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Secured Lines of Credit | 9 Months Ended
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Sep. 30, 2024
Secured Line Of Credit Facility [Member] |
Line of Credit Facility [Line Items] |
Secured Lines of Credit | 12. Secured Lines of Credit The following tables summarize the Partnership’s LOCs as of September 30, 2024 and December 31, 2023:
Secured Lines of Credit |  | Outstanding as of September 30, 2024 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 40,500,000 |  |  | $ | 50,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.67 | %
Bankers Trust Acquisition LOC |  |  | 3,900,000 |  |  |  | 50,000,000 |  |  | June 2025 (3) |  | Variable (4) |  | Monthly |  |  | 7.67 | %
|  | $ | 44,400,000 |  |  | $ | 100,000,000 |  |  |  |  |  |  |  |  |  |
(1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%. (3) The Partnership has a one-year extension option subject to certain conditions and payment of a $25,000 extension fee. (4) The variable rate is equal to 2.50% plus a variable component based on the Term SOFR.
Secured Lines of Credit |  | Outstanding as of December 31, 2023 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 16,500,000 |  |  | $ | 40,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.85 | %
Bankers Trust Acquisition LOC |  |  | 16,900,000 |  |  |  | 50,000,000 |  |  | June 2024 (3) |  | Variable (4) |  | Monthly |  |  | 7.85 | %
|  | $ | 33,400,000 |  |  | $ | 90,000,000 |  |  |  |  |  |  |  |  |  |
(1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $25,000 extension fee for each extension. (4) The variable rate is equal to 2.50% plus a variable component based on the Term SOFR. General LOC The Partnership has entered into a Secured Credit Agreement with a commitment of up to $50.0 million for the General LOC. The aggregate available commitment cannot exceed a borrowing base calculation, that is equal to 35% multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of 100% of the Partnership’s capital contributions to equity investments, senior housing investments, and other real estate investments, subject to certain restrictions. The proceeds of the General LOC will be used by the Partnership to purchase additional investments and to meet general working capital and liquidity requirements. The Partnership may borrow, prepay and reborrow amounts at any time through the maturity date, subject to the limitations of the borrowing base. As of September 30, 2024, the borrowing base exceeded $50.0 million. The General LOC is currently secured by first priority security interests in the Partnership’s investments in unconsolidated entities. In addition, an affiliate of the Partnership, Greystone Select, has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement. Greystone Select is subject to certain covenants and was in compliance with such covenants as of September 30, 2024. No fees were paid to Greystone Select related to the deficiency guaranty agreement. The Partnership is subject to various affirmative and negative covenants under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $6.3 million and maintain a minimum consolidated tangible net worth of $200.0 million. The Partnership may increase the maximum commitment from $50.0 million to $60.0 million in total, subject to the identification of lenders to provide the additional commitment, the payment of certain fees, and other conditions. The minimum liquidity covenant will increase from the current $6.3 million requirement to up to $7.5 million upon certain increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of September 30, 2024. Acquisition LOC The Acquisition LOC has a commitment of up to $50.0 million that may be used to fund purchases of multifamily real estate, tax-exempt or taxable MRBs, and tax-exempt or taxable loans issued to finance the acquisition, rehabilitation, or construction of affordable housing or which are otherwise secured by real estate, mortgage-backed securities, or master lease agreements guaranteed by investment grade tenants (collectively, the “financed assets”). The financed assets acquired with the proceeds of the Acquisition LOC will be held in a custody account and the outstanding balances of the Acquisition LOC will be secured by a first priority interest in the financed assets and will be maintained in the custody account until released by Bankers Trust Company. Advances on the Acquisition LOC are due on the 270 th day following the advance date but may be extended for up to three additional 90-day periods, but in no event later than the maturity date by providing Bankers Trust Company with a written request for such extension together with a principal payment of 5% of the principal amount of the original acquisition advance for the first such extension, 10% for the second such extension, and 20% for the third such extension. Advances made for tax-exempt or taxable loans secured by master lease agreements guaranteed by investment grade tenants are due on the 45th day following such advance. The Partnership is subject to various affirmative and negative covenants related to the Acquisition LOC, with the principal covenant being that the Partnership’s Leverage Ratio (as defined by the Partnership) will not exceed a specific percentage. The Partnership was in compliance with all covenants as of September 30, 2024.

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