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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 3 Months Ended
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Mar. 31, 2025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 15. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Partnership has invested in seven limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three Joint Ventures investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are the Brown Family related entities and five current and former employees of the Management Company. The Brown Family’s ownership interest was between 47.6% and 59%, with the balance owned by the others. A description of each investment is as follows: On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, Hamilton Park Towers LLC, referred to as Dexter Park, or Hamilton Park, is a 409 unit residential complex. The purchase price was $129,500,000. The original mortgage was $89,914,000 with an interest rate of 5.57% and was to mature in 2019. The mortgage called for interest only payments for the first two years of the loan and amortized over 30 years thereafter. On May 31, 2018, Hamilton Park Towers, LLC, entered into a Mortgage Note with John Hancock Life Insurance Company (U.S.A.) in the principal amount of $125,000,000. Interest only payments on the Note are payable on a monthly basis at a fixed interest rate of 3.99% per annum, and the principal amount of the Note is due and payable on June 1, 2028. The Note is secured by a mortgage on the Dexter Park apartment complex located at 175 Freeman Street, Brookline, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated May 31, 2018. The Note is guaranteed by the Partnership and HBC Holdings, LLC pursuant to a Guaranty Agreement dated May 31, 2018. Hamilton Park used the proceeds of the loan to pay off an outstanding loan of approximately $82,000,000 and distributed approximately $41,200,000 to its owners. The Partnership’s share of the distribution was approximately $16,500,000. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its’ share of any future operating deficiencies as needed. At March 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $125,000,000. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park. On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At March 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $10,000,000. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Joint Venture sold 127 of the units as condominiums and retained 49 units for long-term investment. The Joint Venture obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Joint Venture. The interest on the new loan was 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. After paying off the mortgage, the Partnership began to sell off the individual units. In 2019, all residential units were sold. The Partnership still owns the commercial building. This investment is referred to as Hamilton 1025, LLC. In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. At March 31 2025, the balance on this mortgage before unamortized deferred financing costs is $6,000,000. This investment is referred to as Hamilton Minuteman, LLC. In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. On April 18, 2024 the Borrower and KeyBank executed amended loan documents reflecting the