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Mortgage Debt
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
4. Mortgage Debt
 
The mortgage debt on the Hato Rey Center in Puerto Rico is being recorded in discontinued operations. At June 30, 2013 and December 31, 2012, the principal balance on the mortgage was $13,910,592 and $14,009,797. The loan is nonrecourse to the Company with standard carve outs. The first mortgage loan on the Hato Rey Center property matures on May 11, 2028, but provided that if it was not repaid on or before May 11, 2008, the interest rate on the loan was increased by two percentage points to 9.38% per annum of which 2% per annum would be deferred until maturity.
 
Since April 2011, cash flow at the property was not sufficient to make the required monthly mortgage payments. (See Note 7A3). At this time, Berkadia Commercial Mortgage LLC (“Berkadia”) was put in place as the special servicer for the loan and all rental payments for the property were sent to a lock box controlled by Berkadia. During the current quarter Berkadia has applied $99,205 to the mortgage balance and $263,578 to interest accrued on the mortgage.  The Company is accruing an additional 5% per annum as default interest and a 5% late payment fee. At June 30, 2013 and December 31, 2012, interest and other fees payable were $4,052,063 and $3,287,507, respectively, which were offset by escrow accounts maintained by Berkadia. Because of the foreclosure action the Hato Rey Center property was classified as a discontinued operation.
 
On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The mortgage is for $500,000 at a 5% interest rate, for a term of5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The balance at June 30, 2013 and December 31, 2012 was $477,143 and $488,748, respectively. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate. At June 30, 2013, there was $200,000 outstanding on the line of credit. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Industrial Center in Palmer, Massachusetts.