Mortgages Payable

12 Months Ended

Dec. 31, 2023

Mortgages Payable and Other Secured Financing

17. Mortgages Payable

The following is a summary of the mortgages payable, net of deferred financing costs, as of December 31, 2023 and 2022:


Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2023, net		Outstanding Mortgage Payable as of December 31, 2022, net		Year Acquired	Stated Maturity	Variable / Fixed	Period End Rate
Vantage at San Marcos--Mortgage (1)	$	1,690,000	$	1,690,000	2020	November 2024	Variable		9.25	%

(1)

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

In September 2023, the Partnership entered into a mortgage secured by the Suites on Paseo MF Property with an initial principal amount of $25.0 million. The mortgage payable was repaid in full with proceeds from the sale of the Suites on Paseo MF Property in December 2023.