transfer of interest in the Borrower. In conjunction with the execution of the amended loan documents, KeyBank provided a courtesy reduction equal to 50% of the transfer fee. In August 2024, the property was refinanced with a 10 year mortgage in the amount of $23,589,000 at 5.425% interest only. The Joint Venture paid off the prior mortgage of approximately $16,900,000 with the proceeds of the new mortgage and distributed $2,000,000 to the Partnership. The costs associated with the refinancing were approximately $243,000. In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. At March 31, 2025, the balance of the mortgage before unamortized deferred finance is $23,589,000. The investment is referred to as Hamilton on Main LLC. In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At March 31, 2025, the balance of this mortgage before unamortized deferred financing costs is approximately $8,181,000. This investment is referred to as 345 Franklin, LLC. Summary financial information at March 31, 2025 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Hamilton |  | ​ | ​ |  | ​ | ​ |  | Hamilton |  | Hamilton |  | ​ | ​ |  | ​ | ​
​ | ​ | Hamilton | ​ | Essex | ​ | 345 | ​ | Hamilton | ​ | Minuteman | ​ | on Main | ​ | Dexter | ​ | ​ | ​
​ |  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Apts |  | Apts |  | Park |  | Total
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental Properties | ​ | $ | 4,900,308 | ​ | $ | 2,580,079 | ​ | $ | 4,083,706 | ​ | $ | 70,947 | ​ | $ | 3,914,792 | ​ | $ | 13,438,355 | ​ | $ | 70,021,621 | ​ | $ | 99,009,808
Cash & Cash Equivalents | ​ |  | 1,585,575 | ​ | ​ | 62,606 | ​ | ​ | 196,009 | ​ | ​ | 18,541 | ​ | ​ | 316,267 | ​ | ​ | 437,638 | ​ | ​ | 4,562,878 | ​ |  | 7,179,514
Rent Receivable | ​ |  | 199,976 | ​ | ​ | 68,310 | ​ | ​ | 9,440 | ​ | ​ | 827 | ​ | ​ | 11,821 | ​ | ​ | 47,523 | ​ | ​ | 109,190 | ​ |  | 447,087
Real Estate Tax Escrow | ​ |  | 69,677 | ​ | ​ | — | ​ | ​ | 77,702 | ​ | ​ | — | ​ | ​ | 25,424 | ​ | ​ | — | ​ | ​ | — | ​ |  | 172,803
Prepaid Expenses & Other Assets | ​ |  | 303,441 | ​ | ​ | 31,995 | ​ | ​ | 68,612 | ​ | ​ | 241 | ​ | ​ | 54,374 | ​ | ​ | 283,795 | ​ | ​ | 2,527,201 | ​ |  | 3,269,659
Total Assets | ​ | $ | 7,058,977 | ​ | $ | 2,742,990 | ​ | $ | 4,435,469 | ​ | $ | 90,556 | ​ | $ | 4,322,678 | ​ | $ | 14,207,311 | ​ | $ | 77,220,890 | ​ | $ | 110,078,871
LIABILITIES AND PARTNERS’ CAPITAL | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage Notes Payable | ​ | $ | 9,992,244 | ​ | $ | — | ​ | $ | 8,159,819 | ​ | $ | — | ​ | $ | 5,947,148 | ​ | $ | 23,360,218 | ​ | $ | 124,795,361 | ​ | $ | 172,254,790
Accounts Payable & Accrued Expense | ​ |  | 318,276 | ​ | ​ | 5,000 | ​ | ​ | 111,283 | ​ | ​ | 3,936 | ​ | ​ | 71,714 | ​ | ​ | 380,622 | ​ | ​ | 941,807 | ​ |  | 1,832,638
Advance Rental Pmts & Security Deposits | ​ |  | 384,491 | ​ | ​ | — | ​ | ​ | 287,487 | ​ | ​ | — | ​ | ​ | 176,548 | ​ | ​ | 474,411 | ​ | ​ | 3,550,396 | ​ |  | 4,873,333
Total Liabilities | ​ |  | 10,695,011 | ​ | ​ | 5,000 | ​ | ​ | 8,558,589 | ​ | ​ | 3,936 | ​ | ​ | 6,195,410 | ​ | ​ | 24,215,251 | ​ | ​ | 129,287,564 | ​ | ​ | 178,960,761
Partners’ Capital | ​ |  | (3,636,034) | ​ | ​ | 2,737,990 | ​ | ​ | (4,123,120) | ​ | ​ | 86,620 | ​ | ​ | (1,872,732) | ​ | ​ | (10,007,940) | ​ | ​ | (52,066,674) | ​ |  | (68,881,890)
