XML 51 R40.htm IDEA: XBRL DOCUMENT v3.23.2
Property Loans (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022:

 

 

 

June 30, 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

 

SOFR + 2.61%

 

Hilltop at Signal Hills

 

 

21,197,939

 

 

 

-

 

 

 

21,197,939

 

 

8/1/2023

 

SOFR + 3.07%

 

Legacy Commons at Signal Hills

 

 

32,233,972

 

 

 

-

 

 

 

32,233,972

 

 

2/1/2024

 

SOFR + 3.07%

 

Magnolia Heights

 

 

8,118,546

 

 

 

-

 

 

 

8,118,546

 

 

7/1/2024

 

SOFR + 3.85%

 

Osprey Village

 

 

1,000,000

 

 

 

-

 

 

 

1,000,000

 

 

8/1/2024

 

SOFR + 3.07%

 

Scharbauer Flats Apartments

 

 

13,386,764

 

 

 

-

 

 

 

13,386,764

 

 

1/1/2024

 

SOFR + 2.96%

 

Willow Place Apartments

 

 

10,031,032

 

 

 

-

 

 

 

10,031,032

 

 

10/1/2024

 

SOFR + 3.30%

 

Subtotal

 

 

103,525,909

 

 

 

-

 

 

 

103,525,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Financing (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

35,210,000

 

 

$

-

 

 

$

35,210,000

 

 

12/30/2024

 

7.875%

 

Subtotal

 

 

35,210,000

 

 

 

-

 

 

 

35,210,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

The 50/50 MF Property

 

$

5,453,759

 

 

$

-

 

 

$

5,453,759

 

 

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

 

 

6,402,353

 

 

 

(495,000

)

 

 

5,907,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

145,138,262

 

 

$

(495,000

)

 

$

144,643,262

 

 

 

 

 

 

 

(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%.
Schedule of Property Loans Paid Down or Redeemed

The following property loan principal payments were received during the six months ended June 30, 2023:

Property Name

 

Month
Redeemed

 

Principal Proceeds

 

Greens Property

 

February 2023

 

$

850,000

 

Scharbauer Flats

 

February 2023

 

 

10,773,236

 

Centennial Crossings

 

March 2023

 

 

6,692,344

 

SoLa Impact Opportunity Zone Fund

 

May 2023

 

 

3,790,000

 

Magnolia Heights

 

June 2023

 

 

2,181,454

 

Oasis at Twin Lakes

 

June 2023

 

 

24,018,657

 

 

 

 

 

$

48,305,691