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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 18—SUBSEQUENT EVENTS From January 1, 2020 through March 8, 2020, the Partnership purchased a total of 3,469 Depository Receipts. The average price was $62.01 per receipt or $1,860.30 per unit. The total cost was $215,113. The Partnership is required to purchase 27 Class B units and 1 General Partnership units at a cost of $51,087 and $2,689 respectively. On February 7, 2020, the Partnership entered into an agreement with KeyBank National Association to refinance Brookside Apartments with Freddie Mac. The new 15 year loan will be approximately $6,175,000, interest only, with an interest rate of 3.53%. These funds will be used to pay off the existing mortgage, the balance of which is $2,390,000, with the remaining portion of the proceeds used to pay down the line of credit.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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