Total Liabilities and Capital | ​ | $ | 7,058,977 | ​ | $ | 2,742,990 | ​ | $ | 4,435,469 | ​ | $ | 90,556 | ​ | $ | 4,322,678 | ​ | $ | 14,207,311 | ​ | $ | 77,220,890 | ​ | $ | 110,078,871
Partners’ Capital %—NERA | ​ |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 40 | % | ​ | ​
Investment in Unconsolidated Joint Ventures | ​ | $ | — | ​ | $ | 1,368,995 | ​ | $ | — | ​ | $ | 43,310 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | ​ | 1,412,305
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures | ​ | $ | (1,818,017) | ​ | $ | — | ​ | $ | (2,061,560) | ​ | $ | — | ​ | $ | (936,366) | ​ | $ | (5,003,970) | ​ | $ | (20,826,670) | ​ | ​ | (30,646,583)
Total Investment in Unconsolidated Joint Ventures (Net) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (29,234,278)
Total units/condominiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Apartments | ​ |  | 48 | ​ |  | — | ​ |  | 40 | ​ |  | — | ​ |  | 42 | ​ |  | 148 | ​ |  | 409 | ​ |  | 687
Commercial | ​ |  | 1 | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 3
Total | ​ |  | 49 | ​ |  | 1 | ​ |  | 40 | ​ |  | 1 | ​ |  | 42 | ​ |  | 148 | ​ |  | 409 | ​ |  | 690
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Financial information for the three months ended March 31, 2025 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Hamilton |  | ​ | ​ |  | ​ | ​ |  | Hamilton |  | Hamilton |  | ​ | ​ |  | ​ | ​
​ | ​ | Hamilton | ​ | Essex | ​ | 345 | ​ | Hamilton | ​ | Minuteman | ​ | on Main | ​ | Dexter | ​ | ​ | ​
​ | ​ | Essex 81 | ​ | Development | ​ | Franklin | ​ | 1025 | ​ | Apts | ​ | Apts | ​ | Park | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental Income | ​ | $ | 504,541 | ​ | $ | 60,471 | ​ | $ | 503,118 | ​ | $ | 24,918 | ​ | $ | 367,614 | ​ | $ | 1,105,579 | ​ | $ | 4,448,065 | ​ | $ | 7,014,306
Laundry and Sundry Income | ​ |  | 2,357 | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,065 | ​ | ​ | 40,148 | ​ | ​ | 57,570
​ | ​ | ​ | 506,898 | ​ | ​ | 60,471 | ​ | ​ | 503,118 | ​ | ​ | 24,918 | ​ | ​ | 367,614 | ​ | ​ | 1,120,644 | ​ | ​ | 4,488,213 | ​ | ​ | 7,071,876
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Administrative | ​ | ​ | 8,956 | ​ | ​ | 1,005 | ​ | ​ | 13,966 | ​ | ​ | 826 | ​ | ​ | 11,355 | ​ | ​ | 40,193 | ​ | ​ | 86,331 | ​ | ​ | 162,632
Depreciation and Amortization | ​ | ​ | 115,908 | ​ | ​ | 2,927 | ​ | ​ | 87,029 | ​ | ​ | 816 | ​ | ​ | 84,817 | ​ | ​ | 285,902 | ​ | ​ | 905,218 | ​ | ​ | 1,482,617
Management Fees | ​ | ​ | 20,288 | ​ | ​ | 2,529 | ​ | ​ | 19,063 | ​ | ​ | 1,030 | ​ | ​ | 14,280 | ​ | ​ | 42,965 | ​ | ​ | 93,345 | ​ | ​ | 193,500
Operating | ​ | ​ | 98,262 | ​ | ​ | — | ​ | ​ | 38,828 | ​ | ​ | 1 | ​ | ​ | 57,365 | ​ | ​ | 188,013 | ​ | ​ | 439,356 | ​ | ​ | 821,825
Renting | ​ | ​ | 219 | ​ | ​ | — | ​ | ​ | 30,740 | ​ | ​ | 21 | ​ | ​ | 5,466 | ​ | ​ | 32,204 | ​ | ​ | 24,547 | ​ | ​ | 93,197
Repairs and Maintenance | ​ | ​ | 41,933 | ​ | ​ | — | ​ | ​ | 34,832 | ​ | ​ | — | ​ | ​ | 22,777 | ​ | ​ | 146,679 | ​ | ​ | 341,618 | ​ | ​ | 587,839
Taxes and Insurance | ​ | ​ | 74,192 | ​ | ​ | 17,350 | ​ | ​ | 48,006 | ​ | ​ | 4,712 | ​ | ​ | 39,967 | ​ | ​ | 119,580 | ​ | ​ | 716,403 | ​ | ​ | 1,020,210
​ | ​ |  | 359,758 | ​ | ​ | 23,811 | ​ | ​ | 272,464 | ​ | ​ | 7,406 | ​ | ​ | 236,027 | ​ | ​ | 855,536 | ​ | ​ | 2,606,818 | ​ | ​ | 4,361,820
