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Debt Financing | 6 Months Ended
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Jun. 30, 2024
Debt Financing [Abstract] |
Debt Financing | 13. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2024 and December 31, 2023:
|  | Outstanding Debt Financings as of June 30, 2024, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 65,947,462 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.91% |  | 1.35% |  | 5.26% |
M33 TEBS |  |  | 28,518,298 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 208,646,796 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 303,112,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.47% |
TEBS Residual Financing |  | $ | 60,282,673 |  |  | $ | 18,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southpark MRB |  |  | 9,836,063 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
SoLa Impact Opportunity Zone Fund |  |  | 23,433,061 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Montevista - Series A |  |  | 5,596,181 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.28% |  | 5.48% |
The Park at Sondrio - Series 2022A |  |  | 30,418,077 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.43% |  | 5.63% |
The Park at Vietti - Series 2022A |  |  | 21,539,334 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.43% |  | 5.63% |
Residency at the Entrepreneur MRBs |  |  | 34,060,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.45% |  | 5.65% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 0.91% |  | 5.11% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.19% |  | 5.39% |
Residency at the Mayer Taxable MRB |  |  | 824,656 |  |  | (4) |  |  | 2025 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
Residency at Empire MRBs |  |  | 29,847,760 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.42% |  | 5.62% |
The Ivy Apartments |  |  | 24,347,506 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Windsor Shores Apartments |  |  | 17,196,987 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Village at Hanford Square |  |  | 7,768,683 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
MaryAlice Circle Apartments |  |  | 4,690,419 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Meadow Valley |  |  | 22,039,174 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
40rty on Colony |  |  | 4,445,678 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Sandy Creek Apartments GIL |  |  | 9,628,693 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Residency at the Mayer MRBs |  |  | 33,803,106 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.19% |  | 5.39% |
The Safford |  |  | 15,286,911 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Avistar at Wood Hollow - Series A |  |  | 32,463,660 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Live 929 |  |  | 53,092,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Jackson Manor Apartments |  |  | 4,100,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.29% |  | 5.49% |
Woodington Gardens - Series A-1 |  |  | 24,824,240 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Aventine Apartments |  |  | 7,551,963 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Montecito at Williams Ranch - Series A |  |  | 6,783,767 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Vineyard Gardens - Series A |  |  | 3,594,028 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Avistar at Copperfield - Series A |  |  | 11,304,585 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.68% |  | 5.88% |
Avistar at Wilcrest - Series A |  |  | 4,280,584 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.68% |  | 5.88% |
Trust 2024-XF3219 | (5) |  | 31,294,815 |  |  | (4) |  |  | 2027 |  | Variable |  | No |  | 5.59% |  | 1.79% |  | 7.38% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (6) |  | 54,628,333 |  |  |  | - |  |  | 2025 |  | Variable |  | No |  | 5.47% |  | 1.27% |  | 6.74% |
Poppy Grove I GIL |  |  | 22,274,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove II GIL |  |  | 10,030,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove III GIL |  |  | 16,437,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Village Point |  |  | 18,389,543 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.61% |  | 6.71% |
Subtotal/Weighed Average Period End Rate |  |  | 676,441,644 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.87% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,689,225 |  |  |  | - |  |  | 2025 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 6.33% |
Total Debt Financings |  | $ | 1,052,526,098 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Partnership has restricted cash totaling approximately $16.8 million related to its total net position with Mizuho. (5) The TOB trust is securitized by seven MRBs, nine taxable MRBs, and one property loan. (6) The TOB trust is securitized by the Willow Place GIL & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
|  | Outstanding Debt Financings as of December 31, 2023, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 66,621,825 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.90% |  | 1.31% |  | 5.21% |
M33 TEBS |  |  | 28,870,624 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 209,769,942 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 305,262,391 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.46% |
TEBS Residual Financing |  | $ | 60,322,317 |  |  | $ | - |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hope on Avalon GIL |  |  | 18,711,665 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Jackson Manor Apartments |  |  | 4,100,000 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.29% |  | 5.53% |
Trust 2021-XF2926 | (5) |  | 38,496,952 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 0.90% |  | 6.49% |
SoLa Impact Opportunity Zone Fund |  |  | 23,741,122 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Montevista - Series A |  |  | 5,618,833 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.28% |  | 5.52% |
