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Notes Payable and Line of Credit (Tables)
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Summary of Notes Payable and Line of Credit

Notes payable and the line of credit consisted of the following:

 

     June 30, 2013  
     Total      Due Within
One Year
 

$66 Million Credit Facility

   $ 14,027,033       $ —    

UBS Note Payable

     7,300,000          —    

BOA Note Payable

     23,100,000         —    
  

 

 

    

 

 

 
   $ 44,427,033       $ —    
  

 

 

    

 

 

 
Summary of Payments Applicable to Reduction of Principal Amounts

Payments applicable to reduction of principal amounts will be required as follows:

 

Year Ending December 31,

   Amount  

2013

   $ —    

2014

     —    

2015

     —    

2016

     14,027,033   

2017

     —     

Thereafter

     30,400,000   
  

 

 

 
   $ 44,427,033