Income Before Other Income | ​ |  | 147,140 | ​ | ​ | 36,660 | ​ | ​ | 230,654 | ​ | ​ | 17,512 | ​ | ​ | 131,587 | ​ | ​ | 265,108 | ​ | ​ | 1,881,395 | ​ | ​ | 2,710,056
Other Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Expense | ​ |  | (171,310) | ​ | ​ | — | ​ | ​ | (82,486) | ​ | ​ | — | ​ | ​ | (58,295) | ​ | ​ | (328,700) | ​ | ​ | (1,266,073) | ​ | ​ | (1,906,864)
Interest Income | ​ |  | 9,852 | ​ | ​ | 341 | ​ | ​ | 2,029 | ​ | ​ | 155 | ​ | ​ | 2,185 | ​ | ​ | 5,128 | ​ | ​ | 31,801 | ​ | ​ | 51,491
Other Income | ​ |  | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
​ | ​ | ​ | (161,458) | ​ | ​ | 341 | ​ | ​ | (80,457) | ​ | ​ | 155 | ​ | ​ | (56,110) | ​ | ​ | (323,572) | ​ | ​ | (1,234,272) | ​ | ​ | (1,855,373)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (Loss) Income | ​ | $ | (14,318) | ​ | $ | 37,001 | ​ | $ | 150,197 | ​ | $ | 17,667 | ​ | $ | 75,477 | ​ | $ | (58,464) | ​ | $ | 647,123 | ​ | $ | 854,683
Net (Loss) Income —NERA 50% |  | $ | (7,159) | ​ | $ | 18,501 | ​ | $ | 75,099 | ​ | $ | 8,834 | ​ | $ | 37,739 | ​ | $ | (29,232) | ​ | ​ | ​ | ​ | ​ | 103,780
Net Income —NERA 40% |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 258,849 | ​ | ​ | 258,849
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 362,629
​ ​ Future annual mortgage maturities at March 31, 2025 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Hamilton | ​ | 345 | ​ | Hamilton | ​ | Hamilton on | ​ | Dexter | ​ | ​ | ​ |
Period End |  | Essex 81 |  | Franklin |  | Minuteman |  | Main Apts |  | Park |  | Total |
3/31/2026 | ​ | $ | 10,000,000 | ​ | $ | 251,753 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10,251,753 | ​
3/31/2027 | ​ |  | ​ | ​ | ​ | 261,671 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 261,671 | ​
3/31/2028 | ​ |  | — | ​ | ​ | 271,979 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 271,979 | ​
3/31/2029 | ​ | ​ | — | ​ | ​ | 7,396,056 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 125,000,000 | ​ | ​ | 132,396,056 | ​
3/31/2030 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Thereafter | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,000,000 | ​ | ​ | 23,589,000 | ​ | ​ | — | ​ | ​ | 29,589,000 | ​
​ | ​ | ​ | 10,000,000 | ​ | ​ | 8,181,459 | ​ | ​ | 6,000,000 | ​ | ​ | 23,589,000 | ​ | ​ | 125,000,000 | ​ | ​ | 172,770,459 | ​
Less: unamortized deferred financing costs | ​ | ​ | (7,756) | ​ | ​ | (21,640) | ​ | ​ | (52,852) | ​ | ​ | (228,782) | ​ | ​ | (204,640) | ​ | ​ | (515,670) | ​
​ | ​ | $ | 9,992,244 | ​ | $ | 8,159,819 | ​ | $ | 5,947,148 | ​ | $ | 23,360,218 | ​ | $ | 124,795,360 | ​ | $ | 172,254,789 | ​
​ At March 31, 2025, the weighted average interest rate on the above mortgages was 4.32%. The effective rate was 4.39% including the amortization expense of deferred financing costs. ​ Summary financial information at March 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Hamilton |  | ​ | ​ |  | ​ | ​ |  | Hamilton |  | Hamilton |  | ​ | ​ |  | ​ | ​
​ | ​ | Hamilton | ​ | Essex | ​ | 345 | ​ | Hamilton | ​ | Minuteman | ​ | on Main | ​ | Dexter | ​ | ​ | ​
​ |  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Apts |  | Apts |  | Park |  | Total
