XML 55 R48.htm IDEA: XBRL DOCUMENT v3.25.2
Debt Financing (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Financing [Abstract]  
Schedule of Total Debt Financing

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2025 and December 31, 2024:

 

 

Outstanding Debt Financings
as of June 30, 2025, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M33 TEBS

 

$

27,777,244

 

 

$

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

197,449,782

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

225,227,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 PFA Securitization Transaction

 

$

57,664,618

 

 

$

238,000

 

 

2039

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

46,964,773

 

 

$

24,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

27,166,774

 

 

(3)

 

 

2025

 

Variable

 

No

 

4.60%

 

1.78%

 

6.38%

 

The Park at Sondrio - Series 2022A

 

 

30,448,634

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.43%

 

3.63%

 

The Park at Vietti - Series 2022A

 

 

21,563,349

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.43%

 

3.63%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.45%

 

3.65%

 

Residency at Empire MRBs

 

 

55,957,517

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.42%

 

3.62%

 

The Ivy Apartments

 

 

24,371,451

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Windsor Shores Apartments

 

 

17,215,470

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Village at Hanford Square

 

 

7,785,765

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

MaryAlice Circle Apartments

 

 

4,706,554

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Meadow Valley

 

 

31,809,692

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Sandy Creek Apartments GIL

 

 

9,652,373

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

40rty on Colony

 

 

4,455,339

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Residency at the Mayer MRBs

 

 

33,810,615

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.19%

 

3.39%

 

The Safford

 

 

34,317,172

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar at Wood Hollow - Series A

 

 

32,034,380

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Live 929

 

 

53,092,000

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.18%

 

3.38%

 

Woodington Gardens - Series A-1

 

 

24,859,061

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Aventine Apartments

 

 

7,568,422

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar at Copperfield - Series A

 

 

11,161,070

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.68%

 

3.88%

 

Avistar at Wilcrest - Series A

 

 

4,226,069

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.68%

 

3.88%

 

Trust 2024-XF3219

(4)

 

45,896,842

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

The Centurion Foundation

 

 

5,056,246

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

Avistar at the Crest - Series A

 

 

7,193,735

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar on the Blvd - Series A

 

 

11,979,150

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar on the Hills - Series A

 

 

3,976,640

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar at the Oaks - Series A

 

 

5,824,089

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Avistar in 09 - Series A

 

 

5,024,523

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Agape Helotes - Series A-1

 

 

4,406,127

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

1.44%

 

3.64%

 

Agape Helotes - Series B

 

 

4,346,600

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.20%

 

2.04%

 

4.24%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(5)

 

30,073,022

 

 

 

-

 

 

2026

 

Variable

 

No

 

4.45%

 

1.27%

 

5.72%

 

Poppy Grove I GIL

 

 

32,688,957

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

4.10%

 

1.25%

 

5.35%

 

Poppy Grove II GIL

 

 

19,228,548

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

4.10%

 

1.25%

 

5.35%

 

Poppy Grove III GIL

 

 

35,836,957

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

4.10%

 

1.25%

 

5.35%

 

Village Point

 

 

18,391,580

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

4.10%

 

1.61%

 

5.71%

 

Subtotal/Weighed Average Period End Rate

 

 

700,184,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,030,041,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
The Partnership has restricted cash totaling approximately $9.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)
The TOB trust is securitized by three MRBs and nine taxable MRBs.
(5)
The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.

