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MORTGAGE NOTES PAYABLE (Line of Credit) (Details) |  |  |  |  | 12 Months Ended |
--- | --- | --- | --- | --- | --- | ---
Dec. 03, 2021 USD ($) | Oct. 29, 2021 USD ($) | Sep. 30, 2015 USD ($) | Jul. 31, 2014 USD ($) | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | May 31, 2019 USD ($)
Line of Credit |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ 13,629,463 | $ 13,705,415 | $ 12,201,966 |
Credit line balance |  |  |  |  | 0 | 17,000,000 |  |
Hamilton Essex 81 |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Term of debt |  |  | 10 years |  |  |  |  |
Loan amount |  |  | $ 10,000,000 |  |  |  |  |
Interest expense |  |  |  |  | 246,339 | $ 299,161 | $ 466,737 |
Residences at CaptainParkers 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 |  |  |  |  |  |  |  |
Maximum borrowings |  | $ 25,000,000 |  |  |  |  |  |
Maximum borrowings during modification period |  | $ 17,000,000 |  |  |  |  |  |
Term of debt |  | 3 years |  | 3 years |  |  |  |
Loan amount |  |  |  | $ 25,000,000 |  |  |  |
Payment on line of credit | $ 17,000,000 |  |  |  |  |  |  |
Amount of refinancing costs |  |  |  | $ 128,000 |  |  |  |
Extension fees paid |  |  |  |  | $ 37,500 |  |  |
Modification and renewal of the line of credit |  | $ 179,000 |  |  |  |  |  |
Number of properties in which borrowing amount collateralized | item |  |  |  |  | 23 |  |  |
Commitment fee |  |  |  |  | $ 10,000 |  |  |
Debt yield |  |  |  |  | 8.04% | 8.50% |  |
Line of Credit | Current covenants |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Leverage ratio |  | 65.00% |  |  |  |  |  |
Tangible net worth |  | $ 200 |  |  |  |  |  |
Debt yield |  | 9.50% |  |  |  |  |  |
Debt service coverage ratio |  | 1.60 |  |  |  |  |  |
Line of Credit | Revised covenants inplace until September 30, 2022 |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Leverage ratio |  | 70.00% |  |  |  |  |  |
Tangible net worth |  | $ 175 |  |  |  |  |  |
Debt yield |  | 8.50% |  |  |  |  |  |
Debt service coverage ratio |  | 1.35 |  |  |  |  |  |
Line of Credit | Revised Covenants in place until December 31, 2022 |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Debt yield |  | 9.00% |  |  |  |  |  |
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 |  | 300.00% |  | 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% |  |  |
Line of Credit | Maximum |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Pledged interest ownership percentage |  |  |  |  | 100.00% |  |  |
Commitment fee for unused amount (as a percent) |  |  |  |  | 0.20% |  |  |
Residences at CaptainParkers LLC Residential Apartments Lexington, Massachusetts |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |
Loan amount |  |  |  |  |  |  |  | $ 20,750,000

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- 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
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- Definition Maximum borrowing capacity during the modifications period under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References No definition available. + Details
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- 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
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- 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
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the 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
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- 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
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