On July 11, 2017, in connection with the purchase of the GR Property (refer to Note 3 — Investment in Real Estate), a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “GR Loan”) with UBS AG with an outstanding principal amount of $4,500,000. The GR Loan provides for monthly interest payments which accrue through the 10^th of each month. The GR Loan bears interest at an initial fixed rate of 4.11% per annum through the anticipated repayment date, July 6, 2027, and thereafter at a revised interest rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield through the maturity date June 30, 2032.

On February 1, 2018, in connection with the purchase of the FM Property (refer to Note 3 — Investment in Real Estate), the FM Property SPE entered into a loan agreement (the “FM Loan”) with UBS AG with an outstanding principal amount of $21,000,000. The FM Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.43% per annum through the anticipated repayment date, February 6, 2028 (the “FM Anticipated Repayment Date”), and thereafter at revised rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the FM Anticipated Repayment Date.

On July 31, 2018, in connection with the purchase of the CO Property (refer to Note 3 — Investment in Real Estate), the CO Property SPE entered into a loan agreement (the “CO Loan”) with a related party, CCRE, with an outstanding principal amount of $26,550,000. The CO Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.94% per annum through the anticipated repayment date, August 6, 2028 (the “CO Anticipated Repayment Date”), and thereafter at an increased rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the CO Anticipated Repayment Date.

On November 15, 2016, in connection with the purchase of the DST Properties, (refer to Note 3 — Investment in Real Estate), the DST entered into a loan agreement (the “DST Loan”) with Citigroup Global Markets Realty Corp. with an outstanding principal amount of $22,495,184. The DST Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.59% per annum through anticipated repayment date, December 1, 2026 (the “DST Anticipated Repayment Date”), and thereafter at an increased rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the DST Anticipated Repayment Date.

On November 26, 2019, in connection with the purchase of the Buchanan Property (refer to Note 3 – Investment in Real Estate), the Buchanan Property SPE entered into a loan agreement (the “Buchanan Loan”) with Goldman Sachs Bank USA with an outstanding principal amount of $9,600,000. The Buchanan Loan provides for monthly interest payments and bears interest at an initial fixed rate of 3.52% per annum through the anticipated repayment date, December 1, 2029 (the “Buchanan Anticipated Repayment Date”), and thereafter at revised rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the Buchanan Anticipated Repayment Date.

As of June 30, 2020 and December 31, 2019, the Company’s Loans payable balance was $83,341,882 and $83,303,569, net of deferred financing costs, respectively. As of June 30, 2020 and December 31, 2019, deferred financing costs were $803,302 and $841,615, net of accumulated amortization of $119,494 and $81,181, respectively, which has been accounted for within Interest expense on the consolidated statements of operations.

Information on the Company’s Loans payable as of June 30, 2020 and December 31, 2019 is as follows:

Description	June 30, 2020
	GR Property			FM Property			CO Property			DST Properties			Buchanan Property			Total
Principal amount of loans	$	4,500,000		$	21,000,000		$	26,550,000		$	22,495,184		$	9,600,000		$	84,145,184
Less: Deferred financing costs, net of accumulated amortization of $119,494		(57,584	)		(157,635	)		(212,517	)		(290,382	)		(85,184	)		(803,302	)
Loans payable, net of deferred financing costs and amortization	$	4,442,416		$	20,842,365		$	26,337,483		$	22,204,802		$	9,514,816		$	83,341,882

Description	December 31, 2019
	GR Property			FM Property			CO Property			DST Properties			Buchanan Property			Total
Principal amount of loans	$	4,500,000		$	21,000,000		$	26,550,000		$	22,495,184		$	9,600,000		$	84,145,184
Less: Deferred financing costs, net of accumulated amortization of $81,181		(61,682	)		(166,872	)		(221,196	)		(303,146	)		(88,719	)		(841,615	)
Loans payable, net of deferred financing costs and amortization	$	4,438,318		$	20,833,128		$	26,328,804		$	22,192,038		$	9,511,281		$	83,303,569

For the six months ended June 30, 2020 and June 30, 2019, the Company incurred $1,920,390 and $1,369,950, respectively, of interest expense, and for the three months ended June 30, 2020 and June 30, 2019, the Company incurred $960,195 and $766,576, respectively, of interest expense, which is included within Interest expense on the consolidated statements of operations. As of June 30, 2020 and December 31, 2019, $262,649 and $273,200 respectively, was unpaid and is recorded as accrued interest payable on the Company’s consolidated balance sheets. All of the unpaid interest expense accrued as of June 30, 2020 and December 31, 2019 was paid during July 2020 and January 2020, respectively.

Also included within Interest expense on the consolidated statements of operations is amortization of deferred financing costs, which, for the six months ended June 30, 2020 and June 30, 2019, was $38,313 and $25,552, respectively, and for the three months ended June 30, 2020 and June 30, 2019 was $19,158 and $14,692, respectively.

The following table presents the future principal payments due under the Company’s loan agreements as of June 30, 2020: