In April 2023, the Partnership originated MRB investments for the construction, rehabilitation, and permanent financing of two affordable multifamily properties. The Partnership funded its investment with available cash. The following table summarizes the terms of the Partnership’s MRB investments:

Property Name

Month
Acquired

Property Location

Units

Maturity Date

Interest Rate

Principal Funded

Handsel Morgan Village - MRB

April

Buford, GA

45

3/1/2041

6.75%

2,150,000

Maryalice Circle - MRB

April

Buford, GA

98

3/1/2041

6.75%

5,900,000

8,050,000

In April 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

Purchase Date

Notional Amount

Effective Date

Termination Date

Fixed Rate Paid

Variable Rate Index Received

Variable Debt
Financing Hedged

Counterparty

April 2023

4,508,000

5/1/2023

5/1/2033

3.490%

Compounded SOFR

TOB Trusts

Mizuho Capital Markets

In April 2023, the Partnership received notice from a holder of Series A Preferred Units of its intent to redeem 1,000,000 of its Series A Preferred Units in the amount of $10.0 million. The redemption is scheduled to occur in October 2023.

In April 2023, the Partnership extended the Jackson Manor Apartments TOB trust financing maturity date from April 2023 to June 2023. There were no additional changes to terms or fees associated with the extension of the TOB trust financing.