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Property Loans | 12 Months Ended
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Dec. 31, 2024
Property Loans Net Of Loan Loss Allowance [Abstract] |
Property Loans | 6. Property Loans The following tables summarize the Partnership’s property loans, net of asset specific allowances for credit losses, as of December 31, 2024 and 2023:
|  | December 31, 2024 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Sandy Creek Apartments |  | $ | 7,830,000 |  |  | $ | - |  |  | $ | 7,830,000 |  |  | 9/1/2026 |  | 8.63% (2) |
Subtotal |  |  | 7,830,000 |  |  |  | - |  |  |  | 7,830,000 |  |  |  |  |  |
Mezzanine Financing (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 33,380,000 |  |  | $ | - |  |  | $ | 33,380,000 |  |  | 12/30/2025 |  | 7.875% |
The Centurion Foundation |  |  | 7,250,000 |  |  |  | - |  |  |  | 7,250,000 |  |  | 6/15/2039 |  | 10.50% |
Subtotal |  |  | 40,630,000 |  |  |  | - |  |  |  | 40,630,000 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 (a former MF Property) |  | $ | 7,109,611 |  |  | $ | - |  |  | $ | 7,109,611 |  |  | 3/11/2048 |  | 9.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Sandoval Flats (4) |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 12/1/2027 |  | 7.48% |
Subtotal |  |  | 8,604,611 |  |  |  | (495,000 | ) |  |  | 8,109,611 |  |  |  |  |  |
Total |  | $ | 57,064,611 |  |  | $ | (495,000 | ) |  | $ | 56,569,611 |  |  |  |  |  |
(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 by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025. (3) The property loans are held in trust in connection with TOB trust financings (Note 13). (4) The Sandoval Flats property loan was considered to be held-for-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.
|  | December 31, 2023 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Senior Construction Financing (1) |  |  |  |  |  |  |  |  |  |  |  |
Legacy Commons at Signal Hills |  | $ | 32,233,972 |  |  | $ | - |  |  | $ | 32,233,972 |  |  | 2/1/2024 |  | SOFR + 3.07% |
Magnolia Heights |  |  | 8,118,546 |  |  |  | - |  |  |  | 8,118,546 |  |  | 7/1/2024 |  | SOFR + 3.85% |
Osprey Village |  |  | 14,998,296 |  |  |  | - |  |  |  | 14,998,296 |  |  | 8/1/2024 |  | SOFR + 3.07% |
Osprey Village Supplemental |  |  | 4,600,000 |  |  |  | - |  |  |  | 4,600,000 |  |  | 8/1/2024 |  | SOFR + 3.22% |
Sandy Creek Apartments |  |  | 2,419,876 |  |  |  | - |  |  |  | 2,419,876 |  |  | 9/1/2026 |  | 8.63% (2) |
Willow Place Apartments |  |  | 18,875,606 |  |  |  | - |  |  |  | 18,875,606 |  |  | 10/1/2024 |  | SOFR + 3.30% |
Willow Place Apartments Supplemental |  |  | 339,000 |  |  |  | - |  |  |  | 339,000 |  |  | 10/1/2024 |  | SOFR + 3.45% |
Subtotal |  |  | 81,585,296 |  |  |  | - |  |  |  | 81,585,296 |  |  |  |  |  |
Mezzanine Financing (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 34,045,000 |  |  | $ | - |  |  | $ | 34,045,000 |  |  | 12/30/2024 |  | 7.875% |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 MF Property |  | $ | 5,977,314 |  |  | $ | - |  |  | $ | 5,977,314 |  |  | 3/11/2048 |  | 9.00% |
Avistar (February 2013 portfolio) |  |  | 201,972 |  |  |  | - |  |  |  | 201,972 |  |  | 6/26/2024 |  | 12.00% |
Avistar (June 2013 portfolio) |  |  | 251,622 |  |  |  | - |  |  |  | 251,622 |  |  | 6/26/2024 |  | 12.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Subtotal |  |  | 6,925,908 |  |  |  | (495,000 | ) |  |  | 6,430,908 |  |  |  |  |  |
Total |  | $ | 122,556,204 |  |  | $ | (495,000 | ) |  | $ | 122,061,204 |  |  |  |  |  |
