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Debt (Tables)

9 Months Ended

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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