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Notes Payable
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Notes Payable

Note F — Notes Payable

 

As of December 31, 2023 and 2022, the principal balances on notes payable are as follows (dollars in thousands):

 

   Original Debt   Monthly   Balance as of      Term (in     Interest   Loan
Loan  Amount   Payment   12/31/23   Lender  Years)     Rate   Maturity
MVP Memphis Poplar (3)  $1,800    I/O   $1,800   LoanCore  5      5.38%  3/6/2024
MVP St. Louis (3)  $3,700    I/O   $3,700   LoanCore  5      5.38%  3/6/2024
Mabley Place Garage, LLC  $9,000   $44   $7,428   Barclays  10      4.25%  12/6/2024
322 Streeter Holdco LLC  $25,900   $130   $24,672   American National Insurance Co.  5  *   3.50%  3/1/2025
MVP Houston Saks Garage, LLC  $3,650   $20   $2,851   Barclays Bank PLC  10      4.25%  8/6/2025
Minneapolis City Parking, LLC  $5,250   $29   $4,223   American National Insurance, of NY  10      4.50%  5/1/2026
MVP Bridgeport Fairfield Garage, LLC  $4,400   $23   $3,531   FBL Financial Group, Inc.  10      4.00%  8/1/2026
West 9th Properties II, LLC  $5,300   $30   $4,343   American National Insurance Co.  10      4.50%  11/1/2026
MVP Fort Worth Taylor, LLC  $13,150   $73   $10,807   American National Insurance, of NY  10      4.50%  12/1/2026
MVP Detroit Center Garage, LLC  $31,500   $194   $26,759   Bank of America  10      5.52%  2/1/2027
St. Paul Holiday Garage, LLC (1)  $4,132   $24   $3,714   KeyBank  10  *   4.90%  5/1/2027
MVP St. Louis Washington, LLC (1)  $1,380   $8   $1,241   KeyBank  10  *   4.90%  5/1/2027
Cleveland Lincoln Garage, LLC (1)  $3,999   $23   $3,594   KeyBank  10  *   4.90%  5/1/2027
MVP Denver Sherman, LLC (1)  $286   $2   $257   KeyBank  10  *   4.90%  5/1/2027
MVP Milwaukee Arena Lot, LLC (1)  $2,142   $12   $1,925   KeyBank  10  *   4.90%  5/1/2027
MVP Denver 1935 Sherman, LLC (1)  $762   $4   $684   KeyBank  10  *   4.90%  5/1/2027
MVP Louisville Broadway Station, LLC (2)  $1,682    I/O   $1,682   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
MVP Whitefront Garage, LLC (2)  $6,454    I/O   $6,454   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
MVP Houston Preston Lot, LLC (2)  $1,627    I/O   $1,627   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
MVP Houston San Jacinto Lot, LLC (2)  $1,820    I/O   $1,820   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
St. Louis Broadway, LLC (2)  $1,671    I/O   $1,671   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
St. Louis Seventh & Cerre, LLC (2)  $2,057    I/O   $2,057   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
MVP Indianapolis Meridian Lot, LLC (2)  $938    I/O   $938   Cantor Commercial Real Estate  10  **   5.03%  5/6/2027
St Louis Cardinal Lot DST, LLC  $6,000    I/O   $6,000   Cantor Commercial Real Estate  10      5.25%  5/31/2027
MVP Preferred Parking, LLC  $11,330   $66   $11,028   Key Bank  10  **   5.02%  8/1/2027
Less unamortized loan issuance costs            $(426)                 
             $134,380                  

 

  (1) We issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.
  (2) We issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties.
  (3) The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 and MVP Memphis Poplar.

 

*2 Year Interest Only
**10 Year Interest Only

I/O - Interest Only

 

In September 2023, we paid five notes in full with Vestin Realty Mortgage II, Inc. in the amount of approximately $9.9 million. In February 2024, we refinanced the note payable for MVP St. Louis 2013 and MVP Memphis Poplar with a ten year, $5.9 million note payable with an interest rate of 7.94%.

 

Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. As of December 31, 2023, borrowers for two of the Company’s loans totaling $38.2 million, failed to meet certain loan covenants. As a result, we are subject to additional cash management procedures, which resulted in approximately $0.8 million of restricted cash as of December 31, 2023. In order to exit cash management, certain debt service coverage ratios or debt yield tests must be exceeded for two consecutive quarters to return to less restrictive cash management procedures.

 

 

As of December 31, 2023, future principal payments on notes payable are as follows (dollars in thousands):

 

      
2024  $10,564 
2025   29,166 
2026   22,789 
2027   67,084 
Thereafter   5,603 
Total  $135,206