no penalty if paid after the first 2 years. Secured by our Starbucks North Dale Mabry - Tampa, FL property.

 

3.65%

 

1/14/2027

 

1,050,000

 

Promissory note issued for $3,650,000 by a financial institution. Note was issued on March 9, 2022 and can be prepaid at any time without penalty. Secured by our Kohl's - Tucson, AZ property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

3/9/2024

 

3,650,000

 

Promissory note issued for $1,286,664 by a financial institution, interest only payments due monthly through December 2023 of approximately $4,200 and then principal and interest payments due monthly through August 2028 of approximately$6,600. Note was originally issued on January 15, 2015 and modified on November 30, 2020 and can be prepaid at any time without penalty.  Secured by out Tampa Sherwin-Williams property.

 

3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75%

 

8/10/2028

 

1,286,664

 

1,286,664

Promissory note issued for $1,275,000 by a financial institution. Note was issued on February 4, 2021 and can be prepaid at any time without penalty. Secured by our GSA-Manteo, North Carolina property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

2/4/2023

 

1,275,000

 

1,275,000

Promissory note issued for $850,000 by a financial institution, interest only payments due monthly through May 2023 of approximately $2,100 and then principal and interest payments due monthly through December 2024 of approximately$4,200. Note was issued on April 21, 2021 and can be prepaid at any time without penalty. Secured by our Irby - Plant City, FL property.

 

Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for the first 24 months; thereafter, weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of three years on April 21, 2023, plus 2.75% with a minimum of 3.25%

 

12/31/2024

 

850,000

 

850,000

Promissory note issued for $2,350,000 by a financial institution. Note was issued on December 28, 2021 and can be prepaid at any time without penalty. Secured by our Best Buy - Grand Junction, CO property.

 

Wall Street Journal Prime Rate with minimum of 3.25%

 

12/28/2023

 

2,350,000

 

2,350,000

Promissory note issued for $8,260,000 by a financial institution, interest and principal payments due monthly of approximately $41,500. Note was issued on September 30, 2019 and can be prepaid at any time without penalty. Secured by our GSA/Maersk - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%.

 

3.50%

 

9/30/2024

 

7,748,388

 

7,805,524

Promissory note issued for $5,216,749 by a financial institution, interest and principal payments due monthly of approximately $27,400. Note was originally issued on October 23, 2017 and modified on September 30, 2019 and can be prepaid at any time without penalty. Secured by our PRA - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%.

 

3.50%

 

10/23/2024

 

4,849,463

 

4,889,670

Promissory note issued for $11,287,500 by a financial institution, interest only payment is approximately $39,000 and starting April 6, 2021, interest and principal payments due monthly of approximately $55,000. Note was issued on February 11, 2020. Secured by our Washington, DC, Tampa, FL and Huntsville, AL properties. It cannot be prepaid without a penalty.

 

4.17%

 

3/6/2030

 

11,101,219

 

11,150,130

Less: debt issuance costs, net

 

 

 

 

 

(682,898)

 

(637,693)

 

 

 

 

 

 

$35,027,836

 

$28,969,295

Schedule of Minimum Required Principal Payments

Minimum required principal payments on the Company’s debt as of March 31, 2022 are as follows:  

 

As of March 31,

 

2022

2022

$435,060

2023

4,240,446

2024

18,204,862

2025

278,109

2026

289,778

2027 and beyond

12,262,478

 

$35,710,733