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Property Loans (Tables) | 3 Months Ended
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Mar. 31, 2024
Property Loans Net Of Loan Loss Allowance [Abstract] |
Summary of Partnership's Property Loans, Net of Allowances for Credit Losses | The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Magnolia Heights |  | $ | 8,118,546 |  |  | $ | - |  |  | $ | 8,118,546 |  |  | 7/1/2024 |  | SOFR + 3.85% |
Sandy Creek Apartments |  |  | 4,716,960 |  |  |  | - |  |  |  | 4,716,960 |  |  | 9/1/2026 |  | 8.63% (2) |
Subtotal |  |  | 12,835,506 |  |  |  | - |  |  |  | 12,835,506 |  |  |  |  |  |
Mezzanine Financing (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 33,545,000 |  |  | $ | - |  |  | $ | 33,545,000 |  |  | 12/30/2024 |  | 7.875% |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 MF Property |  | $ | 5,977,314 |  |  | $ | - |  |  | $ | 5,977,314 |  |  | 3/11/2048 |  | 9.00% |
Avistar (February 2013 portfolio) |  |  | 201,972 |  |  |  | - |  |  |  | 201,972 |  |  | 6/26/2024 |  | 12.00% |
Avistar (June 2013 portfolio) |  |  | 251,622 |  |  |  | - |  |  |  | 251,622 |  |  | 6/26/2024 |  | 12.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Subtotal |  |  | 6,925,908 |  |  |  | (495,000 | ) |  |  | 6,430,908 |  |  |  |  |  |
Total |  | $ | 53,306,414 |  |  | $ | (495,000 | ) |  | $ | 52,811,414 |  |  |  |  |  |
(1) The property loans are held in trust in connection with TOB trust financings (Note 13). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13).
|  | December 31, 2023 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Legacy Commons at Signal Hills |  | $ | 32,233,972 |  |  | $ | - |  |  | $ | 32,233,972 |  |  | 2/1/2024 |  | SOFR + 3.07% |
Magnolia Heights |  |  | 8,118,546 |  |  |  | - |  |  |  | 8,118,546 |  |  | 7/1/2024 |  | SOFR + 3.85% |
Osprey Village |  |  | 14,998,296 |  |  |  | - |  |  |  | 14,998,296 |  |  | 8/1/2024 |  | SOFR + 3.07% |
Osprey Village Supplemental |  |  | 4,600,000 |  |  |  | - |  |  |  | 4,600,000 |  |  | 8/1/2024 |  | SOFR + 3.22% |
Sandy Creek Apartments |  |  | 2,419,876 |  |  |  | - |  |  |  | 2,419,876 |  |  | 9/1/2026 |  | 8.63% (2) |
Willow Place Apartments |  |  | 18,875,606 |  |  |  | - |  |  |  | 18,875,606 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Willow Place Apartments Supplemental |  |  | 339,000 |  |  |  | - |  |  |  | 339,000 |  |  | 10/1/2024 |  | SOFR + 3.45% |
Subtotal |  |  | 81,585,296 |  |  |  | - |  |  |  | 81,585,296 |  |  |  |  |  |
Mezzanine Financing (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 34,045,000 |  |  | $ | - |  |  | $ | 34,045,000 |  |  | 12/30/2024 |  | 7.875% |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 MF Property |  | $ | 5,977,314 |  |  | $ | - |  |  | $ | 5,977,314 |  |  | 3/11/2048 |  | 9.00% |
Avistar (February 2013 portfolio) |  |  | 201,972 |  |  |  | - |  |  |  | 201,972 |  |  | 6/26/2024 |  | 12.00% |
Avistar (June 2013 portfolio) |  |  | 251,622 |  |  |  | - |  |  |  | 251,622 |  |  | 6/26/2024 |  | 12.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Subtotal |  |  | 6,925,908 |  |  |  | (495,000 | ) |  |  | 6,430,908 |  |  |  |  |  |
Total |  | $ | 122,556,204 |  |  | $ | (495,000 | ) |  | $ | 122,061,204 |  |  |  |  |  |
(1) The property loans are held in trust in connection with TOB trust financings (Note 13) with the exception of the Osprey Village Supplemental and Willow Place Apartments Supplemental property loans. The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0% to 0.50%. (2) The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13).
Schedule of Property Loans Paid Down or Redeemed | The following property loan principal payments were received during the three months ended March 31, 2024:
Property Name |  | Month Repaid |  | Principal Proceeds |
Legacy Commons at Signal Hills |  | February 2024 |  | $ | 32,233,972 |
Osprey Village |  | February 2024 |  |  | 14,998,296 |
Osprey Village Supplemental |  | February 2024 |  |  | 4,600,000 |
Willow Place Apartments |  | February 2024 |  |  | 18,875,606 |
Willow Place Apartments Supplemental |  | February 2024 |  |  | 1,115,320 |
SoLa Impact Opportunity Zone Fund |  | March 2024 |  |  | 500,000 |
|  |  |  | $ | 72,323,194 |
The following property loan principal payments were received during the three months ended March 31, 2023:
Property Name |  | Month Redeemed |  | Principal Outstanding at Date of Redemption |
Greens Property |  | February 2023 |  | $ | 850,000 |
Scharbauer Flats |  | February 2023 |  |  | 10,773,236 |
Centennial Crossings |  | March 2023 |  |  | 6,692,344 |
|  |  |  | $ | 18,315,580 |

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- Definition Schedule of property loans paid down or redeemed. + References No definition available. + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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