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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 3 Months Ended
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Mar. 31, 2017
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES Since November 2001,the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interest in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 56%, with the balance owned by the others. A description of each investment is as follows: On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, Hamilton Park Towers LLC, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage before unamortized deferred financing costs is approximately $83,119,000 at March 31, 2017. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park. On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Joint Venture sold 120 units as condominiums and retained 48 units for long-term investment. In February 2007, the Joint Venture refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan was to be amortized over 30 years thereafter and matured in March, 2017. On March 1, 2017, the mortgage balance was paid in full, with the Partnership contributing its share of the mortgage balance of approximately $2,222,000. This investment is referred to as Hamilton Bay Apartments, LLC. In April 2008, the Joint Venture refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matured in 2013. On October 18, 2013, the Partnership and its joint venture partner each made capital contributions to the entity of $660,000. The capital was used to pay off the outstanding mortgage. During 2016, 4 units were sold resulting in a gain of approximately $337,000. As of May 1, 2017, one unit is still owned by the Joint Venture. This investment is referred to as Hamilton Bay, LLC. On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286. The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. At March 31, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000. On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176‑unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Joint Venture sold 127 of the units as condominiums and retained 49 units for long‑term investment. The Joint Venture obtained a new 10‑year mortgage in the amount of $5,000,000 on the units to be retained by the Joint Venture. The interest on the new loan was 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. Ten units were sold in the year ended December 31, 2016 with a gain on the sales of approximately $1,324,000. As of March 31, 2017, 6 units were sold in 2017 with a gain on the sales of approximately $711,000. 2 units are under purchase and sales agreements and the Partnership still owns 30 units. This investment is referred to as Hamilton 1025, LLC. In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42‑unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Joint Venture obtained a new 10- year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. This investment is referred to as Hamilton Minuteman, LLC. At March 31, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. This investment is referred to as Hamilton Minuteman, LLC. In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280‑unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place. In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. At March 31, 2017, the balance of the mortgage before unamortized deferred financing costs is approximately $16,900,000. In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At March 31, 2017, the balance of this mortgage before unamortized deferred financing costs is approximately $9,881,000. This investment is referred to as 345 Franklin, LLC. Summary financial information as of March 31, 2017
