XML 61 R50.htm IDEA: XBRL DOCUMENT
v3.20.4

MORTGAGE NOTES PAYABLE (Line of Credit) (Details) |  |  |  |  | 12 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Jan. 22, 2020 USD ($) | Dec. 20, 2019 USD ($) | Sep. 30, 2015 USD ($) | Jul. 31, 2014 USD ($) | Dec. 31, 2020 USD ($) item | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 19, 2019 USD ($) | May 31, 2019 USD ($) | Mar. 29, 2018 USD ($)
Line of Credit |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ 13,705,415 | $ 12,201,966 | $ 12,389,680 |  |  |
Credit line balance |  |  |  |  |  | 17,000,000 |  |  |  |
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Loan amount |  |  |  |  |  |  |  |  | $ 20,750,000 |
Hamilton Highlands LLC Residential Needham Massachusetts [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Loan amount |  |  |  |  |  |  |  |  |  | $ 21,500,000
Credit line balance |  |  |  |  |  |  |  |  |  | $ 8,000,000
Hamilton Essex 81 |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Term of debt |  |  | 10 years |  |  |  |  |  |  |
Loan amount |  |  | $ 10,000,000 |  |  |  |  |  |  |
Interest expense |  |  |  |  | 299,161 | 466,737 | $ 440,676 |  |  |
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Loan amount |  |  |  |  |  |  |  |  | $ 20,750,000 |
LIBOR | Hamilton Essex 81 |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Variable interest rate spread |  |  | 2.18% |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Term of debt |  |  |  | 3 years |  |  |  |  |  |
Loan amount |  |  |  | $ 25,000,000 |  |  |  | $ 20,000,000 |  |
Payment on line of credit | $ 1,000,000 | $ 2,000,000 |  |  |  |  |  |  |  |
Amount of refinancing costs |  |  |  | $ 128,000 | 37,500 |  |  |  |  |
Credit line balance |  |  |  |  | $ 17,000,000 | $ 18,000,000 |  |  |  |
Number of properties in which borrowing amount collateralized | item |  |  |  |  | 23 |  |  |  |  |
Commitment fee |  |  |  |  | $ 12,000 |  |  |  |  |
Line of Credit | Federal Funds Rate |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Variable interest rate spread |  |  |  | 0.005% |  |  |  |  |  |
Line of Credit | LIBOR |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Additional applicable margin rate |  |  |  | 2.50% |  |  |  |  |  |
Variable interest rate spread |  |  |  | 1.00% |  |  |  |  |  |
Line of Credit | Minimum |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Pledged interest ownership percentage |  |  |  |  | 49.00% |  |  |  |  |
Commitment fee for unused amount (as a percent) |  |  |  |  | 0.15% |  |  |  |  |
Tangible net worth |  |  |  |  | $ 150,000,000 |  |  |  |  |
Operating income to indebtedness ratio |  |  |  |  | 9.50% |  |  |  |  |
Debt service coverage ratio |  |  |  |  | 1.6 |  |  |  |  |
Line of Credit | Maximum |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |
Pledged interest ownership percentage |  |  |  |  | 100.00% |  |  |  |  |
Commitment fee for unused amount (as a percent) |  |  |  |  | 0.20% |  |  |  |  |
Leverage ratio |  |  |  |  | 65.00% |  |  |  |  |
Aggregate increase in indebtedness |  |  |  |  | $ 15,000,000 |  |  |  |  |

X
- Definition Represents that additional interest rate margin on a debt instrument. + References No definition available. + Details
Name: | nen_AdditionalApplicableMarginRate
Namespace Prefix: | nen_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the increase in aggregate indebtedness of the subsidiaries and joint ventures. + References No definition available. + Details
Name: | nen_AggregateIncreaseInIndebtednessOfSubsidiariesAndJointVentures
Namespace Prefix: | nen_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Represents the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to interest expense, which is necessary to be maintained under the terms of the senior credit facilities' covenants. + References No definition available. + Details
Name: | nen_DebtInstrumentCovenantConsolidatedInterestCoverageRatio
Namespace Prefix: | nen_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the ratio of consolidated total debt to consolidated adjusted earnings before, interest, taxes, depreciation and amortization allowed under the terms of the senior credit facilities' covenants. + References No definition available. + Details
Name: | nen_DebtInstrumentCovenantConsolidatedLeverageRatio
Namespace Prefix: | nen_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the ratio of net operating Income to total indebtedness. + References No definition available. + Details
Name: | nen_OperatingIncomeToDebtRatio
Namespace Prefix: | nen_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the pledged interest ownership percentage. + References No definition available. + Details
Name: | nen_PledgedInnterestOwnershipPercentage
Namespace Prefix: | nen_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the level of tangible net worth required to maintain. + References No definition available. + Details
Name: | nen_TangibleNetWorth
Namespace Prefix: | nen_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Face (par) amount of debt instrument at time of issuance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentFaceAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of the fee that accompanies borrowing money under the debt instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentFeeAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentTerm
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of the cost of borrowed funds accounted for as interest expense. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28555-108399 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 + Details
Name: | us-gaap_InterestExpense
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 + Details
Name: | us-gaap_LineOfCredit
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of the fee for available but unused credit capacity under the credit facility. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityCommitmentFeeAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. + References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition The number of real estate properties owned as of the balance sheet date. + References No definition available. + Details
Name: | us-gaap_NumberOfRealEstateProperties
Namespace Prefix: | us-gaap_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3291-108585 + Details
Name: | us-gaap_RepaymentsOfLongTermLinesOfCredit
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=nen_CaptainParkersLlcMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=nen_HamiltonHighlandsLlcResidentialNeedhamMassachusettsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis=nen_HamiltonEssex81LLCMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=nen_CaptainParkersLlcMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=nen_Nen_FederalFundsRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |