The weighted average interest rate and term of our fixed rate debt are 7.0% and 5.9 years, respectively, as of December 31, 2015. The weighted average interest rate and term of our variable rate debt are 5.9% and 12.9 years, respectively, as of December 31, 2015. We have $11.1 million of debt maturing during the year ending December 31, 2016. While we anticipate being able to refinance all the loans at reasonable market terms upon maturity, our inability to do so may impact our financial position and results of operations. We expect to refinance $8.0 in mortgage loans maturing in 2016 as the associated properties meet loan to value requirements currently being employed in commercial lending markets. We have $2.7 million in subordinated debt maturing in 2016. As indicated in the table below, investors in the subordinated debt may receive additional equity interests in our properties if the subordinated debt is not paid when due. See the consolidated financial statements included elsewhere in the Form 10-K for additional debt details. The following is a summary of our subordinated debt at December 31, 2015: Subordinated Debt Our subordinated debt at December 31, 2015 and 2014 includes unsecured notes payable issued to controlled entities used to facilitate the acquisition of the nursing home properties. Principal Outstanding at Stated Face December 31, Property Amount 2015 2014 Rate Date Goodwill 13.0 Nursing 2,180,000 $ $ %(1) June 30, Home Fixed 2017(2) Edwards Redeemer Repaid Health & 12.0% January, Rehab 880,000 - 880,000 Fixed 2015 Providence of Sparta August Nursing 1,050,000 10.0% 1, Home 1,050,000 1,050,000 Fixed 2016(3) Providence of Greene Point 1,150,000 1,125,000 10.0% June 30, Center 1,150,000 Fixed 2017(4) Golden Years 1,650,000 11.0% April 1, Manor 1,650,000 1,650,000 Fixed 2016(5)
The weighted average interest rate and term of our fixed rate debt are 7.0% and 5.9 years, respectively, as of December 31, 2015. The weighted average interest rate and term of our variable rate debt are 5.9% and 12.9 years, respectively, as of December 31, 2015. We have $11.1 million of debt maturing during the year ending December 31, 2016. While we anticipate being able to refinance all the loans at reasonable market terms upon maturity, our inability to do so may impact our financial position and results of operations. We expect to refinance $8.0 in mortgage loans maturing in 2016 as the associated properties meet loan to value requirements currently being employed in commercial lending markets. We have $2.7 million in subordinated debt maturing in 2016. As indicated in the table below, investors in the subordinated debt may receive additional equity interests in our properties if the subordinated debt is not paid when due. See the consolidated financial statements included elsewhere in the Form 10-K for additional debt details. The following is a summary of our subordinated debt at December 31, 2015: Subordinated Debt Our subordinated debt at December 31, 2015 and 2014 includes unsecured notes payable issued to controlled entities used to facilitate the acquisition of the nursing home properties. Principal Outstanding at Stated Face December 31, Property Amount 2015 2014 Rate Date Goodwill Nursing Home 2,180,000 $ $ 13.0 %(1) Fixed June 30, 2017(2) Edwards Redeemer Health & Rehab 880,000 - 880,000 12.0% Fixed Repaid January, 2015 Providence of Sparta Nursing Home 1,050,000 1,050,000 1,050,000 10.0% Fixed August 1, 2016(3) Providence of Greene Point Center 1,150,000 1,125,000 1,150,000 10.0% Fixed June 30, 2017(4) Golden Years Manor 1,650,000 1,650,000 1,650,000 11.0% Fixed April 1, 2016(5)
4-15-16-10k.docx