Mortgages Payable and Other Secured Financing

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021:


Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 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	$	-	$	2,174,453	2020	March 2025	Fixed	n/a
The 50/50 MF Property--Mortgage		-		22,960,090	2020	April 2027	Fixed	n/a
Vantage at San Marcos--Mortgage (1)		1,690,000		1,690,000	2020	November 2023	Variable		8.25	%
Total Mortgage Payable\Weighted Average Period End Rate	$	1,690,000	$	26,824,543					8.25	%

(1)

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

In December 2022, the Partnership sold 100% of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The purchaser assumed the TIF Loan and Mortgage associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. See Note 8 for further information.