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MORTGAGE NOTES PAYABLE (Tables)
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
SCHEDULE OF MORTGAGE NOTE PAYABLE

Each mortgage notes payable is secured by real estate or the Hotel. As of June 30, 2025 and 2024, the mortgage notes payables are summarized as follows:

 

   As of June 30, 2025         
   Number  Note  Note  Mortgage 
Property  of Units  Origination Date  Maturity Date  Balance  Interest Rate
                
SF Hotel  544 rooms  March 2025  April 2027  $67,000,000    Variable at the greater of 7.65% or (Term SOFR + 4.75%) (a) 
                    
SF Hotel  544 rooms  March 2025  April 2027   36,300,000    7.25% fixed through 03/28/2027; 11.25 thereafter 
                    
      Mortgage notes payable – Hotel      103,300,000      
      Debt issuance costs      (1,781,000)     
      Total mortgage notes payable – Hotel     $101,519,000      
                    
Florence  157  December 2024  January 2035  $9,800,000    5.40%
Las Colinas  358  October 2021  November 2031   28,800,000    2.95%
Las Colinas  358  December 2023  November 2031   4,573,000    7.60%
Morris County  151  April 2020  May 2030   16,392,000    3.17%
St. Louis  264  May 2023  May 2028   4,950,000    8.60%
Los Angeles  4  July 2021  July 2051   1,064,000    3.50%
Los Angeles  2  July 2021  July 2051   644,000    3.50%
Los Angeles  1  June 2021  August 2051   847,000    3.50%
Los Angeles  31  October 2020  November 2030   7,907,000    2.52%
Los Angeles  30  June 2022  July 2052   5,558,000    4.40%
Los Angeles  14  January 2021  February 2031   2,522,000    3.05%
Los Angeles  12  June 2016  June 2026   1,863,000    3.59%
Los Angeles  9  June 2020  July 2030   2,326,000    3.09%
Los Angeles  9  November 2020  December 2030   1,803,000    3.05%
Los Angeles  8  July 2021  July 2051   1,469,000    3.50%
Los Angeles  7  August 2012  September 2042   715,000    3.75%
Los Angeles  4  June 2021  August 2051   1,064,000    3.50%
Los Angeles  1  June 2021  August 2051   511,000    3.50%
Los Angeles  4  July 2021  August 2051   766,000    3.50%
Los Angeles  1  September 2018  October 2048   886,000    3.50%
      Mortgage notes payable – real estate      94,460,000      
      Debt issuance costs      (865,000)     
      Total mortgage notes payable – real estate     $93,595,000      

 

 

   As of June 30, 2024           
   Number  Note  Note  Mortgage   Interest 
Property  of Units  Origination Date  Maturity Date  Balance   Rate 
                  
SF Hotel  544 rooms  December 2013  January 2025  $76,962,000    5.28%
                  plus 4% default rate 
SF Hotel  544 rooms  July 2019  January 2025   24,500,000    7.25%
                  plus default rate 
      Mortgage notes payable – Hotel      101,462,000      
      Debt issuance costs      (679,000)     
      Total mortgage notes payable – Hotel     $100,783,000      
                    
Florence  157  March 2015  April 2025  $2,834,000    3.87%
Las Colinas  358  October 2021  November 2031   28,800,000    2.95%
Las Colinas  358  December 2023  November 2031   4,573,000    7.60%
Morris County  151  April 2020  May 2030   16,807,000    3.17%
St. Louis  264  May 2013  May 2025   5,355,000    8.60%
Los Angeles  4  July 2021  July 2051   1,088,000    3.50%
Los Angeles  2  July 2021  July 2051   659,000    3.50%
Los Angeles  1  June 2021  August 2051   867,000    3.50%
Los Angeles  31  October 2020  November 2030   8,102,000    2.52%
Los Angeles  30  June 2022  July 2052   5,662,000    4.40%
Los Angeles  14  January 2021  February 2031   2,585,000    3.05%
Los Angeles  12  June 2016  June 2026   1,919,000    3.59%
Los Angeles  9  June 2020  July 2030   2,386,000    3.09%
Los Angeles  9  November 2020  December 2030   1,848,000    3.05%
Los Angeles  8  July 2021  July 2051   1,503,000    3.50%
Los Angeles  7  August 2012  September 2042   733,000    3.75%
Los Angeles  4  June 2021  August 2051   1,088,000    3.50%
Los Angeles  1  June 2021  August 2051   523,000    3.50%
Los Angeles  4  July 2021  August 2051   783,000    3.50%
Los Angeles  1  September 2018  October 2048   910,000    3.50%
      Mortgage notes payable – real estate      89,025,000      
      Debt issuance costs      (852,000)     
      Total mortgage notes payable – real estate     $88,173,000      

 

(a):The Hotel senior loan includes an interest-rate floor (minimum 7.65%) and requires an interest-rate cap that caps Term SOFR at 4.50%; the mezzanine rate steps to 11.25% after 3/28/2027. Default-rate add-ons are +5% (senior) and +4% (mezzanine).
SCHEDULE OF FUTURE MINIMUM PAYMENT FOR MORTGAGE NOTES PAYABLE

Future minimum payments for all mortgage notes payable are as follows:

  

For the year ending June 30,     
2026  $1,229,000 
2027   106,663,000 
2028   6,588,000 
2029   1,845,000 
2030   16,032,000 
Thereafter   65,403,000 
Total Mortgage Notes Payable  $197,760,000