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v3.23.3

Debt Financing (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Financing [Abstract] |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2023 and December 31, 2022:
|  | Outstanding Debt Financings as of September 30, 2023, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 67,011,465 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 4.01% |  | 1.29% |  | 5.30% |
M24 TEBS |  |  | 7,382,024 |  |  |  | 4,000 |  |  | 2027 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.05% |
M33 TEBS |  |  | 29,044,165 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 210,318,056 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 313,755,710 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.45% |
Secured Notes |  | $ | 102,241,411 |  |  | $ | 30,750,804 |  |  | 2025 |  | Variable |  | No |  | N/A |  | N/A |  | 14.57% | (4)
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2020-XF2908 | (5) | $ | 12,028,595 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 0.90% |  | 6.49% |
Hope on Avalon GIL |  |  | 18,710,658 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Jackson Manor Apartments |  |  | 5,865,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 4.35% |  | 1.29% |  | 5.64% |
Trust 2021-XF2926 | (7) |  | 38,490,093 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 0.90% |  | 6.49% |
Trust 2021-XF2939 | (8) |  | 14,207,660 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
SoLa Impact Opportunity Zone Fund |  |  | 23,713,751 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Scharbauer Flats GIL |  |  | 36,000,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 4.35% |  | 0.91% |  | 5.26% |
Residency at the Mayer - Series A |  |  | 24,335,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 4.35% |  | 1.19% |  | 5.54% |
Montevista - Series A |  |  | 5,628,159 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.28% |  | 5.63% |
Montecito at Williams Ranch - Series A |  |  | 6,827,952 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Vineyard Gardens - Series A |  |  | 3,593,385 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.18% |  | 5.53% |
The Park at Sondrio - Series 2022A |  |  | 30,385,295 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.43% |  | 5.78% |
The Park at Vietti - Series 2022A |  |  | 21,513,570 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.43% |  | 5.78% |
Avistar at Copperfield - Series A |  |  | 11,403,649 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.68% |  | 6.03% |
Avistar at Wilcrest - Series A |  |  | 4,315,648 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.68% |  | 6.03% |
Residency at the Entrepreneur MRBs |  |  | 18,320,000 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.45% |  | 5.80% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 0.91% |  | 5.26% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 4.35% |  | 1.19% |  | 5.54% |
Residency at Empire MRBs |  |  | 15,205,430 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.42% |  | 5.77% |
The Ivy Apartments |  |  | 24,314,842 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Windsor Shores Apartments |  |  | 17,169,861 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Village at Hanford Square |  |  | 7,747,138 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
MaryAlice Circle Apartments |  |  | 4,678,317 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Meadow Valley |  |  | 12,191,285 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
40rty on Colony |  |  | 4,420,720 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Sandy Creek Apartments GIL |  |  | 9,611,238 |  |  | (6) |  |  | 2026 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Avistar at Wood Hollow - Series A |  |  | 32,778,120 |  |  | (6) |  |  | 2027 |  | Variable |  | Yes |  | 4.35% |  | 1.44% |  | 5.79% |
Live 929 |  |  | 53,092,000 |  |  | (6) |  |  | 2027 |  | Variable |  | Yes |  | 4.35% |  | 1.18% |  | 5.53% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (9) |  | 64,773,510 |  |  |  | - |  |  | 2024 |  | Variable |  | No |  | 5.45% |  | 1.27% |  | 6.72% |
Poppy Grove I GIL |  |  | 13,869,232 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove II GIL |  |  | 6,825,232 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove III GIL |  |  | 11,632,232 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Village Point |  |  | 18,370,842 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 5.13% |  | 1.61% |  | 6.74% |
Subtotal/Weighed Average Period End Rate |  |  | 652,648,414 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.96% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,763,972 |  |  |  | - |  |  | 2024 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 1.98% |