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental Properties | ​ | $ | 5,314,109 | ​ | $ | 2,582,568 | ​ | $ | 4,395,208 | ​ | $ | 74,211 | ​ | $ | 4,118,836 | ​ | $ | 12,594,324 | ​ | $ | 72,539,709 | ​ | $ | 101,618,965
Cash & Cash Equivalents | ​ |  | 1,226,034 | ​ |  | 58,242 | ​ |  | 118,521 | ​ |  | 19,844 | ​ |  | 267,322 | ​ |  | 1,218,033 | ​ |  | 2,566,642 | ​ |  | 5,474,638
Rent Receivable | ​ |  | 170,515 | ​ |  | 77,243 | ​ |  | 537 | ​ |  | 3,715 | ​ |  | 254 | ​ |  | 20,744 | ​ |  | 121,564 | ​ |  | 394,572
Real Estate Tax Escrow | ​ |  | 81,278 | ​ |  | — | ​ |  | 69,765 | ​ |  | — | ​ |  | 29,481 | ​ |  | 168,242 | ​ |  | — | ​ |  | 348,766
Prepaid Expenses & Other Assets | ​ |  | 315,092 | ​ |  | 41,185 | ​ |  | 74,126 | ​ |  | 233 | ​ |  | 42,429 | ​ |  | 222,756 | ​ |  | 2,449,104 | ​ |  | 3,144,925
Total Assets | ​ | $ | 7,107,028 | ​ | $ | 2,759,238 | ​ | $ | 4,658,157 | ​ | $ | 98,003 | ​ | $ | 4,458,322 | ​ | $ | 14,224,099 | ​ | $ | 77,677,019 | ​ | $ | 110,981,866
LIABILITIES AND PARTNERS’ CAPITAL | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage Notes Payable | ​ | $ | 9,979,316 | ​ | $ | — | ​ | $ | 8,395,372 | ​ | $ | — | ​ | $ | 5,938,965 | ​ | $ | 16,893,312 | ​ | $ | 124,730,738 | ​ | $ | 165,937,703
Accounts Payable & Accrued Expense | ​ |  | 132,826 | ​ |  | 1,521 | ​ |  | 112,431 | ​ |  | 1,201 | ​ |  | 67,581 | ​ |  | 331,127 | ​ |  | 840,958 | ​ |  | 1,487,645
Advance Rental Pmts& Security Deposits | ​ |  | 348,654 | ​ |  | 20,660 | ​ |  | 275,597 | ​ |  | — | ​ |  | 174,690 | ​ |  | 474,036 | ​ |  | 3,309,073 | ​ |  | 4,602,710
Total Liabilities | ​ |  | 10,460,796 | ​ | ​ | 22,181 | ​ | ​ | 8,783,400 | ​ | ​ | 1,201 | ​ | ​ | 6,181,236 | ​ | ​ | 17,698,475 | ​ | ​ | 128,880,769 | ​ | ​ | 172,028,058
Partners’ Capital | ​ |  | (3,353,768) | ​ | ​ | 2,737,057 | ​ | ​ | (4,125,243) | ​ | ​ | 96,802 | ​ | ​ | (1,722,914) | ​ | ​ | (3,474,376) | ​ | ​ | (51,203,750) | ​ |  | (61,046,192)
Total Liabilities and Capital | ​ | $ | 7,107,028 | ​ | $ | 2,759,238 | ​ | $ | 4,658,157 | ​ | $ | 98,003 | ​ | ​ | 4,458,322 | ​ | $ | 14,224,099 | ​ | $ | 77,677,019 | ​ | $ | 110,981,866
Partners’ Capital %—NERA | ​ |  | 50 | % | ​ | 50 | % |  | 50 | % |  | 50 | ​ |  | 50 | % |  | 50 | % |  | 40 | % | ​ | ​
Investment in Unconsolidated Joint Ventures | ​ | $ | — | ​ | $ | 1,368,530 | ​ | $ | — | ​ | $ | 48,401 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,416,930
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures | ​ | $ | (1,676,884) | ​ | $ | — | ​ | $ | (2,062,622) | ​ | $ | — | ​ | $ | (861,457) | ​ | $ | (1,737,188) | ​ | $ | (20,481,500) | ​ |  | (26,819,651)
Total Investment in Unconsolidated Joint Ventures (Net) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (25,402,721)
Total units/condominiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Apartments | ​ | ​ | 48 | ​ | ​ | — | ​ | ​ | 40 | ​ | ​ | 0 | ​ | ​ | 42 | ​ | ​ | 148 | ​ | ​ | 409 | ​ | ​ | 687
Commercial | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3
Total | ​ | ​ | 49 | ​ | ​ | 1 | ​ | ​ | 40 | ​ | ​ | 1 | ​ | ​ | 42 | ​ | ​ | 148 | ​ | ​ | 409 | ​ | ​ | 690
​ Financial information for the three months ended March 31, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Hamilton |  | ​ | ​ |  | ​ | ​ | ​ | Hamilton |  | Hamilton |  | ​ | ​ |  | ​ | ​
​ | ​ | Hamilton | ​ | Essex | ​ | 345 | ​ | Hamilton |  | Minuteman | ​ | on Main | ​ | Dexter | ​ | ​ | ​
