INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2018

2017

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2018


				Hamilton												Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,515,492		$	2,597,633		$	6,242,990		$	887,890		$	1,583,448		$	5,854,350		$	17,359,777		$	89,284,170		$	131,325,750
Cash & Cash Equivalents		148,701			50,004			123,091			136,822			122,350			107,268			102,710			861,790			1,652,736
Rent Receivable		133,580			—			19,937			6,902			2,463			5,206			21,196			221,175			410,459
Real Estate Tax Escrow		83,760			—			46,751			—			0			32,229			152,782			349,904			665,426
Prepaid Expenses & Other Assets		80,429			279			50,269			586,555			693,936			17,475			95,705			2,668,635			4,193,283
Total Assets	$	7,961,962		$	2,647,916		$	6,483,038		$	1,618,169		$	2,402,197		$	6,016,528		$	17,732,170		$	93,385,674		$	138,247,654
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,896,582		$	—		$	9,627,636		$	—		$	—		$	5,889,863		$	16,797,004		$	81,509,648		$	123,720,733
Accounts Payable & Accrued Expense		74,966			2,188			87,137			8,434			9,554			55,333			169,932			634,933			1,042,477
Advance Rental Pmts & Security Deposits		341,039			—			245,550			12,555			10,975			112,103			321,274			2,608,580			3,652,076
Total Liabilities		10,312,587			2,188			9,960,323			20,989			20,529			6,057,299			17,288,210			84,753,161			128,415,286
Partners’ Capital		(2,349,625)			2,645,728			(3,477,285)			1,597,180			2,381,668			(40,771)			443,960			8,630,513			9,831,368
Total Liabilities and Capital	$	7,962,962		$	2,647,916		$	6,483,038		$	1,618,169		$	2,402,197		$	6,016,528		$	17,732,170		$	93,383,674		$	138,246,654
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,322,863		$	—		$	798,589		$	1,190,833		$			$	221,979		$	3,452,204			6,986,470
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,174,814)		$	—		$	(1,738,644)		$	—		$	—		$	(20,387)		$	—		$	—			(2,933,844)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	4,052,626
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			1,033
Units to be retained		49			1			40			—			—			42			148			409			690
Units to be sold		—			—			—			175			48			—			—			—			343
Units sold through May 1, 2018		—			—			—			167			38			—			—			—			205
Unsold units		—			—			—			8			10			—			—			—			18
Unsold units with deposits for future sale as of May 1, 2018		—			—			—			3			3			—			—			—			6

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2018 are as follows:


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
3//31/2019	$	—	$	192,094	$		$	—	$	1,700,153	$	1,892,247
3/31/2020		—		199,661				—		79,901,188		80,100,849
3/31/2021		—		207,527		—		—				207,527
3/31/2022		—		215,702		—		—				215,702
3/31/2023		—		224,199		—		—				224,199
Thereafter		10,000,000		8,656,703		6,000,000		16,900,000		—		41,556,703
		10,000,000		9,695,886		6,000,000		16,900,000		81,601,341		124,197,227
Less: unamortized deferred financing costs		(103,418)		(68,250)		(110,137)		(102,996)		(91,693)		(476,494)
	$	9,896,582	$	9,627,636	$	5,889,863	$	16,797,004	$	81,509,648	$	123,720,733

2016

Summary of financial position relating to investment in unconsolidated joint ventures

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		$	79,747		$	2,956,030			$	70,108			$	413,328		$	3,300,098		$	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			0			—			0				42				148			409			690
Units to be sold		—			—			—			176			120			46				—				—			—			343
Units sold through May 1, 2017		—			—			—			143			120			1				—				—			—			264
Unsold units		—			—			—			32			0			47				—				—			—			79
Unsold units with deposits for future sale as of May 1, 2017		—			—			—			4			—			10				—				—			—			14