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Property Loans (Tables) | 3 Months Ended
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Mar. 31, 2025
Property Loans Net Of Loan Loss Allowance [Abstract] |
Summary of Partnership's Property Loans, Net of Allowances for Credit Losses | 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.
Schedule of Property Loans Paid Down or Redeemed | 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 |
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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