Mortgage Notes Receivable

The Company had no mortgage notes receivable outstanding as of December 31, 2015. The Company had one mortgage note receivable outstanding as of December 31, 2014 with a principal balance totaling $1.9 million which was repaid during 2015. The Company’s mortgage note receivable was classified as held-for-investment based on management’s intent and ability to hold the loans until maturity. As such, the loan was carried at amortized cost. A summary of the Company’s mortgage notes receivable for the years ended December 31, 2015 and 2014 is shown in the table below:



							Balance as of December 31,
State	Property Type ⁽¹⁾	Face Amount		Interest Rate		Maturity Date	2015		2014
(dollars in thousands)
Nevada	MOB	$	1,900	6.50	%	09/30/17	$	—	$	1,900
Total mortgage notes receivable							$	—	$	1,900

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(1) MOB - Medical office building.

Construction Mortgage Note Fundings

In May 2014, the Company acquired a medical office building in Oklahoma for $85.4 million, including the elimination of the construction mortgage note receivable totaling $81.2 million and cash consideration of approximately $4.1 million. The building is 100% leased to Mercy Health. The Company provided $1.2 million in fundings toward the facility under a construction mortgage note during 2014. See Note 4 for details regarding the Company's acquisition.