|  |  |  |  | Hamilton |  |  |  |  |  |  |  |  |  |  |  |  |  | Hamilton |  | Hamilton |  |  |  |  |  |  |
|  | Hamilton |  | Essex |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Minuteman |  | on Main |  | Dexter |  |  |  |
|  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Bay Sales |  | Bay Apts |  | Apts |  | Apts |  | Park |  | Total |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Properties |  | $ | 7,907,838 |  | $ | 2,622,729 |  | $ | 6,542,738 |  | $ | 3,029,735 |  | $ | 145,134 |  | $ | 5,848,498 |  | $ | 6,095,634 |  | $ | 17,593,862 |  | $ | 91,280,303 |  | $ | 141,066,471 |
Cash & Cash Equivalents |  |  | 158,945 |  |  | 50,621 |  |  | 70,277 |  |  | 490,522 |  |  | 88 |  |  | 17,718 |  |  | 60,393 |  |  | 214,895 |  |  | 1,359,961 |  |  | 2,423,420 |
Rent Receivable |  |  | 17,373 |  |  | — |  |  | 3,496 |  |  | 12,438 |  |  | 225 |  |  | 5,844 |  |  | 1,152 |  |  | 11,479 |  |  | 151,499 |  |  | 203,506 |
Real Estate Tax Escrow |  |  | 119,722 |  |  | — |  |  | 45,948 |  |  | — |  |  | — |  |  | 17,849 |  |  | 19,048 |  |  | 213,815 |  |  | 240,494 |  |  | 656,876 |
Prepaid Expenses & Other Assets |  |  | 96,193 |  |  | 246 |  |  | 45,250 |  |  | 131,148 |  |  | 16,480 |  |  | 103,595 |  |  | 31,844 |  |  | 107,642 |  |  | 1,558,399 |  |  | 2,090,797 |
Total Assets |  | $ | 8,300,071 |  | $ | 2,673,596 |  | $ | 6,707,709 |  | $ | 3,663,843 |  | $ | 161,927 |  | $ | 5,993,504 |  | $ | 6,208,071 |  | $ | 18,141,693 |  | $ | 94,590,656 |  | $ | 146,441,070 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable |  | $ | 9,882,793 |  | $ | — |  | $ | 9,805,791 |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,881,680 |  | $ | 16,780,953 |  | $ | 82,968,942 |  | $ | 125,320,159 |
Accounts Payable & Accrued Expense |  |  | 48,972 |  |  | 623 |  |  | 84,711 |  |  | 15,600 |  |  | 2,330 |  |  | 5,782 |  |  | 61,455 |  |  | 153,499 |  |  | 607,357 |  |  | 980,329 |
Advance Rental Pmts & Security Deposits |  |  | 232,421 |  |  | — |  |  | 225,911 |  |  | 49,544 |  |  | 101 |  |  | 75,660 |  |  | 124,719 |  |  | 380,586 |  |  | 2,764,112 |  |  | 3,853,054 |
Total Liabilities |  |  | 10,164,186 |  |  | 623 |  |  | 10,116,413 |  |  | 65,144 |  |  | 2,431 |  |  | 81,442 |  |  | 6,067,854 |  |  | 17,315,038 |  |  | 86,340,411 |  |  | 130,153,542 |
Partners’ Capital |  |  | (1,864,115) |  |  | 2,672,973 |  |  | (3,408,704) |  |  | 3,598,699 |  |  | 159,496 |  |  | 5,912,062 |  |  | 140,217 |  |  | 826,655 |  |  | 8,250,245 |  |  | 16,287,528 |
Total Liabilities and Capital |  | $ | 8,300,071 |  | $ | 2,673,596 |  | $ | 6,707,709 |  | $ | 3,663,843 |  | $ | 161,927 |  | $ | 5,993,504 |  | $ | 6,208,071 |  | $ | 18,141,693 |  | $ | 94,590,656 |  | $ | 146,441,070 |
Partners’ Capital %—NERA |  |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 40 | % |  |  |
Investment in Unconsolidated Joint Ventures |  | $ |  |  | $ | 1,336,486 |  | $ | — |  | $ | 1,799,349 |  | $ | 79,748 |  | $ | 2,956,030 |  | $ | 70,108 |  | $ | 413,327 |  | $ | 3,300,097 |  |  | 9,955,145 |
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures |  | $ | (932,058) |  | $ | — |  | $ | (1,704,352) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | (2,636,410) |
Total Investment in Unconsolidated Joint Ventures (Net) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,318,735 |
