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Debt
12 Months Ended
Dec. 31, 2011
Debt  
Mortgage Notes Payable Disclosure [Text Block]

Note D - Mortgage Note Payable

 

The mortgage indebtedness that encumbered Woods of Inverness Apartments of approximately $5,878,000 was refinanced during 2007 under a secured real estate credit facility (“Secured Credit Facility”) which had a maturity date of October 1, 2010. On July 31, 2010, AIMCO Properties, L.P. exercised its option to extend the maturity date of the Secured Credit Facility to October 1, 2011. On August 10, 2011, AIMCO Properties, L.P. exercised its option to further extend the maturity date of the Secured Credit Facility to October 1, 2012. In connection with the extensions, AIMCO Properties, L.P. paid extension fees of approximately $15,000 and $26,000 on behalf of the Partnership during the years ended December 31, 2011 and 2010, respectively. These extension fees were capitalized as loan costs.

 

On December 21, 2011, the Partnership repaid the mortgage debt encumbering the property of approximately $5,878,000 in connection with the sale of the property (see “Note H”).