Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2025

Debt Instrument [Line Items]

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.

Mortgages payable [Member]

Debt Instrument [Line Items]

Schedule of Total Debt Financing

The following is a summary of the Partnership's mortgage payable, net of deferred financing costs, as of June 30, 2025 and December 31, 2024:

Property Mortgage Payables	Outstanding Mortgage Payable as of June 30, 2025, net		Outstanding Mortgage Payable as of December 31, 2024, net		Year Acquired	Stated Maturity	Variable / Fixed	Period End Rate
Vantage at San Marcos (1)	$	310,220	$	1,664,347	2020	November 2025	Variable		8.25	%

(1)The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).