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Property Loans, Net | 12 Months Ended
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Dec. 31, 2022
Property Loans Net Of Loan Loss Allowance [Abstract] |
Property Loans, Net | 10. Property Loans, Net The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of December 31, 2022 and 2021:
|  | December 31, 2022 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Loan Loss Allowance |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Centennial Crossings |  | $ | 24,250,000 |  |  | $ | - |  |  | $ | 24,250,000 |  |  | 9/1/2023 |  | LIBOR + 2.50% |
Hilltop at Signal Hills |  |  | 19,718,334 |  |  |  | - |  |  |  | 19,718,334 |  |  | 8/1/2023 |  | SOFR + 3.07% |
Legacy Commons at Signal Hills |  |  | 29,666,905 |  |  |  | - |  |  |  | 29,666,905 |  |  | 2/1/2024 |  | SOFR + 3.07% |
Magnolia Heights |  |  | 6,188,601 |  |  |  | - |  |  |  | 6,188,601 |  |  | 7/1/2024 |  | SOFR + 3.85% |
Oasis at Twin Lakes |  |  | 24,018,657 |  |  |  | - |  |  |  | 24,018,657 |  |  | 8/1/2023 |  | LIBOR + 2.50% |
Osprey Village |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 8/1/2024 |  | SOFR + 3.07% |
Scharbauer Flats Apartments |  |  | 24,160,000 |  |  |  | - |  |  |  | 24,160,000 |  |  | 7/1/2023 |  | LIBOR + 2.85% |
Willow Place Apartments |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Subtotal |  |  | 130,002,497 |  |  |  | - |  |  |  | 130,002,497 |  |  |  |  |  |
Mezzanine Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 39,000,000 |  |  | $ | - |  |  | $ | 39,000,000 |  |  | 12/30/2024 |  | 7.875% |
Subtotal |  |  | 39,000,000 |  |  |  | - |  |  |  | 39,000,000 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 MF Property |  | $ | 4,803,620 |  |  | $ | - |  |  | $ | 4,803,620 |  |  | 3/11/2048 |  | 9.00% |
Avistar (February 2013 portfolio) |  |  | 201,972 |  |  |  | - |  |  |  | 201,972 |  |  | 6/26/2024 |  | 12.00% |
Avistar (June 2013 portfolio) |  |  | 251,622 |  |  |  | - |  |  |  | 251,622 |  |  | 6/26/2024 |  | 12.00% |
Greens Property |  |  | 850,000 |  |  |  | - |  |  |  | 850,000 |  |  | 9/1/2046 |  | 10.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Subtotal |  |  | 6,602,214 |  |  |  | (495,000 | ) |  |  | 6,107,214 |  |  |  |  |  |
Total |  | $ | 175,604,711 |  |  | $ | (495,000 | ) |  | $ | 175,109,711 |  |  |  |  |  |
(1) The property loans are held in trust in connection with TOB trust financings (Note 15). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0% to 0.50%.
|  | December 31, 2021 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Loan Loss Allowance |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Centennial Crossings |  | $ | 11,354,386 |  |  | $ | - |  |  | $ | 11,354,386 |  |  | 9/1/2023 |  | LIBOR + 2.50% |
Hilltop at Signal Hills |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 8/1/2023 |  | SOFR + 3.07% |
Legacy Commons at Signal Hills |  |  | 2,604,230 |  |  |  | - |  |  |  | 2,604,230 |  |  | 2/1/2024 |  | SOFR + 3.07% |
Oasis at Twin Lakes |  |  | 20,607,362 |  |  |  | - |  |  |  | 20,607,362 |  |  | 8/1/2023 |  | LIBOR + 2.50% |
Osprey Village |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 8/1/2024 |  | SOFR + 3.07% |
Scharbauer Flats Apartments |  |  | 9,708,598 |  |  |  | - |  |  |  | 9,708,598 |  |  | 1/1/2023 |  | LIBOR + 2.85% |
Willow Place Apartments |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Subtotal |  |  | 47,274,576 |  |  |  | - |  |  |  | 47,274,576 |  |  |  |  |  |
Senior Acquisition Financing |  |  |  |  |  |  |  |  |  |  |  |
Magnolia Crossing |  | $ | 13,424,579 |  |  | $ | - |  |  | $ | 13,424,579 |  |  | 12/1/2022 |  | SOFR + 6.50% | (2)
Subtotal |  |  | 13,424,579 |  |  |  | - |  |  |  | 13,424,579 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
Avistar (February 2013 portfolio) |  | $ | 201,972 |  |  | $ | - |  |  | $ | 201,972 |  |  | 6/26/2024 |  | 12.00% |
Avistar (June 2013 portfolio) |  |  | 251,622 |  |  |  | - |  |  |  | 251,622 |  |  | 6/26/2024 |  | 12.00% |
Cross Creek |  |  | 11,101,887 |  |  |  | (7,393,814 | ) |  |  | 3,708,073 |  |  | 12/1/2025 |  | 6.15% |
Greens Property |  |  | 850,000 |  |  |  | - |  |  |  | 850,000 |  |  | 9/1/2046 |  | 10.00% |
Live 929 Apartments |  |  | 1,355,534 |  |  |  | (1,355,534 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Ohio Properties |  |  | 2,390,446 |  |  |  | - |  |  |  | 2,390,446 |  |  | 12/1/2026 - 6/1/2050 |  | 10.00% |
Subtotal |  |  | 16,151,461 |  |  |  | (8,749,348 | ) |  |  | 7,402,113 |  |  |  |  |  |
Total |  | $ | 76,850,616 |  |  | $ | (8,749,348 | ) |  | $ | 68,101,268 |  |  |  |  |  |
(1) The property loans are held in trust in connection with TOB trust financings (Note 15). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0% to 0.50%. (2) The index is subject to a floor of 0.25%. The Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $444,000 for the year ended December 31, 2021 related to the Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. During the years ended December 31, 2022 and 2021, the interest to be earned on the Live 929 Apartments property loan was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of the property loan determined the collection of the interest accrued was not probable. In addition, interest to be earned on the Cross Creek property loan and approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status for the year ended December 31, 2021 as, in management’s opinion, the interest was not considered collectible. Activity in 2022 In January 2022, the Partnership received approximately $1.0 million of principal