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Governmental Issuer Loans (Tables) | 9 Months Ended
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Sep. 30, 2024
Governmental Issuer Loans [Abstract] |
Summary of Partnership's GIL Investments | The Partnership had the following GIL investments as of September 30, 2024 and December 31, 2023:
|  |  |  |  |  |  |  |  |  |  |  |  | As of September 30, 2024 |
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 |  |  | 2/1/2025 |  | SOFR + 3.07% |  | 7.91% |  | $ | 34,620,000 |
Osprey Village (3) |  | July 2021 |  | Kissimmee, FL |  | 383 |  |  | 2/1/2025 |  | SOFR + 3.07% |  | 8.40% |  |  | 60,000,000 |
Willow Place Apartments (3) |  | September 2021 |  | McDonough, GA |  | 182 |  |  | 11/1/2024 |  | SOFR + 3.30% |  | 8.63% |  |  | 20,702,594 |
Willow Place Apartments Supplemental |  | November 2023 |  | McDonough, GA |  | n/a |  |  | 11/1/2024 |  | SOFR + 3.45% |  | 8.78% |  |  | 1,500,000 |
Poppy Grove I (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 147 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 35,688,328 |
Poppy Grove II (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 82 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 17,541,300 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 24,550,000 |
Sandy Creek Apartments (3) |  | August 2023 |  | Bryan, TX |  | 140 |  |  | 9/1/2026 |  | 7.83% (5) |  | 7.83% |  |  | 12,100,000 |
|  |  |  |  |  |  | 1,339 |  |  |  |  |  |  |  |  | $ | 206,702,222 |
(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 0.25% to 0.50%. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). (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, 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 19). (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.
Schedule of Principal and Accrued Interest Paid | During the nine months ended September 30, 2024, 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 |
Hope on Avalon |  | January 2024 |  | $ | 23,390,000 |
Magnolia Heights |  | September 2024 |  |  | 20,400,000 |
|  |  |  | $ | 43,790,000 |
The following GIL principal payment was received during the nine months ended September 30, 2024:
Property Name |  | Month Repaid |  | Principal Proceeds |
Willow Place Apartments |  | August 2024 |  | $ | 4,297,406 |
During the nine months ended September 30, 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 |
|  |  |  | $ | 104,635,623 |

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