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Governmental Issuer Loans (Tables) | 12 Months Ended
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Dec. 31, 2024
Governmental Issuer Loans [Abstract] |
Summary of Partnership's GIL Investments | The Partnership had the following GIL investments as of December 31, 2024 and 2023:
|  |  |  |  |  |  |  |  |  |  |  |  | As of December 31, 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% |  | 7.60% |  | $ | 34,620,000 |
Osprey Village (3) |  | July 2021 |  | Kissimmee, FL |  | 383 |  |  | 2/1/2025 |  | SOFR + 3.07% |  | 7.64% |  |  | 60,000,000 |
Willow Place Apartments (3) |  | September 2021 |  | McDonough, GA |  | 182 |  |  | 2/1/2025 |  | SOFR + 3.30% |  | 7.87% |  |  | 20,702,594 |
Willow Place Apartments Supplemental |  | November 2023 |  | McDonough, GA |  | n/a |  |  | 2/1/2025 |  | SOFR + 3.45% |  | 8.02% |  |  | 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% |  |  | 21,541,300 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 33,550,000 |
Sandy Creek Apartments (3) |  | August 2023 |  | Bryan, TX |  | 140 |  |  | 9/1/2026 |  | 7.83% (5) |  | 7.83% |  |  | 12,100,000 |
Natchitoches Thomas Apartments (3), (6) |  | December 2024 |  | Natchitoches, LA |  | 120 |  |  | 7/1/2027 |  | 7.92% |  | 7.92% |  |  | 6,500,000 |
|  |  |  |  |  |  | 1,459 |  |  |  |  |  |  |  |  | $ | 226,202,222 |
(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 20). (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. (6) The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
|  |  |  |  |  |  |  |  |  |  |  |  | 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 20). (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 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 |
During 2024 the following GIL had a partial principal repayment:
Property Name |  | Month Repaid |  | Principal Proceeds |
Willow Place Apartments |  | August 2024 |  | $ | 4,297,406 |
During 2024, the Partnership recognized fees of approximately $431,000 in other income in connection with extensions of the maturity dates of the Legacy Commons at Signal Hills GIL, the Magnolia Heights GIL, the Osprey Village GIL, the Willow Place Apartments GIL and the Willow Place Apartments Supplemental GIL. During 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 |
Scharbauer Flats Apartments |  | November 2023 |  |  | 40,000,000 |
|  |  |  | $ | 144,635,623 |

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