6. Mortgage Notes, Term Loan, and Revolving Credit Facility

The following is a summary of the mortgage notes, term loan, and revolving credit facility secured by the Company’s properties as of June 30, 2017 ($ in thousands):

Property

Interest

Rate⁽¹⁾

Maturity

Dates

Principal

Balance

Amortization

Period

Prepayment

Provisions⁽²⁾

TA Multifamily (excluding 55 West)

3.76%

6/1/2024

211,249

Interest Only

Yield Maintenance

Industrial Properties - Term Loan

L+2.10%

6/1/2022

146,000

Interest Only

Spread Maintenance

Industrial Properties - Revolving Credit Facility

L+2.10%

6/1/2022

146,000

Interest Only

None

Emory Point

3.66%

5/5/2024

130,000

Interest Only⁽⁴⁾

Yield Maintenance

55 West (part of TA Multifamily Portfolio)

L+2.18%

5/9/2022⁽³⁾

63,600

Interest Only

Spread Maintenance

Sonora Canyon

3.76%

6/1/2024

26,455

Interest Only

Yield Maintenance

Total principal balance

723,304

Deferred financing costs

(6,232)

Mortgage notes, term loan, and revolving credit facility

717,072

(1)

The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, one-month U.S. dollar-denominated LIBOR was equal to 1.2%.

(2)

Yield and spread maintenance provisions require the borrower to pay a premium to the lender in an amount that would allow the lender to attain the yield or spread assuming the borrower had made all payments until maturity.

(3)

The 55 West mortgage has an initial maturity date of May 9, 2019 and the Company, at its sole discretion, has three one-year extension options.

(4)

Interest only payments required for the first 60 months of the mortgage and principal and interest payments required for the final 24 months.

The following table presents the future principal payment due under the Company’s mortgage notes, term loan, and revolving credit facility as of June 30, 2017 ($ in thousands):


Year	Amount
2017 (remaining)	$	—
2018	—
2019	—
2020	—
2021	—
Thereafter		723,304
Total	$	723,304