Total units/condominiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments |  |  | 48 |  |  | — |  |  | 40 |  |  | 175 |  |  | 120 |  |  | 48 |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 1,030 |
Commercial |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Total |  |  | 49 |  |  | 1 |  |  | 40 |  |  | 176 |  |  | 120 |  |  | 48 |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 1,033 |
Units to be retained |  |  | 49 |  |  | 1 |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 690 |
Units to be sold |  |  | — |  |  | — |  |  | — |  |  | 175 |  |  | 120 |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 343 |
Units sold through May 1, 2017 |  |  | — |  |  | — |  |  | — |  |  | 143 |  |  | 120 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 264 |
Unsold units |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | 79 |
Unsold units with deposits for future sale as of May 1, 2017 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Financial information for the three months ended March 31, 2017
|  |  |  |  | Hamilton |  |  |  |  |  |  |  |  |  |  |  |  |  | Hamilton |  | Hamilton |  |  |  |  |  |  |
|  | Hamilton |  | Essex |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Minuteman |  | on Main |  | Dexter |  |  |  |
|  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Bay Sales |  | Bay Apts |  | Apts |  | Apts |  | Park |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Income |  | $ | 401,194 |  | $ | 60,000 |  | $ | 372,417 |  | $ | 130,398 |  | $ | 2,867 |  | $ | 222,036 |  | $ | 256,788 |  | $ | 826,303 |  |  | 3,810,796 |  | $ | 6,082,799 |
Laundry and Sundry Income |  |  | 3,531 |  |  | — |  |  | 945 |  |  | — |  |  | — |  |  | — |  |  | 675 |  |  | 8,947 |  |  | 24,333 |  |  | 38,431 |
|  |  | 404,725 |  |  | 60,000 |  |  | 373,362 |  |  | 130,398 |  |  | 2,867 |  |  | 222,036 |  |  | 257,463 |  |  | 835,250 |  |  | 3,835,129 |  |  | 6,121,230 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative |  |  | 5,201 |  |  | 425 |  |  | 6,390 |  |  | 964 |  |  | 824 |  |  | 3,065 |  |  | 1,205 |  |  | 11,018 |  |  | 50,187 |  |  | 79,279 |
Depreciation and Amortization |  |  | 113,299 |  |  | 707 |  |  | 86,422 |  |  | 45,626 |  |  | 1,230 |  |  | 81,252 |  |  | 86,675 |  |  | 242,316 |  |  | 831,687 |  |  | 1,489,214 |
Management Fees |  |  | 17,380 |  |  | 2,400 |  |  | 15,958 |  |  | 4,763 |  |  | 135 |  |  | 8,650 |  |  | 11,141 |  |  | 34,103 |  |  | 84,552 |  |  | 179,082 |
Operating |  |  | 23,637 |  |  | — |  |  | 23,145 |  |  | (37) |  |  | 19 |  |  | 652 |  |  | 27,875 |  |  | 104,159 |  |  | 352,854 |  |  | 532,304 |
Renting |  |  | 3,722 |  |  | — |  |  | 2,136 |  |  | 62 |  |  | 62 |  |  | 62 |  |  | 1,321 |  |  | 10,026 |  |  | 21,327 |  |  | 38,718 |
Repairs and Maintenance |  |  | 20,731 |  |  | — |  |  | 19,300 |  |  | 55,502 |  |  | 1,980 |  |  | 106,605 |  |  | 20,854 |  |  | 164,126 |  |  | 231,633 |  |  | 620,731 |
Taxes and Insurance |  |  | 60,469 |  |  | 14,532 |  |  | 36,718 |  |  | 29,378 |  |  | 863 |  |  | 46,095 |  |  | 31,445 |  |  | 109,815 |  |  | 431,459 |  |  | 760,774 |
|  |  | 244,439 |  |  | 18,064 |  |  | 190,069 |  |  | 136,258 |  |  | 5,113 |  |  | 246,381 |  |  | 180,516 |  |  | 675,563 |  |  | 2,003,699 |  |  | 3,700,102 |
Income Before Other Income |  |  | 160,286 |  |  | 41,936 |  |  | 183,293 |  |  | (5,860) |  |  | (2,246) |  |  | (24,345) |  |  | 76,947 |  |  | 159,687 |  |  | 1,831,430 |  |  | 2,421,128 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | (78,991) |  |  | — |  |  | (99,404) |  |  | (503) |  |  | (2) |  |  | (41,525) |  |  | (59,091) |  |  | (190,684) |  |  | (1,187,172) |  |  | (1,657,372) |
