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Mortgages Payable, Net (Tables) | 12 Months Ended
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Dec. 31, 2024
Mortgages Payable, net |
Schedule of mortgages payable | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
in thousands | ​ | 2024 | ​ | 2023
Fixed-rate debt | ​ | ​ | ​ | ​ | ​ | ​
Secured mortgages payable | ​ | $ | 41,087 | ​ | $ | 42,990
Variable-rate debt | ​ | ​ | ​ | ​ | ​ | ​
Secured mortgages payable | ​ |  | 61,300 | ​ |  | 115,000
Unamortized deferred financing costs | ​ |  | (794) | ​ |  | (2,362)
Mortgages payable, net | ​ | $ | 101,593 | ​ | $ | 155,628
Summary of secured mortgages payable | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 |  | December 31, 2023
​ |  | ​ | ​ |  | Interest |  | ​ |  | ​ | ​ |  | Interest |  | ​
$in thousands | ​ | Principal | ​ | Rate | ​ | Maturity Date | ​ | Principal | ​ | Rate | ​ | Maturity Date
Fixed rate (a) | ​ | $ | 41,087 |  | 4.92 | % | December 15, 2038 | ​ | $ | 42,990 |  | 4.92 | % | December 15, 2038
Variable rate (b) (c) | ​ |  | 61,300 |  | 9.49 | % | July 1, 2029 | ​ |  | 115,000 |  | 9.21 | % | September 1, 2026
Secured mortgages payable | ​ | $ | 102,387 | ​ | ​ | ​ |  | ​ | $ | 157,990 |  |  | ​ |
(a) | The Company has one fixed-rate debt obligation as of December 31, 2024, and December 31, 2023. The interest rate presented is based upon the coupon rate of the debt.
(b) | The Company has one variable-rate debt obligation as of December 31, 2024, and December 31, 2023. The interest rate presented is based on the applicable reference interest rate as of December 31, 2024, and December 31, 2023.
(c) | The Company has a total return swap with the lender in connection with its variable-rate debt. At December 31, 2024, the assumed rate of the indebtedness associated with our variable-rate debt obligation is based on SOFR + 4.5%, which is the combination of the interest rates on two instruments: (i) the variable-rate debt obligation, pursuant to which the Company is obligated to pay the lender an amount equal to SOFR + 5.0%, and (ii) the total return swap, pursuant to which the Company is entitled to receive 0.5% from the lender. The cash flows from this total return swap does not vary based on any underlying and there is no net settlement, as such, it is not considered to meet the criteria of ASC 815 “Derivatives and Hedging” and determined to not be a derivative.
Schedule of contractual obligations for mortgages payable | ​
​ | ​ | ​ | ​
​ |  | Mortgages payable
​ | ​ | principal
thousands | ​ | payments
2025 | ​ | $ | 1,997
2026 | ​ |  | 2,097
2027 | ​ |  | 2,201
2028 | ​ |  | 2,311
2029 | ​ |  | 63,726
Thereafter | ​ |  | 30,055
Total principal payments | ​ |  | 102,387
Unamortized deferred financing costs | ​ |  | (794)
Mortgages payable, net | ​ | $ | 101,593
​

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