 

 

 

Outstanding Debt Financings
as of December 31, 2024, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M33 TEBS

 

$

28,153,143

 

 

$

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

207,487,593

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

235,640,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 PFA Securitization Transaction

 

$

72,928,607

 

 

$

499,000

 

 

2039

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

51,574,033

 

 

$

265,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

23,353,548

 

 

(3)

 

 

2025

 

Variable

 

No

 

4.60%

 

1.78%

 

6.38%

 

The Park at Sondrio - Series 2022A

 

 

30,439,932

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.43%

 

5.37%

 

The Park at Vietti - Series 2022A

 

 

21,556,510

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.43%

 

5.37%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.45%

 

5.39%

 

Legacy Commons at Signal Hills GIL

 

 

31,155,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

0.91%

 

4.85%

 

Osprey Village GIL

 

 

49,475,000

 

 

(3)

 

 

2025

 

Variable

 

Yes

 

3.94%

 

1.19%

 

5.13%

 

Residency at Empire MRBs

 

 

42,456,840

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.42%

 

5.36%

 

The Ivy Apartments

 

 

24,364,083

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Windsor Shores Apartments

 

 

17,209,991

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Village at Hanford Square

 

 

7,777,224

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

MaryAlice Circle Apartments

 

 

4,698,486

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Meadow Valley

 

 

30,709,433

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

40rty on Colony

 

 

4,450,508

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Sandy Creek Apartments GIL

 

 

9,640,533

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Residency at the Mayer MRBs

 

 

33,806,861

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.19%

 

5.13%

 

The Safford

 

 

29,772,042

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at Wood Hollow - Series A

 

 

32,254,020

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Live 929

 

 

53,092,000

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.18%

 

5.12%

 

Woodington Gardens - Series A-1

 

 

24,841,650

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Aventine Apartments

 

 

7,560,184

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at Copperfield - Series A

 

 

11,232,828

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.68%

 

5.62%

 

Avistar at Wilcrest - Series A

 

 

4,255,827

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.68%

 

5.62%

 

Trust 2024-XF3219

(4)

 

46,436,706

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

The Centurion Foundation

 

 

5,051,557

 

 

(3)

 

 

2027

 

Variable

 

No

 

4.60%

 

1.79%

 

6.39%

 

Avistar at the Crest - Series A

 

 

7,240,898

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar on the Blvd - Series A

 

 

12,060,628

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar on the Hills - Series A

 

 

4,001,672

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar at the Oaks - Series A

 

 

5,858,331

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Avistar in 09 - Series A

 

 

5,053,972

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.94%

 

1.44%

 

5.38%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(5)

 

28,254,089

 

 

 

-

 

 

2025

 

Variable

 

No

 

4.45%

 

1.27%

 

5.72%

 

Poppy Grove I GIL

 

 

28,545,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Poppy Grove II GIL

 

 

17,231,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Poppy Grove III GIL

 

 

26,838,470

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.25%

 

5.30%

 

Village Point

 

 

18,394,018

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

4.05%

 

1.61%

 

5.66%

 

Subtotal/Weighed Average Period End Rate

 

 

733,129,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.43%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,093,273,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
The Partnership has restricted cash totaling approximately $15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)
The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan.
(5)
The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Summary of TOB Trust Financings

The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2025:

 

TOB Trust Securitization

 

Initial TOB
Trust Financing

 

 

Stated Maturity

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities

 

Facility Fees

Agape Helotes - Series A-1

 

$

4,435,000

 

 

June 2028

 

Variable

 

Yes

 

1.44%

Agape Helotes - Series B

 

 

4,410,000

 

 

June 2028

 

Variable

 

Yes

 

2.04%

Total TOB Trust Financings

 

$

8,845,000

 

 

 

 

 

 

 

 

 

The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2024:

TOB Trusts Securitization

 

Initial TOB
Trust Financing

 

 

Stated Maturity

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities

 

Facility Fees

Southpark MRB

 

$

9,840,000

 

 

June 2024

 

Variable

 

Yes

 

1.44%

Trust 2024-XF3219

 

 

21,795,000

 

 

February 2027

 

Variable

 

No

 

1.79%

Woodington Gardens - Series A-1

 

 

24,920,000

 

 

April 2027

 

Variable

 

Yes

 

1.44%

Aventine Apartments

 

 

7,600,000

 

 