Gain on Sale of Real Estate |  |  | — |  |  | — |  |  | — |  |  | 710,759 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 710,759 |
|  |  | (78,991) |  |  | — |  |  | (99,404) |  |  | 710,256 |  |  | (2) |  |  | (41,525) |  |  | (59,091) |  |  | (190,684) |  |  | (1,187,171) |  |  | (946,613) |
Net Income (Loss) |  | $ | 81,295 |  | $ | 41,936 |  | $ | 83,889 |  | $ | 704,396 |  | $ | (2,248) |  | $ | (65,870) |  | $ | 17,856 |  | $ | (30,997) |  | $ | 644,259 |  | $ | 1,474,516 |
Net Income (Loss)—NERA 50% |  | $ | 40,648 |  | $ | 20,968 |  | $ | 41,945 |  | $ | 352,199 |  | $ | (1,124) |  | $ | (32,935) |  | $ | 8,929 |  | $ | (15,498) |  |  |  |  |  | 415,132 |
Net Income —NERA 40% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 257,705 |  |  | 257,705 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 672,837 |
Future annual mortgage maturities at March 31, 2017 are as follows:
|  | Hamilton |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Hamilton on |  | Dexter |  |  |  |
Period End |  | Essex 81 |  | Franklin |  | 1025 |  | Bay Apts |  | Minuteman |  | Main Apts |  | Park |  | Total |
3//31/2018 |  | $ | — |  | $ | 184,814 |  | $ |  |  | $ |  |  | $ |  |  | $ | — |  | $ | 1,608,251 |  | $ | 1,793,065 |
3/31/2019 |  |  | — |  |  | 192,094 |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 1,700,153 |  |  | 1,892,247 |
3/31/2020 |  |  | — |  |  | 199,661 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79,810,548 |  |  | 80,010,209 |
3/31/2021 |  |  | — |  |  | 207,527 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 207,527 |
3/31/2022 |  |  | — |  |  | 215,702 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 215,702 |
Thereafter |  |  | 10,000,000 |  |  | 8,880,901 |  |  | 0 |  |  | 0 |  |  | 6,000,000 |  |  | 16,900,000 |  |  | — |  |  | 41,780,901 |
|  |  | 10,000,000 |  |  | 9,880,699 |  |  | — |  |  | — |  |  | 6,000,000 |  |  | 16,900,000 |  |  | 83,118,952 |  |  | 125,899,651 |
Less: unamortized deferred financing costs |  |  | (117,207) |  |  | (74,908) |  |  |  |  |  |  |  |  | (118,320) |  |  | (119,047) |  |  | (150,010) |  |  | (579,492) |
|  | $ | 9,882,793 |  | $ | 9,805,791 |  | $ | — |  | $ | — |  | $ | 5,881,680 |  | $ | 16,780,953 |  | $ | 82,968,942 |  | $ | 125,320,159 |
At March 31, 2017 the weighted average interest rate on the above mortgages was 4.98%. The effective rate was 5.06% including the amortization expense of deferred financing costs. Summary financial information as of March 31, 2016
|  |  |  |  | Hamilton |  |  |  |  |  |  |  |  |  |  |  |  |  | Hamilton |  | Hamilton |  |  |  |  |  |  |
|  | Hamilton |  | Essex |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Minuteman |  | on Main |  | Dexter |  |  |  |
|  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Bay Sales |  | Bay Apts |  | Apts |  | Apts |  | Park |  | Total |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Properties |  | $ | 8,334,464 |  | $ | 2,617,959 |  | $ | 6,693,104 |  | $ | 4,882,565 |  | $ | 357,803 |  | $ | 6,095,119 |  | $ | 6,273,766 |  | $ | 18,357,260 |  | $ | 93,796,573 |  | $ | 147,408,613 |
Cash & Cash Equivalents |  |  | 99,760 |  |  | 49,336 |  |  | 125,764 |  |  | 14,124 |  |  | 126,576 |  |  | 11,116 |  |  | 60,710 |  |  | 129,070 |  |  | 970,021 |  |  | 1,586,477 |
Rent Receivable |  |  | 64,319 |  |  | — |  |  | 2,253 |  |  | 4,274 |  |  | 1,520 |  |  | 3,612 |  |  | 75 |  |  | 14,814 |  |  | 37,681 |  |  | 128,548 |
