On April 3, 2012, Tower Properties Company refinanced the loan for the Barkley Building. The original loan had an outstanding balance of $324,716 at April 3, 2012. The company paid off the existing loan on April 3, 2012, paid a prepayment penalty of $12,024 and replaced the original loan with a new $7,000,000, 10-year non-recourse loan (20 year amortization) at 4.75%, with interest only due the first three months that matures on April 1, 2022.