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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | 25. Subsequent Events In July 2025, the Partnership received an additional capital commitment of approximately $59.8 million to the Construction Lending JV from a new third-party investor. The Partnership has committed to provide 10% of the total capital for the Construction Lending JV. The Partnership and each investor will contribute their respective proportionate capital contributions upon the funding of future investments. With this additional capital commitment, the Partnership’s maximum capital contribution to the Construction Lending JV is approximately $15.0 million. In August 2025, the Partnership extended the maturity dates of the TOB financings for Village at Hanford Square, MaryAlice Circle Apartments, Meadow Valley, and 40rty on Colony to June 1, 2028. There were no additional changes to terms associated with the extensions. In July 2025, the Partnership acquired a taxable MRB. The following table summarizes the terms of the Partnership’s investment:
Property Name |  | Month Acquired |  | Property Location |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |  |  | Total Commitment |
Triangle Square Predevelopment Project |  | July 2025 |  | Raleigh, NC |  | July 2026 |  | 9.00% |  | $ | 6,000,000 |  |  | $ | 9,300,000 |
In August 2025, the Copper Gate Apartments MRB with outstanding principal of $4.7 million was redeemed in full and the principal proceeds of approximately $4.0 million and approximately $717,000 were used to paydown the 2024 PFA Securitization Transaction and TEBS Residual Financing, respectively.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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