Mortgage Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Mortgage Debt

4. Mortgage Debt

On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of the Company entered into a Loan Agreement (the “Loan Agreement”) with Natixis Real Estate Capital LLC providing for a mortgage loan in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%. $934,794 of the loan proceeds were used to repay the prior mortgage loan and line of credit on the Mapletree Property. $123,757 of the Loan proceeds was set aside for capital improvements and reserves for the property. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly principal and interest payments of $11,308. The loan is presented net of unamortized mortgage costs, the outstanding balance of the loan and mortgage costs at December 31, 2016 and 2015 was $1,710,651 and $134,706, respectively and $1,740,462 and $150,438, respectively. The Company is required to maintain certain Financial Covenants. The Company was in compliance with the covenants at December 31, 2016.

Maturities of Mortgage payments for the next five years are as follows:

2017	$	33,596
2018	$	35,680
2019	$	37,892
2020	$	40,241
2021	$	42,737
Thereafter	$	1,520,415