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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2019
Accounting Policies [Abstract] |
Schedule of Recurring Assets and Liabilities Measured at Fair Value | The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there is one asset added during the three month period ending September 30, 2019 in the amount of $3,940,000 which is non-recurring, and there were no non-recurring liabilities for fair value measurements as of September 30, 2019 and December 31, 2018, respectively):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Caps (1) |  | $ | — |  |  | $ | 94,697 |  |  | $ | — |
Interest Rate Swap (2) |  | $ | — |  |  | $ | (984,677 | ) |  | $ | — |
Mortgage loans (3) |  | $ | — |  |  | $ | (357,279,949 | ) |  | $ | — |
Unsecured notes (4) |  | $ | (25,390,000 | ) |  | $ | — |  |  | $ | — |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap (1) |  | $ | — |  |  | $ | 4,421 |  |  | $ | — |
Interest Rate Swap (2) |  | $ | — |  |  | $ | (2,443,591 | ) |  | $ | — |
Development of ballroom and parking spaces |  | $ | — |  |  | $ | 3,940,000 |  |  | $ | — |
Mortgage loans (3) |  | $ | — |  |  | $ | (365,393,515 | ) |  | $ | — |
(1) | Interest rate cap, which cap the 1-month LIBOR rate between 2.5% and 3.25%.
(2) | Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan.
(3) | Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.
(4) | Unsecured notes are recorded at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of December 31, 2018.
Schedule of Minimum Future Lease Payments Receivable | A schedule of minimum future lease payments receivable for the remaining three and twelve-month periods is as follows:
For the remaining three months ending December 31, 2019 |  | $ | 486,304 |
December 31, 2020 |  |  | 1,452,866 |
December 31, 2021 |  |  | 1,395,363 |
December 31, 2022 |  |  | 1,221,343 |
December 31, 2023 |  |  | 612,940 |
December 31, 2024 and thereafter |  |  | 3,158,088 |
Total |  | $ | 8,326,904 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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