Mortgages Payable and Other Secured Financing

6 Months Ended

Jun. 30, 2022

Mortgages Payable and Other Secured Financing

16. Mortgages Payable and Other Secured Financing

The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of June 30, 2022 and December 31, 2021:


Property Mortgage Payables	Outstanding Mortgage Payable as of June 30, 2022, net		Outstanding Mortgage Payable as of December 31, 2021, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Period End Rate
The 50/50 MF Property--TIF Loan	$	1,978,521	$	2,174,453	2020	March 2025	Fixed		4.40	%
The 50/50 MF Property--Mortgage		22,692,669		22,960,090	2020	April 2027	Fixed		4.35	%
Vantage at San Marcos--Mortgage (1)		1,690,000		1,690,000	2020	August 2022	Variable		5.50	%
Total Mortgage Payable\Weighted Average Period End Rate	$	26,361,190	$	26,824,543					4.43	%

(1)

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

Future Maturities

The Partnership’s contractual maturities of borrowings as of June 30, 2022 for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:


Remainder of 2022	$	2,129,235
2023		910,723
2024		948,810
2025		1,711,693
2026		641,419
Thereafter		20,020,435
Total		26,362,315
Unamortized deferred financing costs		(1,125	)
Total mortgages payable and other secured financings, net	$	26,361,190