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Property Loans, Net of Loan Loss Allowances (Tables)
 3 Months Ended
Mar. 31, 2022
Property Loans Net Of Loan Loss Allowance [Abstract]  
Summary of Partnership's Property Loans, Net of Loan Loss Allowances

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)
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%.
Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership's loan loss allowance for the three months ended March 31, 2022 and 2021:

 

 

For the Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Balance, beginning of period

 

$

8,749,348

 

 

$

8,305,046

 

Other reductions (1)

 

 

(860,533

)

 

 

-

 

Balance, end of period

 

$

7,888,815

 

 

$

8,305,046

 
(1)
The reduction in the loan loss allowance is due to a principal payment received on the Live 929 Apartments property loan as part of the restructuring of the outstanding debt of Live 929 Apartments (Note 6).