Total Debt Financings |  | $ | 1,081,409,507 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Secured Notes have a stated rate of 9.25% plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 9.32% as of September 30, 2023. See Note 18 for further information on the total return swap. (5) The TOB trust is securitized by the Scharbauer Flats Apartments property loan. (6) The Partnership has restricted cash totaling approximately $17.0 million related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (8) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (9) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
|  | Outstanding Debt Financings as of December 31, 2022, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS (3) |  | $ | 75,570,121 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.69% |  | 1.55% |  | 5.24% |
M24 TEBS |  |  | 7,489,619 |  |  |  | 204,000 |  |  | 2027 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.05% |
M33 TEBS |  |  | 29,549,954 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS (4) |  |  | 211,914,923 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.82% |
Subtotal/Weighed Average Period End Rate |  |  | 324,524,617 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.08% |
Secured Notes |  | $ | 102,488,160 |  |  |  | 35,979,743 |  |  | 2025 |  | Variable |  | No |  | N/A |  | N/A |  | 13.05% (5) |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Montevista - Series A |  | $ | 5,650,044 |  |  | (6) |  |  | 2023 |  | Variable |  | Yes |  | 3.86% |  | 1.27% |  | 5.13% |
Trust 2020-XF2908 (7) |  |  | 43,472,232 |  |  | (6) |  |  | 2023 |  | Variable |  | No |  | 4.57% |  | 0.89% |  | 5.46% |
Hope on Avalon GIL |  |  | 18,695,484 |  |  | (6) |  |  | 2023 |  | Variable |  | Yes |  | 3.86% |  | 1.44% |  | 5.30% |
Hope on Broadway GIL |  |  | 9,670,809 |  |  | (6) |  |  | 2023 |  | Variable |  | Yes |  | 3.86% |  | 1.44% |  | 5.30% |
Ocotillo Springs - Series A |  |  | 9,978,639 |  |  | (6) |  |  | 2023 |  | Variable |  | Yes |  | 3.86% |  | 0.91% |  | 4.77% |
Jackson Manor Apartments |  |  | 5,859,141 |  |  | (6) |  |  | 2023 |  | Variable |  | Yes |  | 3.88% |  | 1.29% |  | 5.17% |
Trust 2021-XF2926 (8) |  |  | 70,402,736 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 4.57% |  | 0.89% |  | 5.46% |
Trust 2021-XF2939 (9) |  |  | 7,341,558 |  |  | (6) |  |  | 2024 |  | Variable |  | No |  | 4.57% |  | 1.16% |  | 5.73% |
Scharbauer Flats GIL |  |  | 36,000,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 3.88% |  | 0.91% |  | 4.79% |
Oasis at Twin Lakes GIL |  |  | 30,600,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 3.88% |  | 0.91% |  | 4.79% |
Centennial Crossing GIL |  |  | 29,772,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 3.88% |  | 0.91% |  | 4.79% |
Residency at the Mayer - Series A |  |  | 21,450,000 |  |  | (6) |  |  | 2024 |  | Variable |  | Yes |  | 3.86% |  | 1.19% |  | 5.05% |
Montecito at Williams Ranch - Series A |  |  | 6,872,074 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.62% |  | 1.17% |  | 4.79% |
Vineyard Gardens - Series A |  |  | 3,592,692 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.67% |  | 1.17% |  | 4.84% |
The Park at Sondrio - Series 2022A |  |  | 30,354,275 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.88% |  | 1.43% |  | 5.31% |
The Park at Vietti - Series 2022A |  |  | 21,489,569 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.88% |  | 1.43% |  | 5.31% |
Avistar at Copperfield - Series A |  |  | 11,501,641 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.80% |  | 1.67% |  | 5.47% |
Avistar at Wilcrest - Series A |  |  | 4,350,640 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.88% |  | 1.67% |  | 5.55% |
Residency at the Entrepreneur MRBs |  |  | 16,513,817 |  |  | (6) |  |  | 2025 |  | Variable |  | No |  | 4.57% |  | 1.18% |  | 5.75% |
Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs |  |  | 53,160,000 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.88% |  | 0.91% |  | 4.79% |
Osprey Village GIL |  |  | 32,905,000 |  |  | (6) |  |  | 2025 |  | Variable |  | Yes |  | 3.88% |  | 1.19% |  | 5.07% |
Avistar at Wood Hollow - Series A |  |  | 33,092,580 |  |  | (6) |  |  | 2027 |  | Variable |  | Yes |  | 3.88% |  | 1.44% |  | 5.32% |
Live 929 |  |  | 53,092,000 |  |  | (6) |  |  | 2027 |  | Variable |  | Yes |  | 3.88% |  | 1.18% |  | 5.06% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 (10) |  |  | 46,548,777 |  |  |  | - |  |  | 2023 |  | Variable |  | No |  | 4.42% |  | 1.27% |  | 5.69% |
Poppy Grove I GIL |  |  | 6,258,486 |  |  |  | - |  |  | 2023 |  | Variable |  | Yes |  | 3.81% |  | 1.25% |  | 5.06% |
Poppy Grove II GIL |  |  | 3,614,486 |  |  |  | - |  |  | 2023 |  | Variable |  | Yes |  | 3.81% |  | 1.25% |  | 5.06% |
Poppy Grove III GIL |  |  | 6,821,486 |  |  |  | - |  |  | 2023 |  | Variable |  | Yes |  | 3.81% |  | 1.25% |  | 5.06% |
Subtotal/Weighed Average Period End Rate |  |  | 619,060,166 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.19% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,831,009 |  |  |  | - |  |  | 2024 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 1.98% |
