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Property Loans (Tables) | 9 Months Ended
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Sep. 30, 2023
Property Loans Net Of Loan Loss Allowance [Abstract] |
Summary of Partnership's Property Loans, Net of Allowances for Credit Losses | The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  | 8,774,804 |  |  |  | - |  |  |  | 8,774,804 |  |  | 8/1/2024 |  | SOFR + 3.07% |
Scharbauer Flats Apartments |  |  | 13,386,764 |  |  |  | - |  |  |  | 13,386,764 |  |  | 1/1/2024 |  | SOFR + 2.96% |
Willow Place Apartments |  |  | 14,206,474 |  |  |  | - |  |  |  | 14,206,474 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Subtotal |  |  | 76,720,560 |  |  |  | - |  |  |  | 76,720,560 |  |  |  |  |  |
Mezzanine Financing (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 34,045,000 |  |  | $ | - |  |  | $ | 34,045,000 |  |  | 12/30/2024 |  | 7.875% |
Subtotal |  |  | 34,045,000 |  |  |  | - |  |  |  | 34,045,000 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 MF Property |  | $ | 5,790,033 |  |  | $ | - |  |  | $ | 5,790,033 |  |  | 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 |  |  | 6,738,627 |  |  |  | (495,000 | ) |  |  | 6,243,627 |  |  |  |  |  |
Total |  | $ | 117,504,187 |  |  | $ | (495,000 | ) |  | $ | 117,009,187 |  |  |  |  |  |
(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 nine months ended September 30, 2023:
Property Name |  | Month Repaid |  | 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 |
SoLa Impact Opportunity Zone Fund |  | August 2023 |  |  | 1,165,000 |
Hilltop at Signal Hills |  | August 2023 |  |  | 21,197,939 |
Centennial Crossings |  | September 2023 |  |  | 17,557,656 |
|  |  |  | $ | 88,226,286 |

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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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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