7.Term Loan

 

In January 2013, in conjunction with our acquisition of American Realty Capital Trust, Inc., or ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018.  Borrowing under the term loan bears interest at the current one month LIBOR, plus 1.2%.  In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.  Deferred financing costs of $303,000 are being amortized over the remaining term of the term loan.  The net balance of these deferred financing costs, which was $172,000 at March 31, 2015, and $187,000 at December 31, 2014, is included in other assets, net on our consolidated balance sheets.