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Property Loans (Tables) | 3 Months Ended
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Mar. 31, 2023
Property Loans Net Of Loan Loss Allowance [Abstract] |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following tables summarize the Partnership’s property loans, net of asset-specific loan loss allowances, as of March 31, 2023 and December 31, 2022:
|  | March 31, 2023 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Centennial Crossings |  | $ | 17,557,656 |  |  | $ | - |  |  | $ | 17,557,656 |  |  | 9/1/2023 |  | LIBOR + 2.50% |
Hilltop at Signal Hills |  |  | 20,458,137 |  |  |  | - |  |  |  | 20,458,137 |  |  | 8/1/2023 |  | SOFR + 3.07% |
Legacy Commons at Signal Hills |  |  | 30,716,905 |  |  |  | - |  |  |  | 30,716,905 |  |  | 2/1/2024 |  | SOFR + 3.07% |
Magnolia Heights |  |  | 10,300,000 |  |  |  | - |  |  |  | 10,300,000 |  |  | 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 |  |  | 13,386,764 |  |  |  | - |  |  |  | 13,386,764 |  |  | 7/1/2023 |  | LIBOR + 2.85% |
Willow Place Apartments |  |  | 2,679,427 |  |  |  | - |  |  |  | 2,679,427 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Subtotal |  |  | 120,117,546 |  |  |  | - |  |  |  | 120,117,546 |  |  |  |  |  |
Mezzanine Financing (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  | $ | 5,165,315 |  |  | $ | - |  |  | $ | 5,165,315 |  |  | 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% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Subtotal |  |  | 6,113,909 |  |  |  | (495,000 | ) |  |  | 5,618,909 |  |  |  |  |  |
Total |  | $ | 165,231,455 |  |  | $ | (495,000 | ) |  | $ | 164,736,455 |  |  |  |  |  |
(1) The property loans are held in trust in connection with TOB trust financings (Note 16). 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 property loan is held in trust in connection with a TOB trust financing (Note 16).
|  | December 31, 2022 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | 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 + 3.0 7% |
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 16). 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%.
Summary of Changes in Partnership's Allowance for Credit Losses | The following table summarizes the changes in the Partnership’s allowance for credit losses as of March 31, 2023:
|  | For the Three Months Ended March 31, 2023 |
|  | Governmental Issuer Loans |  |  | Taxable Governmental Issuer Loans |  |  | Property Loans |  |  | Unfunded Commitments |  |  | Total |
Balance, beginning of period |  |  | - |  |  |  | - |  |  | $ | 495,000 |  |  |  | - |  |  |  | 495,000 |
Cumulative-effect adjustment upon adoption |  | $ | 2,145,000 |  |  | $ | 79,000 |  |  |  | 2,108,000 |  |  | $ | 1,617,000 |  |  | $ | 5,949,000 |
Current provision for expected credit losses |  |  | (65,000 | ) |  |  | 10,000 |  |  |  | (153,000 | ) |  |  | (337,000 | ) |  |  | (545,000 | )
Balance, end of period |  | $ | 2,080,000 |  |  | $ | 89,000 |  |  | $ | 2,450,000 |  |  | $ | 1,280,000 |  |  | $ | 5,899,000 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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