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Property Loans | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  |  |  |  |  |
|  | 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 |  | $ | 588,246 |  |  | $ | - |  |  | $ | 588,246 |  |  | 9/1/2026 |  | SOFR + 3.35% |
Subtotal |  |  | 588,246 |  |  |  | - |  |  |  | 588,246 |  |  |  |  |  |
Mezzanine Financing (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 32,824,000 |  |  | $ | - |  |  | $ | 32,824,000 |  |  | 12/30/2025 |  | 7.875% |
The Centurion Foundation |  |  | 7,250,000 |  |  |  | - |  |  |  | 7,250,000 |  |  | 6/15/2039 |  | 10.50% |
Subtotal |  |  | 40,074,000 |  |  |  | - |  |  |  | 40,074,000 |  |  |  |  |  |
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 (3) |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 12/1/2027 |  | 7.48% |
Subtotal |  |  | 8,604,611 |  |  |  | (495,000 | ) |  |  | 8,109,611 |  |  |  |  |  |
Total |  | $ | 49,266,857 |  |  | $ | (495,000 | ) |  | $ | 48,771,857 |  |  |  |  |  |
(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 a TOB trust financing (Note 13). (3) The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
|  | 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 loan is held in trust in connection with a TOB trust financing (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. The Partnership has accrued interest receivable related to its property loans of approximately $299,000 and approximately $354,000 as of March 31, 2025 and December 31, 2024, 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 March 31, 2025. 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 Three Months of 2025 The following property loan principal payments were received during the three months ended March 31, 2025:
Property Name |  | Month Repaid |  | Principal Proceeds |
Sandy Creek Apartments |  | January 2025 |  | $ | 7,241,754 |
SoLa Impact Opportunity Zone Fund |  | March 2025 |  |  | 556,000 |
|  |  |  | $ | 7,797,754 |
Activity in the First Three Months of 2024 The following property loan principal payments were received during the three months ended March 31, 2024:
Property Name |  | Month Redeemed |  | 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 |
|  |  |  | $ | 72,323,194 |

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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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