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RENTAL PROPERTIES | 6 Months Ended
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Jun. 30, 2020
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES ​ As of June 30, 2020, the Partnership and its Subsidiary Partnerships owned 2,892 residential apartment units in 25 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. ​ Additionally, as of June 30, 2020, the Partnership and Subsidiary Partnerships owned a commercial shopping center in Framingham, commercial buildings in Newton and Brookline and mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.” ​ The Partnership also owned a 40% to 50% ownership interest in seven residential and mixed use complexes (the “Investment Properties”) at June 30, 2020 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. ​ Rental properties consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2020 |  | December 31, 2019 |  | Useful Life |
Land, improvements and parking lots | ​ | $ | 86,864,868 | ​ | $ | 86,693,759 | ​ | 15 | - | 40 | years | ​
Buildings and improvements | ​ |  | 253,113,482 | ​ |  | 252,896,183 | ​ | 15 | - | 40 | years | ​
Kitchen cabinets | ​ |  | 17,633,302 | ​ |  | 17,376,841 | ​ | 5 | - | 10 | years | ​
Carpets | ​ |  | 11,317,057 | ​ |  | 10,976,972 | ​ | 5 | - | 10 | years | ​
Air conditioning | ​ |  | 573,389 | ​ |  | 573,389 | ​ | 5 | - | 10 | years | ​
Laundry equipment | ​ |  | 709,210 | ​ |  | 709,210 | ​ | 5 | - | 7 | years | ​
Elevators | ​ |  | 1,885,265 | ​ |  | 1,885,265 | ​ | 20 | - | 40 | years | ​
Swimming pools | ​ |  | 1,092,194 | ​ |  | 1,092,194 | ​ | 10 | - | 30 | years | ​
Equipment | ​ |  | 17,574,649 | ​ |  | 17,391,731 | ​ | 5 | - | 30 | years | ​
Motor vehicles | ​ |  | 211,660 | ​ |  | 178,847 | ​ | ​ | ​ | 5 | years | ​
Fences | ​ |  | 46,872 | ​ |  | 38,482 | ​ | 5 | - | 15 | years | ​
Furniture and fixtures | ​ |  | 8,520,979 | ​ |  | 8,235,292 | ​ | 5 | - | 7 | years | ​
Smoke alarms | ​ |  | 505,835 | ​ |  | 505,835 | ​ | 5 | - | 7 | years | ​
Total fixed assets | ​ |  | 400,048,762 | ​ |  | 398,554,000 | ​ | ​ | ​ | ​ | ​ | ​
Less: Accumulated depreciation | ​ |  | (128,631,361) | ​ |  | (120,190,012) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 271,417,401 | ​ | $ | 278,363,988 | ​ | ​ | ​ | ​ | ​ | ​
​ On December 20, 2019, Mill Street Gardens, LLC and Mill Street Development, LLC, collectively referred to as Mill Street, a wholly-owned subsidiary of New England Realty Associates Limited Partnership closed on a Purchase Agreement dated as of September 27, 2019 with Ninety-Three Realty Limited Partnership pursuant to which Mill Street acquired Country Club Garden Apartments, a 181 unit apartment complex located at 57 Mill Street, Woburn, Massachusetts for an aggregate purchase price of $59,550,000 in cash. Mill Street funded $18,000,000 of the purchase price out of an existing line of credit, $10,550,000 of the cash portion of the purchase price out of cash reserves and the remaining $31,000,000 from the proceeds of the Loan from Insurance Strategy Funding Corp. LLC described below. The closing costs were approximately $237,000. From the purchase price, the Partnership allocated approximately $1,282,000 for in- place leases, and approximately $136,000 to the value of tenant relationships. These amounts are being amortized over 12 and 36 months respectively. On December 20, 2019, Mill Street entered into a Loan Agreement with Insurance Strategy Funding Corp. LLC providing for a loan in the maximum principal amount of $35,000,000, consisting of the initial advance of $31,000,000 and a subsequent advance of up to $4,000,000 if certain financial conditions are met. Interest on the Note is payable on a monthly basis at a fixed interest rate of: (i) 3.586% per annum with respect to the initial advance and (ii) the greater of (A) the sum of the market spread rate and the interpolated (based on the remaining term of the Loan) US Treasury rate at the time of the advance and (B) 3.500% with respect to any subsequent advance. The principal amount of the Note is due and payable on January 1, 2035. The Note is secured by a mortgage on the Property and is guaranteed by the Partnership pursuant to a Guaranty Agreement dated December 20, 2019.

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