Mortgages Payable and Other Secured Financing (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Total Debt Financing [Table Text Block]

The following table provides the details related to the total Debt Financing on June 30, 2016 and December 31, 2015.

	Outstanding Debt Financings on June 30, 2016		Restricted Cash		Years Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees ⁽¹⁾		Period End Rates
TOB Trusts Securitization
Fixed	$	152,141,820	$	-	2014 - 2015	Oct 2016 - Jul 2019	N/A	N/A	N/A		2.76 - 4.51%
Variable	$	43,145,000	$	2,613,141	2012	June 2016	Weekly	0.96 - 1.08%		1.62%		2.57%

TEBS Financings
Variable	$	234,776,519	$	5,428,028	2010 - 2015	Sept 2017 - July 2020	Weekly	0.44 - 0.46%	1.39 - 1.91%		1.83 - 2.37%
Total Debt Financings	$	430,063,339

⁽¹⁾	Facility fees are variable

	Outstanding Debt Financings on December 31, 2015		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees ⁽¹⁾	Period End Rates
TOB Trusts Securitization
Fixed	$	160,582,124	$	-	2014 - 2015	Oct 2016 - Jul 2019	N/A	N/A	N/A	2.76 - 4.51%
Variable	$	55,930,000	$	1,930,027	2012	April 2016 - June 2016	Weekly	0.16 - 0.68%	0.94 - 1.62%	1.1 - 2.3%

TEBS Financings
Variable	$	234,984,592	$	5,371,680	2010 - 2015	Sept 2017 - July 2020	Weekly	0.02 - 0.04%	1.26 - 1.91%	1.28 - 1.95%
Total Debt Financings	$	451,496,716

⁽¹⁾	Facility fees are variable

Schedule of Maturities of Long-term Debt [Table Text Block]

The Partnership’s aggregate borrowings on June 30, 2016 contractually mature over the next five years and thereafter as follows:

2016	$	68,749,259
2017		153,856,796
2018		2,333,071
2019		128,711,737
2020		80,590,229
Total	$	434,241,092

Mortgages payable [Member]

Schedule of Total Debt Financing [Table Text Block]

The following is a summary of the Mortgages payable and other secured financing on the MF Properties:

MF Property Mortgage Payables	Outstanding Mortgage Payable at June 30, 2016		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate			Facility Fees			Period End Rate
Eagle Village ⁽¹⁾		7,941,341	2010	September 2018	Variable	Monthly		0.50	%		3.00	%		3.50	%
Residences of DeCordova		1,776,560	2012	June 2017	Fixed	N/A	N/A			N/A				4.75	%
Residences of Weatherford		5,706,621	2011	June 2017	Fixed	N/A	N/A			N/A				4.75	%
The 50/50 MF Property--Mortgage ⁽²⁾		25,422,722	2013	March 2020	Variable	Monthly		3.50	%	N/A				3.50	%
The 50/50 MF Property--TIF Loan		3,720,081	2014	December 2019	Fixed	N/A	N/A			N/A				4.65	%
Woodland Park ