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Mortgages Payable and Other Secured Financing (Tables)

12 Months Ended

Dec. 31, 2021

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2021:


	Outstanding Debt Financings as of December 31, 2021, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	Variable Rate Index	Index Based Rates	Spread/ Facility Fees	Period End Rates
TEBS Financings
Fixed - M24	$	35,551,762	$	204,000	2010	May 2027	N/A	N/A	N/A	N/A	3.05%
Variable - M31 (1)		76,964,051		4,999	2014	July 2024	Weekly	SIFMA	0.13%	1.32%	1.45%
Fixed - M33		30,191,051		2,606	2015	September 2030	N/A	N/A	N/A	N/A	3.24%
Fixed - M45 (2)		213,931,752		5,000	2018	July 2034	N/A	N/A	N/A	N/A	3.82%

Secured Notes
Variable - Notes		102,798,158		77,531,264	2020	September 2025	Monthly	3-month LIBOR	0.20%	9.00%	9.20% (3)

TOB & Term TOB Trusts Securitization
Fixed - Term TOB (4)		12,915,190		-	2019	May 2024	N/A	N/A	N/A	N/A	1.98%
Variable - TOB (5)		347,726,750		-	2019 - 2021	July 2022 - July 2024	Weekly	SIFMA/OBFR	0.14% - 0.30%	0.89% - 1.67%	1.07% - 1.97%
Total Debt Financings	$	820,078,714

(1)

Facility fees have a variable component.

(2)

The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(3)

The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.6 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps.

(4)

The Term TOB Trust is securitized by the Village at Avalon MRB.

(5)

The following table summarizes the individual TOB Trust securitizations as of December 31, 2021:


	Outstanding Financing as of December 31, 2021, net		Financing Facility Provider	Year Acquired	Stated Maturity	Reset Frequency	Variable Rate Index	Index Based Rates	Facility Fees	Period End Rates
Variable - TOB Securitization
Live 929 Apartments - Series A	$	31,564,286	Mizuho	2019	July 2023	Weekly	SIFMA	0.23%	1.66%		1.89	%
Montecito at Williams Ranch - Series A		6,919,404	Mizuho	2019	July 2023	Weekly	SIFMA	0.23%	1.17%		1.40	%
Vineyard Gardens - Series A		3,590,598	Mizuho	2019	July 2023	Weekly	SIFMA	0.23%	1.17%		1.40	%
Avistar at Copperfield - Series A		11,617,039	Mizuho	2020	July 2023	Weekly	SIFMA	0.30%	1.67%		1.97	%
Avistar at Wilcrest - Series A		4,392,032	Mizuho	2020	July 2023	Weekly	SIFMA	0.30%	1.67%		1.97	%
Avistar at Wood Hollow - Series A		33,446,044	Mizuho	2020	July 2023	Weekly	SIFMA	0.30%	1.67%		1.97	%
Gateway Village		2,177,527	Mizuho	2020	July 2023	Weekly	SIFMA	0.30%	1.67%		1.97	%
Lynnhaven		2,891,534	Mizuho	2020	July 2023	Weekly	SIFMA	0.30%	1.67%		1.97	%
Montevista - Series A		5,674,091	Mizuho	2020	December 2023	Weekly	SIFMA	0.23%	1.27%		1.50	%
Ocotillo Springs - Series A		13,482,312	Mizuho	2020	July 2022	Weekly	SIFMA	0.23%	0.89%		1.12	%
Trust 2020-XF2907 (1)		96,297,732	Mizuho	2020	September 2023	Weekly	OBFR	0.18%	0.89%		1.07	%
Trust 2020-XF2908 (2)		18,845,580	Mizuho	2020	September 2023	Weekly	OBFR	0.18%	0.89%		1.07	%
Hope on Avalon		7,931,925	Mizuho	2021	February 2023	Weekly	SIFMA	0.23%	1.42%		1.65	%
Hope on Broadway		2,919,748	Mizuho	2021	February 2023	Weekly	SIFMA	0.23%	1.42%		1.65	%
Jackson Manor		4,133,705	Mizuho	2021	April 2023	Weekly	SIFMA	0.23%	1.27%		1.50	%
Trust 2021-XF-2953 (3)		3,139,698	Barclays	2021	October 2022	Weekly	OBFR	0.14%	1.27%		1.41	%
Trust 2021-XF2926 (4)		71,519,933	Mizuho	2021	January 2024	Weekly	OBFR	0.18%	0.89%		1.07	%
Trust 2021-XF2939 (5)		27,183,562	Mizuho	2021	July 2024	Weekly	OBFR	0.18%	1.16%		1.34	%
Total TOB Financing\ Weighted Average Period End Rate	$	347,726,750									1.35	%

(1)

The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.

(2)

The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.

(3)

The TOB Trust is securitized by the Willow Place GIL and property loan.

(4)

The TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan.

(5)

The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan.

The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2020:


	Outstanding Debt Financings as of December 31, 2020, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	Variable Rate Index	Index Based Rates	Spread/ Facility Fees	Period End Rates
TEBS Financings
Fixed - M24	$	39,825,019	$	238,760	2010	May 2027	N/A	N/A	N/A	N/A	3.05%
Variable - M31 (1)		78,272,018		4,999	2014	July 2024	Weekly	SIFMA	0.12%	1.34%	1.46%
Fixed - M33		30,796,097		2,606	2015	September 2030	N/A	N/A	N/A	N/A	3.24%
Fixed - M45 (2)		215,825,022		5,000	2018	July 2034	N/A	N/A	N/A	N/A	3.82%

Secured Notes
Variable - Notes		103,086,756		77,500,000	2020	September 2025	Monthly	3-month LIBOR	0.22%	9.00%	9.22% (3)

TOB & Term TOB Trusts Securitization
Fixed - Term TOB (4)		13,001,530		-	2019	May 2022	N/A	N/A	N/A	N/A	3.53%
Variable - TOB (5)		193,151,198		-	2019 - 2020	July 2022 - December 2023	Weekly	SIFMA/OBFR	0.29% - 0.39%	0.89% - 1.67%	1.18% - 2.06%
Total Debt Financings	$	673,957,640

(1)

Facility fees have a variable component.

(2)

M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(3)

The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps.

(4)

The Term TOB Trust is securitized by the Village at Avalon MRB.

(5)

The following table summarizes the individual TOB, and Term TOB Trust securitizations as of December 31, 2020:


	Outstanding Financing as of December 31, 2020, net		Financing Facility Provider	Year Acquired	Stated Maturity	Reset Frequency	Variable Rate Index	Index Based Rates	Facility Fees			Period End Rates
Variable - TOB Securitization
Live 929 Apartments - Series A	$	31,553,785	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%		1.66	%		1.95	%
Montecito at Williams Ranch - Series A		6,915,682	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%		1.17	%		1.46	%
Rosewood Townhomes - Series A		7,691,507	Mizuho	2019	July 2023	Weekly	SIFMA	0.39%		1.17	%		1.56	%
South Pointe Apartments - Series A		17,976,559	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%		1.17	%		1.46	%
Vineyard Gardens - Series A		3,587,685	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%		1.17	%		1.46	%
Avistar at Copperfield - Series A		11,729,379	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%		1.67	%		2.06	%
Avistar at Wilcrest - Series A		4,433,372	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%		1.67	%		2.06	%
Avistar at Wood Hollow - Series A		33,776,383	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%		1.67	%		2.06	%
Gateway Village		2,173,253	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%		1.67	%		2.06	%
Lynnhaven		2,887,257	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%		1.67	%		2.06	%
Montevista - Series A		5,668,324	Mizuho	2020	December 2023	Weekly	SIFMA	0.29%		1.27	%		1.56	%
Ocotillo Springs - Series A		1,765,167	Mizuho	2020	July 2022	Weekly	SIFMA	0.29%		0.89	%		1.18	%
Trust 2020-XF2907 (1)		58,353,917	Mizuho	2020	September 2023	Weekly	OBFR	0.33%		0.89	%		1.22	%
Trust 2020-XF2908 (2)		4,638,928	Mizuho	2020	September 2023	Weekly	OBFR	0.33%		0.89	%		1.22	%
Total TOB Financing\ Weighted Average Period End Rate	$	193,151,198											1.63	%

(1)

The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.

(2)

The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.

Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:


2022	$	23,169,689
2023		237,473,815
2024		199,878,152
2025		112,692,806
2026		4,227,863
Thereafter		245,329,018
Total		822,771,343
Unamortized deferred financing costs and debt premium		(2,692,629	)
Total debt financing, net	$	820,078,714

Mortgages payable [Member]

Schedule of Total Debt Financing

The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2021 and 2020:


Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2021, net		Outstanding Mortgage Payable as of December 31, 2020, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Period End Rate
The 50/50 MF Property--TIF Loan	$	2,174,453	$	2,521,308	2020	March 2025	Fixed		4.40	%
The 50/50 MF Property--Mortgage		22,960,090		23,463,564	2020	April 2027	Fixed		4.35	%
Vantage at San Marcos--Mortgage (1)		1,690,000		-	2020	February 2022	Variable		4.00	%
Total Mortgage Payable\Weighted Average Period End Rate	$	26,824,543	$	25,984,872					4.33	%

(1)

The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:


2022	$	2,560,283
2023		909,278
2024		947,301
2025		1,747,032
2026		641,415
Thereafter		20,020,531
Total		26,825,840
Unamortized deferred financing costs		(1,297	)
Total mortgages payable and other secured financings, net	$	26,824,543