XML 40 R28.htm IDEA: XBRL DOCUMENT v3.25.0.1
Mortgages Payable
 12 Months Ended
Dec. 31, 2024
Mortgages Payable [Abstract]  
Mortgages Payable

14. Mortgages Payable

The following is a summary of the mortgages payable, net of deferred financing costs, as of December 31, 2024 and 2023:

 

Property Mortgage Payables

 

Outstanding Mortgage
Payable as of
December 31, 2024, net

 

 

Outstanding Mortgage
Payable as of
December 31, 2023, net

 

 

Year
Acquired

 

Stated Maturity

 

Variable
/ Fixed

 

Period End
Rate

 

 

Vantage at San Marcos (1)

 

$

1,664,347

 

 

$

1,690,000

 

 

2020

 

November 2025

 

Variable

 

 

8.25

%

 

 

(1)
The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

In September 2023, the Partnership entered into a mortgage secured by the Suites on Paseo MF Property with an initial principal amount of $25.0 million. The mortgage payable was repaid in full with proceeds from the sale of the Suites on Paseo MF Property in December 2023.