SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16. SUBSEQUENT EVENTS

On September 30, 2013, the Partnership received a commitment for a new mortgage on Hamilton Green.  The new mortgage is $38,500,000, interest is fixed at 4.67% for 15 years, interest only for 2 years and the mortgage is amortized over 30 years.  The Partnership anticipates closing on this mortgage in the fourth quarter of 2013.   This refinancing will require an additional $1,500,000 in capital from the Partnership. The closing costs associated with this refinancing will be approximately $405,000.

On October 1, 2013, the Partnership refinanced the property owned by Westgate Apartments LLC.  The new mortgage is $15,700,000; the interest rate is 4.65%, interest only payable in 10 years.  The mortgage matures in September 2023.  The costs associated with the refinancing were approximately $190,000.

On October 18, 2013, the Partnership and its joint venture partner made capital contributions to Hamilton Bay Unit Sales of $660,000 each.  The capital was used to pay off the outstanding mortgage.

From October 1, 2013 through November 13, 2013, the Partnership purchased a total of 92 Depositary Receipts.  The price was $43.73 per receipt or $1,312 per Class A unit.  The total cost was $4,210.  The Partnership is required to repurchase approximately 0.73 Class B Units and 0.03 General Partner units at a cost of $962 and $44, respectively.