XML 85 R78.htm IDEA: XBRL DOCUMENT v3.24.3
Property Loans - Summary of Partnership's Property Loans, Net of Allowances for Credit Losses (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 55,687,603 $ 122,556,204  
Asset-Specific Allowance for Credit Losses (495,000) (495,000)  
Property Loan Principal, net of allowance 55,192,603 122,061,204  
The 50/50 MF Property [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,100,000 6,000,000  
Property Loan Principal, net of allowance     $ 4,800,000
Live 929 Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 495,000 495,000  
Senior Construction Financing [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,287,992 [1] 81,585,296 [2]  
Property Loan Principal, net of allowance 7,287,992 [1] 81,585,296 [2]  
Senior Construction Financing [Member] | Magnolia Heights [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   8,118,546  
Property Loan Principal, net of allowance [2]   $ 8,118,546  
Maturity Date [2]   Jul. 01, 2024  
Senior Construction Financing [Member] | Magnolia Heights [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.85%  
Senior Construction Financing [Member] | Sandy Creek Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,287,992 [1] $ 2,419,876 [2]  
Property Loan Principal, net of allowance $ 7,287,992 [1] $ 2,419,876 [2]  
Maturity Date Sep. 01, 2026 [1] Sep. 01, 2026 [2]  
Interest Rate 8.63% [1],[3] 8.63% [2],[4]  
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   $ 32,233,972  
Property Loan Principal, net of allowance [2]   $ 32,233,972  
Maturity Date [2]   Feb. 01, 2024  
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.07%  
Senior Construction Financing [Member] | Osprey Village [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   $ 14,998,296  
Property Loan Principal, net of allowance [2]   $ 14,998,296  
Maturity Date [2]   Aug. 01, 2024  
Senior Construction Financing [Member] | Osprey Village [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.07%  
Senior Construction Financing [Member] | Osprey Village Supplemental [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   $ 4,600,000  
Property Loan Principal, net of allowance [2]   $ 4,600,000  
Maturity Date [2]   Aug. 01, 2024  
Senior Construction Financing [Member] | Osprey Village Supplemental [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.22%  
Senior Construction Financing [Member] | Willow Place Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   $ 18,875,606  
Property Loan Principal, net of allowance [2]   $ 18,875,606  
Maturity Date [2]   Oct. 01, 2024  
Senior Construction Financing [Member] | Willow Place Apartments [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.30%  
Senior Construction Financing [Member] | Willow Place Apartments Supplemental [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [2]   $ 339,000  
Property Loan Principal, net of allowance [2]   $ 339,000  
Maturity Date [2]   Oct. 01, 2024  
Senior Construction Financing [Member] | Willow Place Apartments Supplemental [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [2]   3.45%  
Mezzanine Financing [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [5] $ 40,795,000    
Property Loan Principal, net of allowance [5] 40,795,000    
Mezzanine Financing [Member] | So La Impact Opportunity Zone Fund [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 33,545,000 [5] $ 34,045,000 [6]  
Property Loan Principal, net of allowance $ 33,545,000 [5] $ 34,045,000 [6]  
Maturity Date Dec. 30, 2024 [5] Dec. 30, 2024 [6]  
Interest Rate 7.875% [5] 7.875% [6]  
Mezzanine Financing [Member] | The Centurion Foundation [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance [5] $ 7,250,000    
Property Loan Principal, net of allowance [5] $ 7,250,000    
Maturity Date [5] Jun. 15, 2039    
Interest Rate [5] 10.50%    
Other [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 7,604,611 $ 6,925,908  
Asset-Specific Allowance for Credit Losses (495,000) (495,000)  
Property Loan Principal, net of allowance 7,109,611 6,430,908  
Other [Member] | The 50/50 MF Property [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,109,611 5,977,314  
Property Loan Principal, net of allowance $ 7,109,611 $ 5,977,314  
Maturity Date Mar. 11, 2048 Mar. 11, 2048  
Interest Rate 9.00% 9.00%  
Other [Member] | Avistar (February 2013 Portfolio) [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance   $ 201,972  
Property Loan Principal, net of allowance   $ 201,972  
Maturity Date   Jun. 26, 2024  
Interest Rate   12.00%  
Other [Member] | Avistar (June 2013 Portfolio) [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance   $ 251,622  
Property Loan Principal, net of allowance   $ 251,622  
Maturity Date   Jun. 26, 2024  
Interest Rate   12.00%  
Other [Member] | Live 929 Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 495,000 $ 495,000  
Asset-Specific Allowance for Credit Losses $ (495,000) $ (495,000)  
Maturity Date Jul. 31, 2049 Jul. 31, 2049  
Interest Rate 8.00% 8.00%  
[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 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).

The Partnership has accrued interest receivable related to its property loans of approximately $333,000 and approximately $1.7 million as of September 30, 2024 and December 31, 2023, respectively, that is reported as interest receivable, net in the Partnership’s condensed consolidated balance sheets.

The Partnership has remaining commitments to provide additional funding of certain property loans on a draw-down basis during construction of the secured properties as of September 30, 2024. See Note 16 for further information regarding the Partnership’s remaining property loan funding commitments.

See Note 10 for information regarding the Partnership’s allowance for credit losses related to its property loans.

Activity in the First Nine Months of 2024

In June 2024, the Partnership executed a property loan to The Centurion Foundation, Inc. in the amount of $7.3 million to facilitate the purchase of a portfolio of nine essential healthcare support buildings located in eastern Pennsylvania that were then leased to an investment grade rated non-profit healthcare system. The Partnership’s loan is subordinate to the senior debt of the borrower which is secured by a first priority security interest in master lease payments guaranteed by the healthcare system.
[3] The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.
[4] The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.
[5] The property loans are held in trust in connection with a TOB trust financing (Note 13).
[6] The property loan is held in trust in connection with a TOB trust financing (Note 13).