and interest due on the Live 929 Apartments property loan upon restructuring of the outstanding debt of Live 929 Apartments. The principal payment and related loan loss allowance were considered in the troubled debt restructuring of the Partnership’s investments in Live 929 Apartments discussed further in Note 6. In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $2.4 million of principal and approximately $4.3 million of accrued interest upon redemption, of which $1.7 million was recognized in other interest income. In June 2022, concurrent with the acquisition of the Magnolia Heights GIL (Note 7), the Partnership committed $10.3 million to provide a property loan for the construction of the underlying property on a draw-down basis. The property loan and associated GIL are on parity and share a first mortgage position on all real and personal property associated with the secured property. In August 2022, the outstanding property loans due from Cross Creek were restructured and the Partnership advanced additional funds totaling approximately $7.7 million. In September 2022, the underlying Cross Creek property was sold and the Partnership received $13.0 million as redemption proceeds to satisfy all outstanding balances, which consisted of $11.4 million of principal payments and approximately $1.7 million of accrued interest. All property loan balances due from Cross Creek were previously on non-accrual status and fully reserved, so the Partnership recognized approximately $1.7 million of other interest income upon redemption. In September 2022, the Magnolia Crossing property loan was repaid in full. The Partnership received proceeds of approximately $14.1 million representing outstanding principal and accrued interest upon redemption. In December 2022, the Partnership provided a property loan to the SoLa Impact Opportunity Zone Fund in the amount of $39.0 million to finance the completion of construction on a portfolio of 26 affordable housing projects and one commercial/mixed use project located in Los Angeles, California. The projects contain 922 units in total. The loan is subordinate to the senior construction debt of the borrower and secured by a pledge of 100% of the borrower’s ownership interests in the underlying properties. The property loan will be repaid from permanent financing proceeds upon completion of the affordable housing projects owned by the borrower. In December 2022, the Partnership received a property loan in exchange for the sale of its 100% interest in The 50/50 MF Property in the amount of $4.8 million. The Partnership may advance additional principal on the property loan to fund capital expenditures or in other limited circumstances. See Note 8 for further information on the property sale. The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property which was assumed by the buyer as described in Note 8. The property loan is in non-accrual status as of December 31, 2022 because payments under the loan are not required immediately and are expected to be paid from future net cash flows of the property as previously described in Note 8. Activity in 2021 Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis as summarized below. The property loans and associated GILs are on parity and share a first mortgage position on all real and personal property associated with the secured property. • $32.2 million commitment related to Legacy Commons at Signal Hills; • $21.2 million commitment related to Hilltop at Signal Hills; • $25.5 million commitment related to Osprey Village; and • $21.4 million related to Willow Place Apartments. In March 2021, the Partnership amended the secured property loan with Live 929 Apartments to increase the total available loan amount to $1.5 million from $1.0 million. The property loan is subordinate to the MRBs associated with the property. In August 2021, the Partnership received approximately $328,000 as payment in full for outstanding principal and interest on a property loan due from Arbors at Hickory Ridge. In Decembe r 2021, the Partnership entered into an agreement to provide a property loan in the amount of up to $14.5 million, secured by a first mortgage lien on Magnolia Crossing, an existing 65-unit skilled-nursing facility in Houston, Texas. The following table summarizes the changes in the Partnership’s loan loss allowance for the years ended December 31, 2022 and 2021:
|  |  | For the Years Ended December 31, |
|  |  | 2022 |  |  | 2021 |
Balance, beginning of period |  |  | $ | 8,749,348 |  |  | $ | 8,305,046 |
Provision for loan loss |  |  |  | - |  |  | $ | 444,302 |
Write-off (1) |  |  |  | (7,393,815 | ) |  |  |
Other reductions (2) |  |  |  | (860,533 | ) |  |  | - |
Balance, end of period |  |  | $ | 495,000 |  |  | $ | 8,749,348 |
(1) The loan loss allowance write-off for the year ended December 31, 2022 is due to the redemption of all Cross Creek property loan balances in September 2022. (2) The reduction in the loan loss allowance for the year ended December 31, 2022 is due to a principal payment received on the Live 929 Apartments property loan as part of the restructuring of the outstanding debt of Live 929 Apartments (Note 6) in January 2022.

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- Definition Property loans, net of loan loss allowance. + References No definition available. + Details
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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI https://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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