Mortgages Payable and Other Secured Financing

9 Months Ended

Sep. 30, 2023

Mortgages Payable and Other Secured Financing

17. Mortgages Payable and Other Secured Financing

The Partnership has entered into mortgages payable. The following is a summary of the mortgages payable, net of deferred financing costs, as of September 30, 2023 and December 31, 2022:


Property Mortgage Payables	Outstanding Mortgage Payable as of September 30, 2023, net		Outstanding Mortgage Payable as of December 31, 2022, net		Year Acquired	Stated Maturity	Variable / Fixed	Period End Rate
Vantage at San Marcos--Mortgage (1)	$	1,690,000	$	1,690,000	2020	November 2023	Variable		9.25	%
Suites on Paseo--Mortgage		24,822,747		-	2023	March 2024	Variable		7.83	%	(2)
Total Mortgage Payable\Weighted Average Period End Rate	$	26,512,747	$	1,690,000					7.92	%

(1)

The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

(2)

The mortgage payable has a stated rate of Term SOFR + 2.50%. The Partnership has entered into an interest rate swap transaction with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swap effectively fixes the interest rate on the mortgage payable to 5.54%. See Note 18 for further information on the interest rate swap.