XML 59 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
MORTGAGE NOTES PAYABLE AND LINE OF CREDIT (Line of Credit) (Details)
12 Months Ended
Jan. 15, 2016
USD ($)
Jan. 07, 2016
USD ($)
Jul. 31, 2014
USD ($)
Dec. 31, 2016
USD ($)
item
Dec. 31, 2015
USD ($)
Sep. 18, 2015
USD ($)
Jul. 11, 2014
USD ($)
Jun. 11, 2014
USD ($)
Line of Credit                
Credit line balance         $ 25,000,000      
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                
Line of Credit                
Credit line balance   $ 0       $ 25,000,000    
Amount of loan proceeds and cash reserves utilized to pay off the existing line of credit $ 2,000,000 23,000,000            
LIBOR | Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                
Line of Credit                
Principal amount   $ 20,071,000            
LIBOR | Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                
Line of Credit                
Margin over basis of interest rate (as a percent)   2.01%            
Mortgages payable | Westgate Apartments Residential Units Burlington Massachusetts Member                
Line of Credit                
Principal amount             $ 2,500,000  
Mortgages payable | NERA Dean Street Associates, LLC                
Line of Credit                
Principal amount               $ 5,687,000
Line of Credit                
Line of Credit                
Maximum borrowings     $ 25,000,000          
Term of debt     3 years          
Amount of refinancing costs     $ 125,000          
Number of properties in which borrowing amount collateralized | item       23        
Commitment fee       $ 50,000        
Line of Credit | Base Rate                
Line of Credit                
Margin over basis of interest rate (as a percent)     2.50%          
Line of Credit | Federal Funds Rate                
Line of Credit                
Basis of effective interest rate used in calculation of Base Rate (as a percent)     0.50%          
Line of Credit | LIBOR                
Line of Credit                
Reference rate used in calculation of Base Rate     one month LIBOR          
Basis of effective interest rate used in calculation of Base Rate (as a percent)     1.00%          
Line of Credit | Minimum                
Line of Credit                
Pledged interests of the Partnership's ownership interest (as a percent)       49.00%        
Commitment fee for unused amount (as a percent)       0.15%        
Tangible net worth       $ 150,000,000        
Ratio of net operating income to total indebtedness       9.50%        
Debt service coverage ratio       1.6        
Line of Credit | Maximum                
Line of Credit                
Pledged interests of the Partnership's ownership interest (as a percent)       100.00%        
Commitment fee for unused amount (as a percent)       0.20%        
Leverage ratio       65.00%        
Aggregate increase in indebtedness       $ 15,000,000