The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Outstanding Balance		Loan Loss Allowance			Property Loan Principal, net of allowance		Maturity Date		Interest Rate
Senior Construction Financing (1),(2)
Centennial Crossings	$	17,434,260	$	-		$	17,434,260	9/1/2023	(3)	LIBOR + 2.50%	(4)
Legacy Commons at Signal Hills		16,248,631		-			16,248,631	2/1/2024	(3)	SOFR + 3.07%	(4)
Hilltop at Signal Hills		10,319,890		-			10,319,890	8/1/2023	(3)	SOFR + 3.07%	(4)
Oasis at Twin Lakes		23,161,673		-			23,161,673	8/1/2023	(3)	LIBOR + 2.50%	(4)
Osprey Village		1,000,000		-			1,000,000	8/1/2024	(3)	SOFR + 3.07%	(4)
Scharbauer Flats Apartments		16,522,012		-			16,522,012	1/1/2023	(3)	LIBOR + 2.85%
Willow Place Apartments		1,000,000		-			1,000,000	10/1/2024	(3)	SOFR + 3.30%	(5)
Subtotal		85,686,466		-			85,686,466

Senior Acquisition Financing
Magnolia Crossing	$	13,652,394	$	-		$	13,652,394	12/1/2022		SOFR + 6.50%	(5)
Subtotal		13,652,394		-			13,652,394

Other
Avistar (February 2013 portfolio)	$	201,972	$	-		$	201,972	6/26/2024		12.00%
Avistar (June 2013 portfolio)		251,622		-			251,622	6/26/2024		12.00%
Cross Creek		11,101,888		(7,393,815	)		3,708,073	12/1/2025		6.15%
Greens Property		850,000		-			850,000	9/1/2046		10.00%
Live 929 Apartments		495,000		(495,000	)		-	7/31/2049		8.00%
Subtotal		12,900,482		(7,888,815	)		5,011,667

Total	$	112,239,342	$	(7,888,815	)	$	104,350,527

(1)

The property loans are held in trust in connection with a TOB trust financing (Note 15).

(2)

The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.

(3)

The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.

(4)

The index is subject to a floor of 0.50%.

(5)

The index is subject to a floor of 0.25%.


	December 31, 2021
	Outstanding Balance		Loan Loss Allowance			Property Loan Principal, net of allowance		Maturity Date		Interest Rate
Senior Construction Financing (1),(2)
Centennial Crossings	$	11,354,386	$	-		$	11,354,386	9/1/2023	(3)	LIBOR + 2.50%	(4)
Hilltop at Signal Hills		1,000,000		-			1,000,000	8/1/2023	(3)	SOFR + 3.07%	(4)
Legacy Commons at Signal Hills		2,604,230		-			2,604,230	2/1/2024	(3)	SOFR + 3.07%	(4)
Oasis at Twin Lakes		20,607,362		-			20,607,362	8/1/2023	(3)	LIBOR + 2.50%	(4)
Osprey Village		1,000,000		-			1,000,000	8/1/2024	(3)	SOFR + 3.07%	(4)
Scharbauer Flats Apartments		9,708,598		-			9,708,598	1/1/2023	(3)	LIBOR + 2.85%
Willow Place Apartments		1,000,000		-			1,000,000	10/1/2024	(3)	SOFR + 3.30%	(5)
Subtotal		47,274,576		-			47,274,576

Senior Acquisition Financing
Magnolia Crossing	$	13,424,579	$	-		$	13,424,579	12/1/2022		SOFR + 6.50%	(5)
Subtotal		13,424,579		-			13,424,579

Other Property Loans
Avistar (February 2013 portfolio)	$	201,972	$	-		$	201,972	6/26/2024		12.00%
Avistar (June 2013 portfolio)		251,622		-			251,622	6/26/2024		12.00%
Cross Creek		11,101,887		(7,393,814	)		3,708,073	12/1/2025		6.15%
Greens Property		850,000		-			850,000	9/1/2046		10.00%
Live 929 Apartments		1,355,534		(1,355,534	)		-	7/31/2049		8.00%
Ohio Properties		2,390,446		-			2,390,446	12/1/2026 - 6/1/2050		10.00%
Subtotal		16,151,461		(8,749,348	)		7,402,113

Total	$	76,850,616	$	(8,749,348	)	$	68,101,268

(1)

The property loans are held in trust in connection with a TOB trust financing (Note 15).

(2)

(3)

The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.

(4)

The index is subject to a floor of 0.50%.

(5)

The index is subject to a floor of 0.25%.

During the three months ended March 31, 2022 and 2021, the interest to be earned on the Live 929 Apartments and Cross Creek property loans was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest accrued was not probable. In addition, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status for the three months ended March 31, 2021 as, in management’s opinion, the interest was not considered collectible.

The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of March 31, 2022. See Note 18 for further information regarding the Partnership’s remaining property loan funding commitments.

In January 2022, the Partnership received approximately $1.0 million of principal and interest due on the Live 929 Apartments property loan upon restructuring of the outstanding debt of Live 929 Apartments. The principal payment and related loan loss allowance were considered in the troubled debt restructuring of the Partnership’s investments in Live 929 Apartments discussed further in Note 6.

In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $2.4 million of principal and approximately $4.3 million of accrued interest upon redemption.

Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis as summarized below. The property loans and associated GILs are on parity and share a first mortgage position on all real and personal property associated with the secured property.

In March 2021, the Partnership amended the property loan with Live 929 Apartments to increase the total available loan amount to $1.5 million from $1.0 million. The property loan is subordinate to the MRBs associated with the property.