Total Debt Financings |  | $ | 1,058,903,952 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The Secured Notes have a stated rate of 9.25% plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80% as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan. (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Summary of TOB Trust Financings | The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2023:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Residency at Empire MRB |  | $ | 14,400,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.42%
Windsor Shores MRB |  |  | 17,236,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.44%
SoLa Impact Opportunity Zone Fund |  |  | 27,300,000 |  |  | December 2024 |  | Variable |  | No |  | 1.78%
The Ivy Apartments MRB |  |  | 24,400,000 |  |  | February 2026 |  | Variable |  | Yes |  | 1.44%
Village at Hanford Square MRB |  |  | 7,800,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
MaryAlice Circle MRB |  |  | 4,720,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
Meadow Valley MRB |  |  | 8,606,000 |  |  | June 2026 |  | Variable |  | Yes |  | 1.44%
Village Point MRB |  |  | 18,400,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.61%
40rty on Colony MRB |  |  | 4,465,000 |  |  | July 2026 |  | Variable |  | Yes |  | 1.44%
Sandy Creek Apartments GIL |  |  | 9,680,000 |  |  | September 2026 |  | Variable |  | Yes |  | 1.44%
Total TOB Trust Financings |  | $ | 137,007,000 |  |  |  |  |  |  |  |  |
The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2022:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Residency at the Entrepreneur MRBs and taxable MRB |  |  | 14,000,000 |  |  | April 2025 |  | Variable |  | No |  | 1.18%
Live 929 Series 2022A MRB (1) |  |  | 53,092,000 |  |  | September 2027 |  | Variable |  | Yes |  | 1.18%
Total TOB Trust Financings |  | $ | 67,092,000 |  |  |  |  |  |  |  |  |
(1) The TOB Trust financing associated with the Live 929 Apartments MRB and taxable MRB was originated in January 2022 and subsequently redeemed in September 2022. The Live 929 Apartments Series 2022A MRB was securitized into a new TOB Trust financing in September 2022. The Live 929 Apartments Series 2022B taxable MRB was removed from the original TOB trust financing and was not leveraged in a debt financing facility as of September 30, 2022. The termination of the original TOB Trust financing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $508,000 of deferred financings costs.
Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets | The following is a summary of the debt financing principal payments made in connection with the redemption, conversion or sale of underlying assets during the nine months ended September 30, 2023:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Greens of Pine Glen |  | M31 TEBS |  | February 2023 |  | $ | 7,579,000 |
Oasis at Twin Lakes GIL |  | TOB Trust |  | June 2023 |  |  | 30,600,000 |
Trust 2021-XF2926 - Oasis at Twin Lakes property loan |  | TOB Trust |  | June 2023 |  |  | 21,600,000 |
Ocotillo Springs - Series A |  | TOB Trust |  | July 2023 |  |  | 9,980,000 |
Trust 2021-XF2939 - Ocotillo Springs |  | TOB Trust |  | July 2023 |  |  | 5,770,000 |
Hope on Broadway GIL |  | TOB Trust |  | July 2023 |  |  | 9,682,000 |
Hilltop at Signal Hills GIL |  | TOB Trust |  | August2023 |  |  | 22,005,000 |
Trust 2021-XF2926 - Hilltop at Signal Hills property loan |  | TOB Trust |  | August2023 |  |  | 19,055,000 |
Centennial Crossings GIL |  | TOB Trust |  | September 2023 |  |  | 29,772,000 |
Trust 2020-XF2908 - Centennial Crossings property loan |  | TOB Trust |  | September 2023 |  |  | 15,780,000 |
|  |  |  |  |  | $ | 171,823,000 |
during the nine months ended September 30, 2022:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Live 929 Apartments - 2014 Series A |  | TOB Trust |  | January 2022 |  | $ | 31,565,000 |
Ohio Properties - Series A |  | M24 TEBS |  | March 2022 |  |  | 13,544,000 |
Bridle Ridge |  | M24 TEBS |  | April 2022 |  |  | 7,100,000 |
Gateway Village |  | TOB Trust |  | May 2022 |  |  | 2,183,000 |
Lynnhaven Apartments |  | TOB Trust |  | May 2022 |  |  | 2,896,000 |
Cross Creek |  | M24 TEBS |  | September 2022 |  |  | 6,900,000 |
|  |  |  |  |  | $ | 64,188,000 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2023 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows:
Remainder of 2023 |  | $ | 1,743,224 |
2024 |  |  | 379,913,151 |
2025 |  |  | 288,056,249 |
2026 |  |  | 100,019,863 |
2027 |  |  | 88,258,325 |
Thereafter |  |  | 225,691,694 |
Total |  |  | 1,083,682,506 |
Unamortized deferred financing costs and debt premium |  |  | (2,272,999 | )
Total debt financing, net |  | $ | 1,081,409,507 |

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