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Property Loans - Summary of Partnership's Property Loans, Net of Allowances for Credit Losses (Details) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 49,266,857 $ 57,064,611  
Asset-Specific Allowance for Credit Losses (495,000) (495,000)  
Property Loan Principal, net of allowance 48,771,857 56,569,611  
The 50/50 MF Property [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,100,000 7,100,000  
Property Loan Principal, net of allowance     $ 4,800,000
Live 929 Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 495,000 495,000  
Senior Construction Financing [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 588,246 [1] 7,830,000 [2]  
Property Loan Principal, net of allowance 588,246 [1] 7,830,000 [2]  
Senior Construction Financing [Member] | Sandy Creek Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 588,246 [1] 7,830,000 [2]  
Property Loan Principal, net of allowance $ 588,246 [1] $ 7,830,000 [2]  
Maturity Date Sep. 01, 2026 [1] Sep. 01, 2026 [2]  
Interest Rate [2],[3]   8.63%  
Senior Construction Financing [Member] | Sandy Creek Apartments [Member] | SOFR [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Interest Rate [1] 3.35%    
Mezzanine Financing [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 40,074,000 [4] $ 40,630,000 [5]  
Property Loan Principal, net of allowance 40,074,000 [4] 40,630,000 [5]  
Mezzanine Financing [Member] | So La Impact Opportunity Zone Fund [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 32,824,000 [4] 33,380,000 [5]  
Property Loan Principal, net of allowance $ 32,824,000 [4] $ 33,380,000 [5]  
Maturity Date Dec. 30, 2025 [4] Dec. 30, 2025 [5]  
Interest Rate 7.875% [4] 7.875% [5]  
Mezzanine Financing [Member] | The Centurion Foundation [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 7,250,000 [4] $ 7,250,000 [5]  
Property Loan Principal, net of allowance $ 7,250,000 [4] $ 7,250,000 [5]  
Maturity Date Jun. 15, 2039 [4] Jun. 15, 2039 [5]  
Interest Rate 10.50% [4] 10.50% [5]  
Other [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 8,604,611 $ 8,604,611  
Asset-Specific Allowance for Credit Losses (495,000) (495,000)  
Property Loan Principal, net of allowance 8,109,611 8,109,611  
Other [Member] | The 50/50 MF Property [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance 7,109,611 7,109,611  
Property Loan Principal, net of allowance $ 7,109,611 $ 7,109,611  
Maturity Date Mar. 11, 2048 Mar. 11, 2048  
Interest Rate 9.00% 9.00%  
Other [Member] | Sandoval Flats [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 1,000,000 [6] $ 1,000,000 [7]  
Property Loan Principal, net of allowance $ 1,000,000 [6] $ 1,000,000 [7]  
Maturity Date Dec. 01, 2027 [6] Dec. 01, 2027 [7]  
Interest Rate 7.48% [6] 7.48% [7]  
Other [Member] | Live 929 Apartments [Member]      
Accounts Notes And Loans Receivable [Line Items]      
Property loan receivable, outstanding balance $ 495,000 $ 495,000  
Asset-Specific Allowance for Credit Losses $ (495,000) $ (495,000)  
Maturity Date Jul. 31, 2049 Jul. 31, 2049  
Interest Rate 8.00% 8.00%  
[1] The property loans are held in trust in connection with TOB trust financings (Note 13). 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 borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.
[2] The property loans are held in trust in connection with TOB trust financings (Note 13). 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 borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.
[3] The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.
[4] The property loans are held in trust in connection with a TOB trust financing (Note 13).
[5] The property loan is held in trust in connection with a TOB trust financing (Note 13).
[6] The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
[7] The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.