June 2027

 

Variable

 

Yes

 

1.44%

Total TOB Trust Financings

 

$

64,155,000

 

 

 

 

 

 

 

 

 
Summary of TOB Trust Financings Principal Payments Made in Connection With Repayment or Sale of Underlying Assets

The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the six months ended June 30, 2025:

Debt Financing

 

Debt Facility

 

Month

 

Principal Paydown Applied

 

Trust 2024-XF3219 - Sandy Creek Taxable Loan

 

TOB Trust

 

January 2025

 

$

5,795,000

 

Osprey Village GIL

 

TOB Trust

 

January 2025

 

 

49,475,000

 

Trust 2021-XF2953 - Willow Place Apartments GIL

 

TOB Trust

 

January 2025

 

 

16,535,000

 

Trust 2021-XF2953 - Willow Place Apartments Supplemental GIL

 

TOB Trust

 

January 2025

 

 

1,200,000

 

Trust 2021-XF2953 - Poppy Grove I GIL

 

TOB Trust

 

March 2025

 

 

4,160,000

 

Trust 2021-XF2953 - Poppy Grove II GIL

 

TOB Trust

 

March 2025

 

 

1,440,000

 

Trust 2021-XF2953 - Poppy Grove III GIL

 

TOB Trust

 

March 2025

 

 

4,560,000

 

SoLa Impact Opportunity Zone Fund property loan

 

TOB Trust

 

March 2025

 

 

390,000

 

Trust 2024-XF3219 - Sandy Creek Taxable Loan

 

TOB Trust

 

April 2025

 

 

455,000

 

Legacy Commons at Signal Hills GIL

 

TOB Trust

 

May 2025

 

 

31,155,000

 

Companion at Thornhill Apartments MRB

 

M45 TEBS Financing

 

June 2025

 

 

8,842,510

 

Companion at Thornhill Apartments MRB

 

TEBS Residual Financing

 

June 2025

 

 

1,560,443

 

The Palms at Premier Park Apartments MRB

 

2024 PFA Securitization Transaction

 

June 2025

 

 

14,797,642

 

The Palms at Premier Park Apartments MRB

 

TEBS Residual Financing

 

June 2025

 

 

2,645,871

 

 

 

 

 

 

 

$

143,011,466

 

The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the six months ended June 30, 2024:

Debt Financing

 

Debt Facility

 

Month

 

Principal Paydown Applied

 

Hope on Avalon GIL

 

TOB Trust

 

January 2024

 

$

18,712,000

 

Trust 2021-XF2926 - Hope on Avalon taxable GIL

 

TOB Trust

 

January 2024

 

 

9,515,000

 

Trust 2021-XF2939 - Osprey Village property loan

 

TOB Trust

 

February 2024

 

 

12,365,000

 

Trust 2021-XF2939 - Osprey Village Supplemental property loan

 

TOB Trust

 

February 2024

 

 

3,795,000

 

Trust 2021-XF2953 - Willow Place property loan

 

TOB Trust

 

February 2024

 

 

15,080,000

 

Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan

 

TOB Trust

 

February 2024

 

 

28,985,000

 

Trust 2021-XF2939 - Residency at the Mayer Series A-T

 

TOB Trust

 

March 2024

 

 

9,480,000

 

SoLa Impact Opportunity Zone Fund

 

TOB Trust

 

March 2024

 

 

350,000

 

 

 

 

 

 

 

$

98,282,000

 
Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings as of June 30, 2025 for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:

Remainder of 2025

 

$

206,531,286

 

2026

 

 

154,734,044

 

2027

 

 

193,792,408

 

2028

 

 

163,878,221

 

2029

 

 

10,014,116

 

Thereafter

 

 

305,694,923

 

Total

 

 

1,034,644,998

 

Unamortized deferred financing costs and debt premium

 

 

(4,603,858

)

Total debt financing, net

 

$

1,030,041,140