Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Long-term debt consisted of the following:

 

     December 31, 2013  
     Total      Due Within
One Year		  

Credit Facility

    $ 32,827,032       $ —    

Mortgage Note Payable (originated with UBS)

      7,300,000         —    

Mortgage Note Payable (originated with BOA)

      23,100,000         —    
  

 

 

     

 

 

  

Total Long-Term Debt

    $ 63,227,032       $ —    
  

 

 

     

 

 

  

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  

2014

    $ —    

2015

      —    

2016

      32,827,032   

2017

      —     

2018

      7,300,000  

Thereafter

      23,100,000   
  

 

 

  

Total Long-Term Debt

    $ 63,227,032