Montecito at Williams Ranch - Series A |  |  | 6,813,244 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Vineyard Gardens - Series A |  |  | 3,593,615 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
The Park at Sondrio - Series 2022A |  |  | 30,396,222 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
The Park at Vietti - Series 2022A |  |  | 21,522,158 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
Avistar at Copperfield - Series A |  |  | 11,370,985 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Avistar at Wilcrest - Series A |  |  | 4,303,984 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Residency at the Entrepreneur MRBs |  |  | 23,040,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.45% |  | 5.69% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 0.91% |  | 5.15% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
Trust 2021-XF2939 | (6) |  | 21,821,644 |  |  | (4) |  |  | 2025 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
Residency at Empire MRBs |  |  | 18,267,048 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.42% |  | 5.66% |
The Ivy Apartments |  |  | 24,330,930 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Windsor Shores Apartments |  |  | 17,183,983 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Village at Hanford Square |  |  | 7,760,141 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
MaryAlice Circle Apartments |  |  | 4,682,351 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Meadow Valley |  |  | 15,438,915 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
40rty on Colony |  |  | 4,440,847 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Sandy Creek Apartments GIL |  |  | 9,616,853 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Residency at the Mayer - Series A |  |  | 24,335,000 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
The Safford |  |  | 5,911,780 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Avistar at Wood Hollow - Series A |  |  | 32,673,300 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Live 929 |  |  | 53,092,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (7) |  | 69,694,599 |  |  |  | - |  |  | 2024 |  | Variable |  | No |  | 5.48% |  | 1.27% |  | 6.75% |
Poppy Grove I GIL |  |  | 15,872,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove II GIL |  |  | 7,628,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove III GIL |  |  | 13,235,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Village Point |  |  | 18,381,720 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.43% |  | 1.61% |  | 6.04% |
Subtotal/Weighed Average Period End Rate |  |  | 636,705,380 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.87% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,739,978 |  |  |  | - |  |  | 2024 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 1.98% |
Total Debt Financings |  | $ | 1,015,030,066 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Partnership has restricted cash totaling approximately $9.6 million related to its total net position with Mizuho. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOB, term TOB, TEBS financing, and TEBS Residual Financing are consolidated VIEs of the Partnership (Note 3). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, term TOB, TEBS financings, and TEBS Residual Financing on the Partnership's condensed consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOB, term TOB, TEBS financings, and TEBS Residual Financing in Notes 4, 5, 6 and 9, respectively. As the residual interest holder in the TOB, term TOB, and TEBS financing, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities, or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the Partnership may be required to deleverage the VIE by repurchasing some or all of the senior securities. Otherwise, the underlying collateral will be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The shortfall on each TEBS financing is limited to the Partnership’s residual interest. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As the residual interest holder in the TEBS Residual Financing, the Partnership may make certain payments or contribute certain assets to the VIE to prevent a default under the arrangement. If the Partnership does not or is unable to cure the default, the default and liquidation provisions will be invoked and the underlying assets will be sold, which may result in the Partnership’s residual interest not being recovered. The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts with Mizuho and Barclays are subject to respective ISDA master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests must maintain a certain value in relation to the total assets in each TOB trust. The Mizuho and Barclays master agreements also require the Partnership's partners' capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a national securities exchange. The master agreement with Barclays also puts limits on the Partnership's Leverage Ratio (as defined by the Partnership). In addition, both Mizuho and Barclays master agreements specify that default(s) on the Partnership’s other senior debts above a specified dollar amount, in the aggregate, will constitute a default under the master agreement. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facilities would be triggered. The Partnership was in compliance with these covenants as of June 30, 2024. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreements with Mizuho and Barclays related to the TOB Trusts. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 15) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. The Partnership had posted approximately $16.8 million and $9.6 million of cash collateral with Mizuho as of June 30, 2024 and December 31, 2023, respectively. There was no required cash collateral posted with Barclays as of June 30, 2024 or December 31, 2023. As of June 30, 2024 and December 31, 2023, the Partnership posted restricted cash as contractually required under the terms of the three TEBS financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS financing (Note 15). The Term TOB trust financing with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25% in one quarter or 35% over one year. The covenants also require the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a nationally recognized stock exchange. If the underlying property or the Partnership, as applicable, is out of compliance with any of these covenants, a termination event of the financing facility would be triggered. The Partnership was in compliance with these covenants as of June 30, 2024. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Activity in the First Six Months of 2024 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2024:
