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Mortgages Payable (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

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