Real Estate Tax Escrow |  |  | 33,350 |  |  | — |  |  | 40,392 |  |  | 81,742 |  |  | — |  |  | 44,499 |  |  | 43,381 |  |  | 37,745 |  |  | 216,139 |  |  | 497,248 |
Prepaid Expenses & Other Assets |  |  | 154,594 |  |  | 226 |  |  | 31,233 |  |  | 58,033 |  |  | 18,370 |  |  | 66,580 |  |  | 39,366 |  |  | 96,529 |  |  | 1,998,839 |  |  | 2,463,770 |
Total Assets |  | $ | 8,686,487 |  | $ | 2,667,521 |  | $ | 6,892,746 |  | $ | 5,040,738 |  | $ | 504,269 |  | $ | 6,220,926 |  | $ | 6,417,298 |  | $ | 18,635,418 |  | $ | 97,019,253 |  | $ | 152,084,656 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable |  | $ | 9,869,004 |  | $ | 0 |  | $ | 9,918,433 |  | $ | 4,710,990 |  | $ | — |  | $ | 4,480,571 |  | $ | 5,189,002 |  | $ | 16,764,902 |  | $ | 84,345,096 |  | $ | 135,277,998 |
Accounts Payable & Accrued Expense |  |  | 56,759 |  |  | 426 |  |  | 77,758 |  |  | 24,052 |  |  | 13,187 |  |  | 9,900 |  |  | 63,090 |  |  | 151,830 |  |  | 673,458 |  |  | 1,070,460 |
Advance Rental Pmts& Security Deposits |  |  | 210,924 |  |  | — |  |  | 215,976 |  |  | 102,088 |  |  | 2,362 |  |  | 99,093 |  |  | 117,749 |  |  | 335,850 |  |  | 2,675,818 |  |  | 3,759,860 |
Total Liabilities |  |  | 10,136,687 |  |  | 426 |  |  | 10,212,167 |  |  | 4,837,130 |  |  | 15,549 |  |  | 4,589,564 |  |  | 5,369,841 |  |  | 17,252,582 |  |  | 87,694,372 |  |  | 140,108,318 |
Partners’ Capital |  |  | (1,450,200) |  |  | 2,667,095 |  |  | (3,319,421) |  |  | 203,608 |  |  | 488,720 |  |  | 1,631,362 |  |  | 1,047,457 |  |  | 1,382,836 |  |  | 9,324,881 |  |  | 11,976,338 |
Total Liabilities and Capital |  | $ | 8,686,487 |  | $ | 2,667,521 |  | $ | 6,892,746 |  | $ | 5,040,738 |  | $ | 504,269 |  | $ | 6,220,926 |  | $ | 6,417,298 |  | $ | 18,635,418 |  | $ | 97,019,253 |  | $ | 152,084,656 |
Partners’ Capital %—NERA |  |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 40 | % |  |  |
Investment in Unconsolidated Joint Ventures |  | $ |  |  | $ | 1,333,547 |  | $ | — |  | $ | 101,803 |  | $ | 244,359 |  | $ | 815,680 |  | $ | 523,728 |  | $ | 691,418 |  | $ | 3,729,952 |  | $ | 7,440,487 |
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures |  | $ | (725,100) |  | $ | — |  | $ | (1,659,711) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | (2,384,811) |
Total Investment in Unconsolidated Joint Ventures (Net) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,055,676 |
Total units/condominiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apartments |  |  | 48 |  |  | — |  |  | 40 |  |  | 175 |  |  | 120 |  |  | 48 |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 1,030 |
Commercial |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Total |  |  | 49 |  |  | 1 |  |  | 40 |  |  | 176 |  |  | 120 |  |  | 48 |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 1,033 |
Units to be retained |  |  | 49 |  |  | 1 |  |  | 40 |  |  | 49 |  |  | — |  |  | 48 |  |  | 42 |  |  | 148 |  |  | 409 |  |  | 786 |
Units to be sold |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 120 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 247 |
Units sold through May1, 2016 |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 117 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |
Unsold units |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Unsold units with deposits for future sale as of May 1, 2016 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Financial information for the three months ended March 31, 2016
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hamilton |  | Hamilton |  |  |  |  |  |  |
