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Property Loans | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  |  |  |  |  |
|  | Outstanding Balance |  |  | Asset-Specific Allowance for Credit Losses |  |  | Property Loan Principal, net of allowance |  |  | Maturity Date |  | Interest Rate |
Mezzanine Financing (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 38,824,000 |  |  | $ | - |  |  | $ | 38,824,000 |  |  | 12/30/2025 |  | 9.00% |
The Centurion Foundation |  |  | 7,250,000 |  |  |  | - |  |  |  | 7,250,000 |  |  | 6/15/2039 |  | 10.50% |
Subtotal |  |  | 46,074,000 |  |  |  | - |  |  |  | 46,074,000 |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
The 50/50 (a former MF Property) |  | $ | 7,109,610 |  |  | $ | - |  |  | $ | 7,109,610 |  |  | 3/11/2048 |  | 9.00% |
Live 929 Apartments |  |  | 495,000 |  |  |  | (495,000 | ) |  |  | - |  |  | 7/31/2049 |  | 8.00% |
Sandoval Flats (2) |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  | 12/1/2027 |  | 7.48% |
Opportunity South Carolina |  |  | 623,734 |  |  |  | (623,734 | ) |  |  | - |  |  | 2/1/2030 |  | 10.00% |
Subtotal |  |  | 9,228,344 |  |  |  | (1,118,734 | ) |  |  | 8,109,610 |  |  |  |  |  |
Total |  | $ | 55,302,344 |  |  | $ | (1,118,734 | ) |  | $ | 54,183,610 |  |  |  |  |  |
(1) The property loans are held in trust in connection with a TOB trust financing (Note 13). (2) The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of June 30, 2025. The Partnership expects to sell the property loan 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 property loan into the Construction Lending JV in the future. The Partnership has accrued interest receivable related to its property loans of approximately $298,000 and approximately $354,000 as of June 30, 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 June 30, 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 Six Months of 2025 The following property loan principal payments were received during the three and six months ended June 30, 2025:
Property Name |  | Month Repaid |  | Principal Proceeds |
Sandy Creek Apartments |  | January 2025 |  | $ | 7,241,754 |
SoLa Impact Opportunity Zone Fund |  | March 2025 |  |  | 556,000 |
Sandy Creek Apartments |  | April 2025 |  |  | 588,246 |
|  |  |  | $ | 8,386,000 |
During the six months ended June 30, 2025, the Partnership advanced funds of approximately $624,000 to Opportunity South Carolina to finance the funding of reserves, operating deficits and other operating expenses. Opportunity South Carolina is the borrower associated with The Park at Sondrio MRBs, The Park at Vietti MRBs, and the Windsor Shores Apartments MRBs. The property loan is in non-accrual status as of June 30, 2025 because interest payments under the loan are not required until maturity and operations at the related properties are stressed. In June 2025, the Partnership advanced additional funds of $6.0 million to the SoLa Impact Opportunity Zone Fund and the interest rate was changed to 9.00%. There were no additional changes to terms or fees associated with the additional loan proceeds and interest rate update. Activity in the First Six Months of 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. The following property loan principal payments were received during the six months ended June 30, 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 |
Avistar (February 2013 portfolio) |  | May 2024 |  |  | 201,972 |
Avistar (June 2013 portfolio) |  | May 2024 |  |  | 251,622 |
|  |  |  | $ | 72,776,788 |
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.

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