​ |  | Essex 81 | ​ | Development | ​ | Franklin | ​ | 1025 | ​ | Apts | ​ | Apts | ​ | Park | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental Income | ​ | $ | 468,478 | ​ | $ | 60,471 | ​ | $ | 443,756 | ​ | $ | 26,889 | ​ | $ | 351,447 | ​ | $ | 1,008,232 | ​ | $ | 4,348,009 | ​ | $ | 6,707,282
Laundry and Sundry Income | ​ |  | 2,776 | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,664 | ​ | ​ | 45,430 | ​ | ​ | 60,876
​ | ​ |  | 471,254 | ​ | ​ | 60,471 | ​ | ​ | 443,762 | ​ | ​ | 26,889 | ​ | ​ | 351,447 | ​ | ​ | 1,020,896 | ​ | ​ | 4,393,439 | ​ | ​ | 6,768,158
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Administrative | ​ |  | 5,218 | ​ | ​ | 2,000 | ​ | ​ | 8,920 | ​ | ​ | 700 | ​ | ​ | 6,934 | ​ | ​ | 9,324 | ​ | ​ | 52,039 | ​ | ​ | 85,135
Depreciation and Amortization | ​ |  | 115,844 | ​ | ​ | 2,927 | ​ | ​ | 86,398 | ​ | ​ | 816 | ​ | ​ | 82,733 | ​ | ​ | 261,252 | ​ | ​ | 913,751 | ​ | ​ | 1,463,721
Management Fees | ​ |  | 20,426 | ​ | ​ | 2,479 | ​ | ​ | 17,417 | ​ | ​ | 1,062 | ​ | ​ | 14,230 | ​ | ​ | 40,191 | ​ | ​ | 91,881 | ​ | ​ | 187,686
Operating | ​ |  | 83,040 | ​ | ​ | — | ​ | ​ | 25,865 | ​ | ​ | (212) | ​ | ​ | 45,574 | ​ | ​ | 134,402 | ​ | ​ | 438,302 | ​ | ​ | 726,971
Renting | ​ |  | 1,239 | ​ | ​ | — | ​ | ​ | 4,095 | ​ | ​ | 18 | ​ | ​ | 5,529 | ​ | ​ | 27,586 | ​ | ​ | 32,392 | ​ | ​ | 70,859
Repairs and Maintenance | ​ |  | 38,457 | ​ | ​ | — | ​ | ​ | 23,046 | ​ | ​ | — | ​ | ​ | 29,285 | ​ | ​ | 146,331 | ​ | ​ | 354,190 | ​ | ​ | 591,309
Taxes and Insurance | ​ |  | 69,343 | ​ | ​ | 17,592 | ​ | ​ | 49,285 | ​ | ​ | 4,676 | ​ | ​ | 39,168 | ​ | ​ | 101,542 | ​ | ​ | 642,138 | ​ | ​ | 923,744
​ | ​ |  | 333,567 | ​ | ​ | 24,998 | ​ | ​ | 215,026 | ​ | ​ | 7,060 | ​ | ​ | 223,453 | ​ | ​ | 720,628 | ​ | ​ | 2,524,693 | ​ | ​ | 4,049,425
Income Before Other Income | ​ |  | 137,687 | ​ | ​ | 35,473 | ​ | ​ | 228,736 | ​ | ​ | 19,829 | ​ | ​ | 127,994 | ​ | ​ | 300,268 | ​ | ​ | 1,868,746 | ​ | ​ | 2,718,733
Other Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Expense | ​ |  | (197,199) | ​ | ​ | — | ​ | ​ | (84,867) | ​ | ​ | — | ​ | ​ | (59,151) | ​ | ​ | (193,115) | ​ | ​ | (1,296,807) | ​ | ​ | (1,831,139)
Interest income | ​ | ​ | 10,421 | ​ | ​ | 772 | ​ | ​ | 2,361 | ​ | ​ | 205 | ​ | ​ | 2,483 | ​ | ​ | 12,850 | ​ | ​ | 20,674 | ​ | ​ | 49,766
Other Income | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 63,745 | ​ | ​ | — | ​ | ​ | 63,745
​ | ​ | ​ | (186,778) | ​ | ​ | 772 | ​ | ​ | (82,506) | ​ | ​ | 205 | ​ | ​ | (56,668) | ​ | ​ | (116,520) | ​ | ​ | (1,276,133) | ​ | ​ | (1,717,628)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income (Loss) | ​ | $ | (49,091) | ​ | $ | 36,245 | ​ | $ | 146,230 | ​ | $ | 20,034 | ​ | $ | 71,326 | ​ | $ | 183,748 | ​ | $ | 592,613 | ​ | $ | 1,001,105
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Net Income (Loss)—NERA 50% |  | $ | (24,546) | ​ | $ | 18,123 | ​ | $ | 73,115 | ​ | $ | 10,017 | ​ | $ | 35,663 | ​ | $ | 91,874 | ​ | ​ | ​ | ​ | ​ | 204,246
Net Income —NERA 40% |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 237,045 | ​ | ​ | 237,045
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 441,291
​ ​

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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