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Governmental Issuer Loans (Tables) | 12 Months Ended
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Dec. 31, 2023
Governmental Issuer Loans [Abstract] |
Summary of Partnership's GIL Investments | The Partnership had the following GIL investments as of December 31, 2023 and 2022:
|  |  |  |  |  |  |  |  |  |  |  |  | As of December 31, 2023 |
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date (1) |  | Interest Rate (2) |  | Current Interest Rate |  | Amortized Cost |
Legacy Commons at Signal Hills (3) |  | January 2021 |  | St. Paul, MN |  | 247 |  |  | 2/1/2024 |  | SOFR + 3.07% |  | 8.46% |  |  | 34,620,000 |
Hope on Avalon |  | January 2021 |  | Los Angeles, CA |  | 88 |  |  | 2/1/2024 |  | SIFMA + 3.75% |  | 7.62% |  |  | 23,390,000 |
Osprey Village (3) |  | July 2021 |  | Kissimmee, FL |  | 383 |  |  | 8/1/2024 |  | SOFR + 3.07% |  | 8.38% |  |  | 60,000,000 |
Willow Place Apartments (3) |  | September 2021 |  | McDonough, GA |  | 182 |  |  | 10/1/2024 |  | SOFR + 3.30% |  | 8.61% |  |  | 25,000,000 |
Willow Place Apartments Supplemental |  | November 2023 |  | McDonough, GA |  | n/a |  |  | 10/1/2024 |  | SOFR + 3.45% |  | 8.76% |  |  | 1,500,000 |
Magnolia Heights (3) |  | June 2022 |  | Covington, GA |  | 200 |  |  | 7/1/2024 |  | SOFR + 3.85% |  | 9.16% |  |  | 20,400,000 |
Poppy Grove I (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 147 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 19,846,000 |
Poppy Grove II (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 82 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 9,541,300 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 16,550,000 |
Sandy Creek Apartments (3) |  | August 2023 |  | Bryan, TX |  | 140 |  |  | 9/1/2026 |  | 7.83% (5) |  | 7.83% |  |  | 12,100,000 |
|  |  |  |  |  |  | 1,627 |  |  |  |  |  |  |  |  | $ | 222,947,300 |
(1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0% to 0.85%. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. (5) The interest rate will convert to a variable rate of Term SOFR + 2.80% on February 1, 2025.
|  |  |  |  |  |  |  |  |  |  |  |  | As of December 31, 2022 |
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date (1) |  | Interest Rate (2) |  | Current Interest Rate |  | Amortized Cost |
Scharbauer Flats Apartments (3) |  | June 2020 |  | Midland, TX |  | 300 |  |  | 7/1/2023 |  | SIFMA + 3.10% |  | 6.76% |  | $ | 40,000,000 |
Oasis at Twin Lakes (3) |  | July 2020 |  | Roseville, MN |  | 228 |  |  | 8/1/2023 |  | SIFMA + 2.25% |  | 5.91% |  |  | 34,000,000 |
Centennial Crossings (3) |  | August 2020 |  | Centennial, CO |  | 209 |  |  | 9/1/2023 |  | SIFMA + 2.75% |  | 6.41% |  |  | 33,080,000 |
Legacy Commons at Signal Hills (3) |  | January 2021 |  | St. Paul, MN |  | 247 |  |  | 2/1/2024 |  | SOFR + 3.07% |  | 7.37% |  |  | 34,620,000 |
Hilltop at Signal Hills (3) |  | January 2021 |  | St. Paul, MN |  | 146 |  |  | 8/1/2023 |  | SOFR + 3.07% |  | 7.37% |  |  | 24,450,000 |
Hope on Avalon |  | January 2021 |  | Los Angeles, CA |  | 88 |  |  | 8/1/2023 |  | SIFMA + 3.75% |  | 7.41% |  |  | 23,390,000 |
Hope on Broadway |  | January 2021 |  | Los Angeles, CA |  | 49 |  |  | 8/1/2023 |  | SIFMA + 3.75% |  | 7.41% |  |  | 12,105,623 |
Osprey Village (3) |  | July 2021 |  | Kissimmee, FL |  | 383 |  |  | 8/1/2024 |  | SOFR + 3.07% |  | 6.88% |  |  | 39,893,040 |
Willow Place Apartments (3) |  | September 2021 |  | McDonough, GA |  | 182 |  |  | 10/1/2024 |  | SOFR + 3.30% |  | 7.11% |  |  | 17,354,472 |
Magnolia Heights (3) |  | June 2022 |  | Covington, GA |  | 200 |  |  | 7/1/2024 |  | SOFR + 3.85% |  | 7.66% |  |  | 20,400,000 |
Poppy Grove I (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 147 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 7,846,000 |
Poppy Grove II (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 82 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 4,541,300 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 8,550,000 |
|  |  |  |  |  |  | 2,419 |  |  |  |  |  |  |  |  | $ | 300,230,435 |
(1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0% to 0.85%. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.
Schedule of Principal and Accrued Interest Paid | During 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:
Property Name |  | Month Redeemed |  | Principal Proceeds |
Oasis at Twin Lakes |  | June 2023 |  | $ | 34,000,000 |
Hope on Broadway |  | July 2023 |  |  | 13,105,623 |
Hilltop at Signal Hills |  | August 2023 |  |  | 24,450,000 |
Centennial Crossings |  | September 2023 |  |  | 33,080,000 |
Scharbauer Flats Apartments |  | November 2023 |  |  | 40,000,000 |
|  |  |  | $ | 144,635,623 |

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