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Property Loans (Tables)
 3 Months Ended
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 + 3.07%

 

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 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