On December 11, 2012, Tower Properties Company (“Company”) refinanced the loans for the New Mark Phases I, II, and III apartments. These assets were financed by two separate loans. The original loan for Phases I and II had an outstanding balance of $4,745,100.98 at December 11, 2012. The Company paid off the existing loan for Phases I and II on December 11, 2012. The original loan for Phase III had an outstanding balance of $2,047,466.67 at December 11, 2012. The Company paid off the existing loan for Phase III on December 11, 2012 and paid a prepayment penalty of $405,341.11. The Company replaced the two original loans on December 11, 2012 with a new $10,000,000, 10-year non-recourse loan (20 year amortization) for Phases I, II, and III at 4.04%, that matures on December 11, 2022.
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