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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Instrument |
Schedule of Line of Credit Facilities | The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of September 30, 2021:
| September 30, 2021
| Borrowing Base |  | Borrowings Under the Revolving Line of Credit
| Principal Amount |  | Carrying Value |  | Fair Value |
870 Santa Cruz, LLC | $ | 14,743,638 |  |  | $ | 14,812,462 |  |  | $ | 14,868,662 |  |  | $ | 10,324,046 |
D-G Acquistion #6, LLC and D-G Quimisa, LLC | 8,355,853 |  |  | 8,379,936 |  |  | 8,428,907 |  |  | 5,500,000 |
606 Fayetteville LLC and 401 E, Lakewood LLC | 16,770,042 |  |  | 16,865,626 |  |  | 16,910,927 |  |  | 7,816,840 |
The Lux Washington, LLC | 2,369,756 |  |  | 2,185,954 |  |  | 2,389,495 |  |  | 1,658,827 |
| $ | 42,239,289 |  |  | $ | 42,243,978 |  |  | $ | 42,597,991 |  |  | $ | 25,299,713 |
Schedule of Debt | The following tables present detailed information with respect to each borrowing under the Term Loan as of September 30, 2021 and December 31, 2020:
| September 30, 2021
| Mortgage Assets |  | Borrowings Under the Term Loan (1)(2)
| Principal Amount |  | Carrying Value |  | Fair Value |
330 Tryon DE LLC | $ | 22,800,000 |  |  | $ | 22,908,606 |  |  | $ | 22,929,185 |  |  | $ | 13,680,000 |
1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP | 52,921,315 |  |  | 53,194,876 |  |  | 52,704,343 |  |  | 31,115,218 |
AGRE DCP Palm Springs, LLC | 43,222,381 |  |  | 43,644,017 |  |  | 43,469,020 |  |  | 23,146,265 |
Patrick Henry Recovery Acquisition, LLC | 18,000,000 |  |  | 18,040,664 |  |  | 18,049,598 |  |  | 10,800,000 |
University Park Berkeley, LLC | 25,815,378 |  |  | 25,988,619 |  |  | 25,934,955 |  |  | 14,853,544 |
| $ | 162,759,074 |  |  | $ | 163,776,782 |  |  | $ | 163,087,101 |  |  | $ | 93,595,027 |
| December 31, 2020
| Mortgage Assets |  | Borrowings Under the Term Loan (1)(2)
| Principal Amount |  | Carrying Value |  | Fair Value |
330 Tryon DE LLC | $ | 22,800,000 |  |  | $ | 22,901,294 |  |  | $ | 22,869,879 |  |  | $ | 13,680,000 |
1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP | 50,808,453 |  |  | 51,068,554 |  |  | 50,982,247 |  |  | 29,897,848 |
AGRE DCP Palm Springs, LLC | 45,294,097 |  |  | 45,506,051 |  |  | 45,519,030 |  |  | 24,894,939 |
MSC Fields Peachtree Retreat, LLC | 23,308,334 |  |  | 23,437,198 |  |  | 23,428,860 |  |  | 13,985,001 |
Patrick Henry Recovery Acquisition, LLC | 18,000,000 |  |  | 18,039,456 |  |  | 17,994,495 |  |  | 10,800,000 |
University Park Berkeley, LLC | 23,990,786 |  |  | 24,131,808 |  |  | 24,162,710 |  |  | 14,326,663 |
| $ | 184,201,670 |  |  | $ | 185,084,361 |  |  | $ | 184,957,221 |  |  | $ | 107,584,451 |
_______________ (1)Borrowings under the Term Loan bear interest at LIBOR plus 4.25% with a LIBOR floor of 1.00%, or 5.25% as of both September 30, 2021 and December 31, 2020, using LIBOR of 0.08% and 0.14%, respectively. (2)The maturity of the Term Loan is March 14, 2025, however the maturity of each borrowing under the Term Loan matches the maturity of the respective Mortgage Asset.
Mortgage note payable | The table below presents detailed information regarding the unsecured notes payable at September 30, 2021:
|  | September 30, 2021
|  | Principal Balance |  | Carrying Value (1) |  | Fair Value
Unsecured notes payable |  | $ | 85,125,000 |  |  | $ | 81,706,136 |  |  | $ | 85,193,100 |
_______________ (1)Amount is net of unamortized issue discount of $2.5 million and unamortized deferred financing costs of $0.9 million. The following table presents certain information about the mortgage loan payable as of September 30, 2021 and December 31, 2020:
|  |  |  |  |  | September 30, 2021 |  | December 31, 2020
Lender |  | Current Interest Rate |  | Maturity Date |  | Principal Amount |  | Carrying Value |  | Carrying Value of Collateral |  | Principal Amount |  | Carrying Value |  | Carrying Value of Collateral
Centennial Bank |  | LIBOR + 3.85% (LIBOR Floor of 2.23%) |  | September 27, 2022 |  | $ | 32,164,575 |  |  | $ | 32,301,666 |  |  | $ | 47,089,987 |  |  | $ | 44,020,225 |  |  | $ | 44,117,293 |  |  | $ | 49,533,733 |
Schedule of Long-term Debt Instruments | Scheduled debt principal payments for each of the five calendar years following September 30, 2021 are as follows:
Years Ending December 31, |  | Total
2021 (October 1 through December 31) |  | 201,883 |
2022 |  | 31,962,692 |
2023 |  | 25,299,713 |
2024 |  | — |
2025 |  | 93,595,027 |
Thereafter |  | 85,125,000 |
|  | 236,184,315 |
Unamortized deferred financing costs |  | (5,710,484) |
Total |  | $ | 230,473,831 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
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