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v3.25.4

Mortgages Payable (Tables) | 12 Months Ended
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Dec. 31, 2025
Mortgages Payable |
Schedule of senior mortgage indebtedness | The following table summarizes certain information at December 31, 2025 and 2024 with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Outstanding Principal | ​ ​ ​ | As of December 31, 2025 |
​ | ​ | December 31, | ​ | December 31, | ​ | ​ | ​ | Interest-only | ​ | ​ | ​
Property | ​ | 2025 | ​ ​ ​ | 2024 | ​ | Interest Rate | ​ ​ ​ | through date | ​ ​ ​ | Maturity Date |
Fixed Rate: |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ | ​
Allure at Southpark | ​ | $ | 55,166 | ​ | $ | 55,166 | ​ | 5.58 | % | Interest-only | ​ | January 1, 2030 | ​
Amira at Westly | ​ | ​ | 56,650 | ​ | ​ | 56,650 | ​ | 4.81 | % | Interest-only | ​ | November 1, 2034 | ​
Avenue at Timberlin Park | ​ | ​ | 23,660 | ​ | ​ | 23,660 | ​ | 5.47 | % | August 2027 | ​ | August 1, 2029 | ​
District at Parkview | ​ | ​ | 38,625 | ​ | ​ | — | ​ | 5.18 | % | Interest-only | ​ | January 1, 2036 | ​
ILE (1) | ​ | ​ | 23,096 | ​ | ​ | 27,748 |  | 4.14 | % | (2) | ​ | (1) | ​
Skytop Apartments | ​ | ​ | 57,525 | ​ | ​ | — | ​ | 4.98 | % | Interest-only | ​ | October 1, 2035 | ​
Southern Pines Reserve | ​ | ​ | 30,739 | ​ | ​ | — | ​ | 5.13 | % | Interest-only | ​ | May 1, 2035 | ​
Villas at Huffmeister | ​ | ​ | 26,846 | ​ | ​ | 27,357 | ​ | 3.56 | % | (2) | ​ | October 1, 2029 | ​
Yauger Park Villas (3) | ​ |  | 13,720 | ​ |  | 14,044 |  | 4.86 | % | (2) | ​ | April 1, 2026 | ​
Total Fixed Rate | ​ | $ | 326,027 | ​ | $ | 204,625 |  | ​ |  | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Floating Rate: | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​
DB Loan (4) | ​ | $ | 60,000 | ​ | $ | — | ​ | 5.45 | % | Interest-only | ​ | October 4, 2027 | ​
Harmony at Clear Creek (5) | ​ | ​ | 1 | ​ | ​ | — | ​ | 6.91 | % | Interest-only | ​ | September 30, 2028 | ​
ILE (6) | ​ | ​ | 21,782 | ​ | ​ | 23,000 |  | 6.69 | % | Interest-only | ​ | October 1, 2027 | ​
Wayford at Concord (7) | ​ |  | 32,973 | ​ |  | 32,973 |  | 4.73 | % | May 2027 | ​ | May 1, 2029 | ​
Total Floating Rate | ​ | $ | 114,756 | ​ | $ | 55,973 |  | ​ |  | ​ | ​ | ​ | ​
Total | ​ | $ | 440,783 | ​ | $ | 260,598 |  | ​ |  | ​ | ​ | ​ | ​
Fair value adjustments | ​ |  | (2,075) | ​ |  | (2,400) |  | ​ |  | ​ | ​ | ​ | ​
Deferred financing costs, net | ​ |  | (10,316) | ​ |  | (5,416) |  | ​ |  | ​ | ​ | ​ | ​
Total mortgages payable | ​ | $ | 428,392 | ​ | $ | 252,782 |  | ​ |  | ​ | ​ | ​ | ​
(1) | ILE’s fixed rate debt represents the aggregate debt outstanding across three separate credit agreements. Of the outstanding balance, one credit agreement (“CA1”) has a balance of $3.4 million at a fixed rate of 3.50%, the second credit agreement (“CA2”) has a balance of $15.3 million at a fixed rate of 3.75%, and the third credit agreement (“CA3”) has a balance of $4.4 million at a fixed rate of 6.00%. CA1 and CA3 each bear interest at a floating rate that is subject to an interest rate swap to effectuate a fixed rate; refer to Note 13 for further information. CA1 and CA2 both mature in 2026; CA3 matures in 2028. The ILE credit agreements contain certain financial and operating covenants, including minimum liquidity and minimum debt service coverage.
(2) | The loan requires monthly payments of principal and interest.
(3) | The principal balance includes a $9.5 million senior loan at a fixed rate of 4.81% and a $4.2 million supplemental loan at a fixed rate of 4.96%.
(4) | The Deutsche Bank loan (“DB Loan”) bears interest at one-month Term SOFR plus 2.95%. In December 2025, the one-month Term SOFR in effect for this loan was 3.87%. The Term SOFR rate is subject to a 2.50% rate cap through April 2026; refer to Note 13 for further information. The DB Loan contains certain financial and operating covenants, including maximum leverage, minimum debt yield and minimum debt service coverage.
(5) | Represents a construction loan with a maximum commitment of $46.5 million. At December 31, 2025, a negligible amount was drawn on the loan.
(6) | The ILE loan bears interest at one-month Term SOFR plus 2.85%, subject to a 6.50% rate floor, and contains a minimum debt service coverage covenant. In December 2025, the one-month Term SOFR in effect for this loan was 3.84%.
(7) | The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23%. In December 2025, the 30-day average SOFR in effect for this loan was 4.00%. SOFR rate is subject to a 2.50% rate cap through April 2027; refer to Note 13 for further information.
Schedule of contractual principal payments of its borrowings | The following table summarizes the Company’s contractual principal payments of its borrowings at December 31, 2025 for the five subsequent years and thereafter (amounts in thousands): ​
​ | ​ | ​ | ​
Year | ​ ​ ​ | Total
2026 | ​ | $ | 33,036
2027 | ​ |  | 82,889
2028 | ​ |  | 5,703
2029 | ​ |  | 80,450
2030 | ​ | ​ | 55,166
Thereafter | ​ |  | 183,539
​ | ​ | $ | 440,783
Add: Unamortized fair value debt adjustment | ​ |  | (2,075)
Subtract: Deferred financing costs, net | ​ | ​ | (10,316)
Total | ​ | $ | 428,392

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