XML 65 R53.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt Financing (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Financing [Abstract]  
Schedule of Total Debt Financing

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2024 and 2023:

 

 

Outstanding Debt Financings
as of December 31, 2024, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M33 TEBS

 

$

28,153,143

 

 

 

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

207,487,593

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

235,640,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 PFA Securitization Transaction

 

$

72,928,607

 

 

$

499,000

 

 

2039

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

51,574,033

 

 

$

265,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

23,353,548

 

 

(3)

 

 

2025

 

Variable

 

No

 

4.60%

 

1.78%

 

6.38%

 

The Park at Sondrio - Series 2022A

 

 

30,439,932

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.43%

 

5.37%

 

The Park at Vietti - Series 2022A

 

 

21,556,510

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.43%

 

5.37%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.45%

 

5.39%

 

Legacy Commons at Signal Hills GIL

 

 

31,155,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

0.91%

 

4.85%

 

Osprey Village GIL

 

 

49,475,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.19%

 

5.13%

 

Residency at Empire MRBs

 

 

42,456,840

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.42%

 

5.36%

 

The Ivy Apartments

 

 

24,364,083

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Windsor Shores Apartments

 

 

17,209,991

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Village at Hanford Square

 

 

7,777,224

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

MaryAlice Circle Apartments

 

 

4,698,486

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Meadow Valley

 

 

30,709,433

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

40rty on Colony

 

 

4,450,508

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Sandy Creek Apartments GIL

 

 

9,640,533

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Residency at the Mayer MRBs

 

 

33,806,861

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.19%

 

5.13%

 

The Safford

 

 

29,772,042

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at Wood Hollow - Series A

 

 

32,254,020

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Live 929

 

 

53,092,000

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.18%

 

5.12%

 

Woodington Gardens - Series A-1

 

 

24,841,650

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Aventine Apartments

 

 

7,560,184

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at Copperfield - Series A

 

 

11,232,828

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.68%

 

5.62%

 

Avistar at Wilcrest - Series A

 

 

4,255,827

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.68%

 

5.62%

 

Trust 2024-XF3219

(4)

 

46,436,706

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

The Centurion Foundation

 

 

5,051,557

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

Avistar at the Crest - Series A

 

 

7,240,898

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar on the Blvd - Series A

 

 

12,060,628

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar on the Hills - Series A

 

 

4,001,672

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at the Oaks - Series A

 

 

5,858,331

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar in 09 - Series A

 

 

5,053,972

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(5)

 

28,254,089

 

 

 

-

 

 

2025

 

Variable

 

No

 

4.45%

 

1.27%

 

5.72%

 

Poppy Grove I GIL

 

 

28,545,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Poppy Grove II GIL

 

 

17,231,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Poppy Grove III GIL

 

 

26,838,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Village Point

 

 

18,394,018

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.61%

 

5.66%

 

Subtotal/Weighed Average Period End Rate

 

 

733,129,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.43%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,093,273,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
The Partnership has restricted cash totaling approximately $15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)
The TOB trust is securitized by four MRBs, eight taxable MRBs, and one property loan.
(5)
The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.

 

 

 

Outstanding Debt Financings
as of December 31, 2023, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M31 TEBS

(3)

$

66,621,825

 

 

$

4,999

 

 

2024

 

Variable

 

Yes

 

3.90%

 

1.31%

 

5.21%

 

M33 TEBS

 

 

28,870,624

 

 

 

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

209,769,942

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

305,262,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

60,322,317

 

 

$

-

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hope on Avalon GIL

 

 

18,711,665

 

 

(4)

 

 

2024

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Jackson Manor Apartments

 

 

4,100,000

 

 

(4)

 

 

2024

 

Variable

 

Yes

 

4.24%

 

1.29%

 

5.53%

 

Trust 2021-XF2926

(5)

 

38,496,952

 

 

(4)

 

 

2024

 

Variable

 

No

 

5.59%

 

0.90%

 

6.49%

 

SoLa Impact Opportunity Zone Fund

 

 

23,741,122

 

 

(4)

 

 

2024

 

Variable

 

No

 

5.59%

 

1.78%

 

7.37%

 

Montevista - Series A

 

 

5,618,833

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.28%

 

5.52%

 

Montecito at Williams Ranch - Series A

 

 

6,813,244

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

Vineyard Gardens - Series A

 

 

3,593,615

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

The Park at Sondrio - Series 2022A

 

 

30,396,222

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.43%

 

5.67%

 

The Park at Vietti - Series 2022A

 

 

21,522,158

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.43%

 

5.67%

 

Avistar at Copperfield - Series A

 

 

11,370,985

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.68%

 

5.92%

 

Avistar at Wilcrest - Series A

 

 

4,303,984

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.68%

 

5.92%

 

Residency at the Entrepreneur MRBs

 

 

23,040,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.45%

 

5.69%

 

Legacy Commons at Signal Hills GIL

 

 

31,155,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

0.91%

 

5.15%

 

Osprey Village GIL

 

 

49,475,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.19%

 

5.43%

 

Trust 2021-XF2939

(6)

 

21,821,644

 

 

(4)

 

 

2025

 

Variable

 

No

 

5.59%

 

1.17%

 

6.76%

 

Residency at Empire MRBs

 

 

18,267,048

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.42%

 

5.66%

 

The Ivy Apartments

 

 

24,330,930

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Windsor Shores Apartments

 

 

17,183,983

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Village at Hanford Square

 

 

7,760,141

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

MaryAlice Circle Apartments

 

 

4,682,351

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Meadow Valley

 

 

15,438,915

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

40rty on Colony

 

 

4,440,847

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Sandy Creek Apartments GIL

 

 

9,616,853

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Residency at the Mayer - Series A

 

 

24,335,000

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.19%

 

5.43%

 

The Safford

 

 

5,911,780

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Avistar at Wood Hollow - Series A

 

 

32,673,300

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Live 929

 

 

53,092,000

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(7)

 

69,694,599

 

 

 

-

 

 

2024

 

Variable

 

No

 

5.48%

 

1.27%

 

6.75%

 

Poppy Grove I GIL

 

 

15,872,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Poppy Grove II GIL

 

 

7,628,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Poppy Grove III GIL

 

 

13,235,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Village Point

 

 

18,381,720

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.43%

 

1.61%

 

6.04%

 

Subtotal/Weighed Average Period End Rate

 

 

636,705,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Morgan Stanley:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village at Avalon

 

$

12,739,978

 

 

 

-

 

 

2024

 

Fixed

 

Yes

 

N/A

 

N/A

 

1.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,015,030,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing.
(4)
The Partnership has restricted cash totaling approximately $9.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(5)
The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL.
(6)
The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan.
(7)
The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Schedule of Contractual Maturities of Debt Financing he Partnership’s contractual maturities of debt financing for the twelve-month periods ending December 31 for the next five years and thereafter are as follows:

 

2025

 

$

352,103,969

 

2026

 

 

203,721,434

 

2027

 

 

194,545,705

 

2028

 

 

5,948,361

 

2029

 

 

10,606,159

 

Thereafter

 

 

331,391,189

 

Total

 

 

1,098,316,817

 

Unamortized deferred financing costs and debt premium

 

 

(5,043,660

)

Total debt financing, net

 

$

1,093,273,157

 

The table above does not reflect certain extensions of certain TOB trust financings after December 31, 2024. See Note 27 for additional information.