Mortgage Notes Payable (Notes)

12 Months Ended

Dec. 31, 2014

Mortgage Notes Payable [Abstract]

Mortgage Notes Payable Disclosure [Text Block]

Note B – Mortgage Notes Payable

The principal terms of mortgage notes payable are as follows:

(in thousands)
Property	Principal Balance at December 31, 2014		Principal Balance at December 31, 2013		Monthly Payment Including Interest		Stated Interest Rate	Maturity Date	Principal Balance Due at Maturity
Colony at Kenilworth Apartments 1st mortgage	$	10,970	$	11,144	$	84	7.58%	7/1/2021	$	9,451
Colony at Kenilworth Apartments 2nd mortgage	11,668		11,904		78		5.93%	7/1/2019	10,415
Total	$	22,638	$	23,048	$	162			$	19,866

The mortgage notes payable are fixed rate mortgages that are nonrecourse and are secured by pledge of the Partnership's investment property and by a pledge of revenue from the investment property. The mortgage notes payable include prepayment penalties if repaid prior to maturity. Further, the property may not be sold subject to existing indebtedness.

Scheduled principal payments of the mortgage notes payable subsequent to December 31, 2014 are as follows (in thousands):

2015	$	438
2016	468
2017	501
2018	535
2019	10,826
Thereafter	9,870
	$	22,638