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Subsequent Events (Tables) | 12 Months Ended
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Dec. 31, 2023
Subsequent Event [Line Items] |
Summary of Partnership's Derivative Instruments | 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
Summary of Initial Terms of TOB Trusts Financings | 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 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.
Summary Of Key Terms Of Property Loans Redeemed | 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 |
Interest Rate Cap Agreement [Member] |
Subsequent Event [Line Items] |
Summary of Partnership's Derivative Instruments |
Purchase Date |  | Notional Amount |  |  | Maturity Date |  | Effective Capped Rate |  |  | Index |  | Variable Debt Financing Hedged |  | Counterparty |  | Fair Value as of December 31, 2023 |
August 2019 |  |  | 73,393,729 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 265 |
Purchase Date |  | Notional Amount |  |  | Maturity Date |  | Effective Capped Rate |  |  | Index |  | Variable Debt Financing Hedged |  | Counterparty |  | Fair Value as of December 31, 2022 |
August 2019 |  |  | 75,014,903 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 91,627 |

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