8. DEBT

Information on our debt is as follows:

	March 31, 2014			December 31, 2013

	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	27,903		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,663			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		34,093			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		34,369			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		41,005			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,683			30,812


		226,716			228,319
Premiums and discounts on assumed mortgages		2,580			2,786


Total Mortgages Payable		229,296			231,105


Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03%		31,538			—
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54%		5,677			—


		37,215			—
Premiums on loans sold for a premium and excess spread		2,984			—


Total Secured borrowings—government guaranteed loans		40,199			—


Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035.		27,070			—
Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014.		30,000			—
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015.		12,400			—
Unsecured revolving lines of credit		233,000			164,000


		302,470			164,000
Discount on junior subordinated notes		(2,222	)		—


Total Other		300,248			164,000


Total Debt	$	569,743		$	395,105

The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents.

Secured borrowings represent sold SBA 7(a) Program loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Transfers and Servicing. Principal payments are dependent upon cash flows received from the underlying loans. No payment is due unless payments are received from the borrowers on the underlying loans.

CIM Commercial's $30,000,000 term note and $25,000,000 unsecured revolving line of credit have covenants including a covenant requiring an asset coverage test (eligible loans receivable) for balances outstanding under its revolving credit facility of 3.00 times. At March 31, 2014, we were in compliance with these covenants. To the extent the term note is repaid, credit availability under the revolving credit facility will increase to $40,000,000. As of March 31, 2014, $12,600,000 was available for future borrowing.

In February 2012, CIM Urban entered into an unsecured revolving line of credit with an unrelated bank syndicate and Bank of America, N.A., as administrative agent, which allows for maximum borrowings of $100,000,000. Borrowings under the line of credit are limited by certain borrowing base calculations. Outstanding advances under the line of credit bore interest at the base rate, as defined, plus 0.75% to 1.50% or LIBOR plus 1.75% to 2.50%, depending on the maximum consolidated leverage ratio, as defined, until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The line of credit is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. At March 31, 2014, and December 31, 2013, CIM Urban was in compliance with all covenants. The line of credit matures in February 2016, with a one-year extension option under certain conditions. As of both March 31, 2014, and December 31, 2013, $100,000,000, was outstanding under the line of credit, and $0, was available for future borrowings.

In August 2013, CIM Urban entered into another unsecured revolving credit facility with an unrelated bank syndicate and Bank of America, N.A., as administrative agent, which provides an additional $125,000,000 of borrowing capacity that was increased to $150,000,000. CIM Urban amended the facility in April 2014 to further increase the maximum aggregate borrowing capacity under the revolving credit facility to $200,000,000. Borrowings under the revolving credit facility are limited by certain borrowing base calculations. Outstanding advances under the revolving credit facility bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The revolving credit facility is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. At March 31, 2014 and December 31, 2013, CIM Urban was in compliance with all covenants. The revolving credit facility originally matured in February 2014, with two three-month extension options under certain conditions. CIM Urban exercised the first extension option in February 2014. As of March 31, 2014, and December 31, 2013, $133,000,000 and $64,000,000, respectively, was outstanding under the revolving credit facility, and $17,000,000 and $61,000,000, respectively, was available for future borrowings.

At March 31, 2014, and December 31, 2013, accrued interest and unused commitment fee payable of $1,167,000 and $1,017,000, respectively, is included in accounts payable and accrued expenses.

Principal payments on, and estimated amortization of, our debt (face value) at March 31, 2014 was as follows:

Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		All Other Principal(2)		Total

	(in thousands)
2014 (Nine Months Ending December 31, 2014)	$	860	$	4,869	$	163,000	$	168,729
2015		1,182		77,055		12,400		90,637
2016		1,222		4,354		100,000		105,576
2017		1,266		4,642		—		5,908
2018		1,311		24,300		—		25,611
Thereafter		31,374		111,496		27,070		169,940


	$	37,215	$	226,716	$	302,470	$	566,401

(1): Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
(2): Represents the revolving credit facilities, term note, junior subordinated notes, and unsecured revolving lines of credit.