TOB Trust Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Southpark MRB |  | $ | 9,840,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.44%
Trust 2024-XF3219 |  |  | 21,795,000 |  |  | February 2027 |  | Variable |  | No |  | 1.79%
Woodington Gardens - Series A-1 |  |  | 24,920,000 |  |  | April 2027 |  | Variable |  | Yes |  | 1.44%
Aventine Apartments |  |  | 7,600,000 |  |  | June 2027 |  | Variable |  | Yes |  | 1.44%
Total TOB Trust Financings |  | $ | 64,155,000 |  |  |  |  |  |  |  |  |
In March 2024, the Partnership deposited the Residency at the Mayer - Series M MRB into the existing TOB Trust 2022-XF3059 and received additional debt financing proceeds of approximately $9.5 million. In April 2024, the Partnership deposited the Woodington Gardens - Series A-2 taxable MRB into the existing TOB Trust 2024-XF3219 and received additional debt financing proceeds of approximately $2.1 million. In June 2024, the Partnership deposited the Residency at Empire - Series BB-4 MRB into the existing TOB Trust 2023-XF3077 and received additional debt financing proceeds of approximately $3.2 million. In June 2024, the Partnership deposited the Residency at the Entrepreneur - Series J-4 MRB into the existing TOB Trust 2024-XF3219 and received additional debt financing proceeds of approximately $3.1 million. Redemptions: The following is a summary of the debt financing principal payments made in connection with the redemption of underlying assets during the six months ended June 30, 2024:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Hope on Avalon GIL |  | TOB Trust |  | January 2024 |  | $ | 18,712,000 |
Trust 2021-XF2926 - Hope on Avalon taxable GIL |  | TOB Trust |  | January 2024 |  |  | 9,515,000 |
Trust 2021-XF2939 - Osprey Village property loan |  | TOB Trust |  | February 2024 |  |  | 12,365,000 |
Trust 2021-XF2939 - Osprey Village Supplemental property loan |  | TOB Trust |  | February 2024 |  |  | 3,795,000 |
Trust 2021-XF2953 - Willow Place property loan |  | TOB Trust |  | February 2024 |  |  | 15,080,000 |
Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan |  | TOB Trust |  | February 2024 |  |  | 28,985,000 |
Trust 2021-XF2939 - Residency at the Mayer Series A-T |  | TOB Trust |  | March 2024 |  |  | 9,480,000 |
SoLa Impact Opportunity Zone Fund |  | TOB Trust |  | March 2024 |  |  | 350,000 |
|  |  |  |  |  | $ | 98,282,000 |
Refinancing Activity: In April 2024, the maturity date of the Partnership’s Term TOB financing associated with the Village at Avalon MRB was extended to May 2025 and the interest rate increased to 6.33%. In June 2024, the Partnership executed an extension of the maturity dates of the Montecito at Williams Ranch - Series A, Vineyard Gardens - Series A, Avistar at Copperfield - Series A, Avistar at Wilcrest - Series A, and Jackson Manor Apartments TOB trust financings to July 2027. There were no additional changes to terms or fees associated with the extensions. The Partnership executed three-month extensions of the maturity dates of the Barclays TOB financings of Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, Poppy Grove III GIL, and Village Point to April 2025. There were no additional changes to terms or fees associated with the extensions. Activity in the First Six Months of 2023 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2023:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Residency at Empire MRB |  | $ | 14,400,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.42%
Windsor Shores MRB |  |  | 17,236,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.44%
SoLa Impact Opportunity Zone Fund |  |  | 27,300,000 |  |  | December 2024 |  | Variable |  | No |  | 1.78%
The Ivy Apartments MRB |  |  | 24,400,000 |  |  | February 2026 |  | Variable |  | Yes |  | 1.44%
Village at Hanford Square MRB |  |  | 7,800,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
MaryAlice Circle MRB |  |  | 4,720,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
Meadow Valley MRB |  |  | 8,606,000 |  |  | June 2026 |  | Variable |  | Yes |  | 1.44%
Village Point MRB |  |  | 18,400,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.61%
Total TOB Trust Financings |  | $ | 122,862,000 |  |  |  |  |  |  |  |  |
Redemptions: The following is a summary of the debt trust financing repaid in connection with the redemption of the underlying asset during the six months ended June 30, 2023:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Greens of Pine Glen |  | M31 TEBS |  | February 2023 |  | $ | 7,579,000 |
Oasis at Twin Lakes GIL |  | TOB Trust |  | June 2023 |  |  | 30,600,000 |
Trust 2021-XF2926 - Oasis at Twin Lakes property loan |  | TOB Trust |  | June 2023 |  |  | 21,600,000 |
|  |  |  |  |  | $ | 59,779,000 |
Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2024 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows:
Remainder of 2024 |  | $ | 125,160,933 |
2025 |  |  | 318,247,785 |
2026 |  |  | 180,576,526 |
2027 |  |  | 169,928,219 |
2028 |  |  | 4,518,577 |
Thereafter |  |  | 257,086,608 |
Total |  |  | 1,055,518,648 |
Unamortized deferred financing costs and debt premium |  |  | (2,992,550 | )
Total debt financing, net |  | $ | 1,052,526,098 |

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