(1) 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 $354,000 and $1.7 million as of December 31, 2024 and 2023, respectively, that is reported as interest receivable, net in the Partnership’s consolidated balance sheets. The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of December 31, 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 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. In June 2024, the Partnership recognized a fee of approximately $20,000 in other income in connection with an extension of the maturity date of the Magnolia Heights property loan to October 1, 2024. In November 2024, the Partnership committed to provide a subordinate property loan up to $29.8 million for the construction of Sandoval Flats. In December 2024, the Partnership recognized a fee of approximately $167,000 in other income in connection with an extension of the maturity date of the SoLa Impact Opportunity Zone Fund property loan to December 2025. The following property loan principal payments were received during the year ended December 31, 2024:
Property Name |  | Month Repaid |  | Principal Proceeds |
Legacy Commons at Signal Hills |  | February 2024 |  | $ | 32,233,972 |
Osprey Village |  | February 2024 |  |  | 14,998,296 |
Osprey Village Supplemental |  | February 2024 |  |  | 4,600,000 |
Willow Place Apartments |  | February 2024 |  |  | 18,875,606 |
Willow Place Apartments Supplemental |  | February 2024 |  |  | 1,115,320 |
SoLa Impact Opportunity Zone Fund |  | March 2024 |  |  | 500,000 |
Avistar (February 2013 portfolio) |  | May 2024 |  |  | 201,972 |
Avistar (June 2013 portfolio) |  | May 2024 |  |  | 251,622 |
Magnolia Heights |  | September 2024 |  |  | 8,118,546 |
SoLa Impact Opportunity Zone Fund |  | October 2024 |  |  | 165,000 |
|  |  |  | $ | 81,060,334 |
Activity in 2023 The following property loan principal payments were received during the year ended December 31, 2023:
Property Name |  | Month Redeemed |  | Principal Proceeds |
Greens Property |  | February 2023 |  | $ | 850,000 |
Scharbauer Flats |  | February 2023 |  |  | 10,773,236 |
Centennial Crossings |  | March 2023 |  |  | 6,692,344 |
SoLa Impact Opportunity Zone Fund |  | May 2023 |  |  | 3,790,000 |
Magnolia Heights |  | June 2023 |  |  | 2,181,454 |
Oasis at Twin Lakes |  | June 2023 |  |  | 24,018,657 |
SoLa Impact Opportunity Zone Fund |  | August 2023 |  |  | 1,165,000 |
Hilltop at Signal Hills |  | August 2023 |  |  | 21,197,939 |
Centennial Crossings |  | September 2023 |  |  | 17,557,656 |
Scharbauer Flats |  | November 2023 |  |  | 13,386,764 |
|  |  |  | $ | 101,613,050 |
Concurrent with the redemption of the Greens Property loan, the Partnership received cash as payment for accrued interest of approximately $1.6 million. In June 2023, the Partnership recognized a fee of approximately $33,000 in other income in connection with an extension of the maturity date of the Scharbauer Flats Apartments property loan to January 2024. In August 2023, concurrent with the acquisition of the Sandy Creek Apartments GIL (Note 5), the Partnership committed to provide a property loan up to $7.8 million for the acquisition/rehabilitation of the underlying property on a draw-down basis. The property loan and associated GIL are on parity and share a first mortgage position on all real and personal property associated with the secured property. In November 2023, the Partnership entered into a $1.8 million property loan commitment to provide additional funding to Willow Place Apartments. In December 2023, the Partnership entered into a $4.6 million property loan commitment to provide additional financing to Osprey Village. Activity in 2022 In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $2.4 million of principal and approximately $4.3 million of accrued interest upon redemption, of which $1.7 million was recognized in other interest income. In August 2022, the outstanding property loans due from Cross Creek were restructured and the Partnership advanced additional funds totaling approximately $7.7 million. In September 2022, the underlying Cross Creek property was sold and the Partnership received $13.0 million as redemption proceeds to satisfy all outstanding balances, which consisted of $11.4 million of principal payments and approximately $1.7 million of accrued interest. All property loan balances due from Cross Creek were previously on non-accrual status and fully reserved, so the Partnership recognized approximately $1.7 million of other interest income upon redemption.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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