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Subsequent Events | 12 Months Ended
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Dec. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | 27. Subsequent Events In January 2024, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:
Trade Date |  | Notional Amount |  |  | Effective Date |  | Termination Date |  | Fixed Rate Paid |  | Variable Rate Index Received |  | Variable Debt Financing Hedged |  | Counterparty
January 2024 |  | $ | 38,660,000 |  |  | 2/1/2024 |  | 2/1/2027 |  | 3.906% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets
In January 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. A portion of the proceeds were used to repay the outstanding balance on the Partnership’s Acquisition LOC. The following table summarizes the initial terms of the TOB trust financing:
TOB Trusts Securitization |  | TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Remarketing Senior Securities Rate |  | Facility Fees |  | Interest Rate
Southpark MRB |  | $ | 9,840,000 |  |  | June 2024 |  | Variable |  | Yes |  | 2.27% |  | 1.44% |  | 3.71%
In January 2024, the Partnership deposited the Osprey Village Supplemental property loan into the existing Trust 2021-XF2939 TOB trust financing and received additional debt financing proceeds of approximately $3.8 million, which were used to repay principal on the Acquisition LOC. In January 2024, the Partnership issued 1,750,000 Series B Preferred Units to a financial institution in exchange for 1,750,000 outstanding Series A Preferred Units held by that institution. There were no net proceeds to the Partnership as a result of the exchange transaction. These Series B Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-4, which was declared effective by the Commission on November 8, 2023. In January 2024 and through the date of this report in February 2024, the Partnership advanced funds beyond its original commitments to four Vantage JV Equity Investments totaling $2.7 million to cover additional construction and interest costs. In January 2024, the Hope on Avalon GIL was purchased by Freddie Mac through an unaffiliated servicer. The Partnership received proceeds of approximately $23.5 million representing 100% of the outstanding principal and accrued interest from the sale of the GIL to Freddie Mac. Proceeds of approximately $20.0 million from the sale of the Hope on Avalon GIL were used to redeem and pay all accrued interest and principal of the Hope on Avalon TOB trust financing. In January 2024, the Hope on Avalon taxable GIL was redeemed concurrently with the Hope on Avalon GIL. The Partnership received proceeds of approximately $10.7 million representing 100% of the outstanding principal and accrued interest of the taxable GIL, of which approximately $9.6 million was used to paydown principal on the related TOB trust financing. In February 2024, the borrower of the Legacy Commons at Signal Hills GIL and Legacy Commons at Signal Hills property loan extended the maturity dates from February 1, 2024 to August 1, 2024. Freddie Mac extended its forward purchase commitment maturity to August 1, 2024 as well. There were no additional changes to terms associated with the extensions. In February 2024, the Partnership issued 500,000 Series B Preferred Units to a financial institution, resulting in $5,000,000 in aggregate proceeds to the Partnership. These Series B Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-3, which was declared effective by the Commission on September 9, 2021, and subsequently amended pursuant to Post-Effective Amendments to the Form S-3, which were declared effective by the Commission on April 13, 2022 and June 15, 2023, respectively. In February 2024, The Partnership sold four property loans to an affiliate of the borrower for each loan at par plus accrued interest. The table below summarizes key terms of the property loans redeemed. Proceeds of approximately $60.2 million were used to paydown principal on associated TOB financings.
Loan |  | Month Redeemed |  | Property Location |  | Units |  | Stated Maturity Date |  | Interest Rate |  | Principal Outstanding at Date of Redemption |
Osprey Village |  | February 2024 |  | Kissimmee, FL |  | 383 |  | 8/1/2024 |  | SOFR + 3.07% |  | $ | 14,998,296 |
Osprey Village Supplemental |  | February 2024 |  | Kissimmee, FL |  | 383 |  | 8/1/2024 |  | SOFR + 3.22% |  |  | 4,600,000 |
Willow Place Apartments |  | February 2024 |  | McDonough, GA |  | 182 |  | 10/1/2024 |  | SOFR + 3.30% |  |  | 18,875,606 |
Willow Place Apartments Supplemental |  | February 2024 |  | McDonough, GA |  | 182 |  | 10/1/2024 |  | SOFR + 3.45% |  |  | 1,115,320 |
Legacy Commons at Signal Hills |  | February 2024 |  | St. Paul, MN |  | 247 |  | 2/1/2024 |  | SOFR + 3.07% |  |  | 32,233,972 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 71,823,194 |
In February 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. The following table summarizes the initial terms of the TOB trust financing:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Remarketing Senior Securities Rate |  | Facility Fees |  | Interest Rate
Trust 2024-XF3219 | (1) | $ | 21,795,000 |  |  | February 2027 |  | Variable |  | No |  | 5.59% |  | 1.79% |  | 7.38%
(1) The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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