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Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of 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
Schedule of Future Principal Payments on Notes Payable

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