|  | Hamilton |  | Hamilton Essex |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Minuteman |  | on Main |  | Dexter |  |  |  |
|  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Bay Sales |  | Bay Apts |  | Apts |  | Apts |  | Park |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental Income |  | $ | 398,797 |  | $ | 60,000 |  | $ | 366,918 |  | $ | 235,321 |  | $ | 16,665 |  | $ | 248,827 |  | $ | 248,561 |  | $ | 798,328 |  | $ | 3,717,306 |  | $ | 6,090,723 |
Laundry and Sundry Income |  |  | 3,982 |  |  | — |  |  | 1,590 |  |  | — |  |  | — |  |  | — |  |  | 245 |  |  | 10,583 |  |  | 25,533 |  |  | 41,933 |
|  |  | 402,779 |  |  | 60,000 |  |  | 368,508 |  |  | 235,321 |  |  | 16,665 |  |  | 248,827 |  |  | 248,806 |  |  | 808,911 |  |  | 3,742,839 |  |  | 6,132,656 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative |  |  | 15,552 |  |  | 425 |  |  | 9,987 |  |  | 1,427 |  |  | 1,899 |  |  | 1,980 |  |  | 1,307 |  |  | 11,508 |  |  | 49,271 |  |  | 93,356 |
Depreciation and Amortization |  |  | 111,964 |  |  | 707 |  |  | 86,915 |  |  | 59,065 |  |  | 6,292 |  |  | 79,392 |  |  | 84,684 |  |  | 237,896 |  |  | 805,006 |  |  | 1,471,921 |
Management Fees |  |  | 14,685 |  |  | 2,400 |  |  | 14,837 |  |  | 9,525 |  |  | 670 |  |  | 10,241 |  |  | 10,335 |  |  | 31,925 |  |  | 81,096 |  |  | 175,714 |
Operating |  |  | 30,503 |  |  | — |  |  | 20,123 |  |  | 365 |  |  | 152 |  |  | 294 |  |  | 23,663 |  |  | 69,090 |  |  | 359,869 |  |  | 504,059 |
Renting |  |  | 540 |  |  | — |  |  | 185 |  |  | — |  |  | — |  |  | 477 |  |  | 3,855 |  |  | 5,503 |  |  | 28,489 |  |  | 39,049 |
Repairs and Maintenance |  |  | 33,934 |  |  | — |  |  | 16,708 |  |  | 77,481 |  |  | 8,017 |  |  | 99,792 |  |  | 53,661 |  |  | 96,020 |  |  | 263,631 |  |  | 649,244 |
Taxes and Insurance |  |  | 57,435 |  |  | 15,172 |  |  | 34,016 |  |  | 42,949 |  |  | 4,217 |  |  | 41,909 |  |  | 29,424 |  |  | 127,811 |  |  | 368,159 |  |  | 721,092 |
|  |  | 264,613 |  |  | 18,704 |  |  | 182,771 |  |  | 190,812 |  |  | 21,247 |  |  | 234,085 |  |  | 206,929 |  |  | 579,753 |  |  | 1,955,521 |  |  | 3,654,435 |
Income Before Other Income |  |  | 138,166 |  |  | 41,296 |  |  | 185,737 |  |  | 44,509 |  |  | (4,582) |  |  | 14,742 |  |  | 41,877 |  |  | 229,158 |  |  | 1,787,318 |  |  | 2,478,221 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | (70,608) |  |  | — |  |  | (99,504) |  |  | (69,516) |  |  | (47) |  |  | (65,912) |  |  | (76,316) |  |  | (191,883) |  |  | (1,219,720) |  |  | (1,793,506) |
Interest Income |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Gain on sale of real estate |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 168,008 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 168,008 |
|  |  | (70,608) |  |  | — |  |  | (99,504) |  |  | (69,513) |  |  | 167,961 |  |  | (65,912) |  |  | (76,316) |  |  | (191,883) |  |  | (1,219,720) |  |  | (1,625,495) |
Net Income (Loss) |  | $ | 67,558 |  | $ | 41,296 |  | $ | 86,233 |  | $ | (25,004) |  | $ | 163,379 |  | $ | (51,170) |  | $ | (34,439) |  | $ | 37,275 |  | $ | 567,598 |  | $ | 852,726 |
Net Income (Loss)—NERA 50% |  | $ | 33,779 |  | $ | 20,648 |  | $ | 43,117 |  | $ | (12,502) |  | $ | 81,690 |  | $ | (25,585) |  | $ | (17,220) |  | $ | 18,638 |  |  |  |  |  | 142,564 |
Net Income (Loss)—NERA 40% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 227,040 |  |  | 227,040 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 369,604 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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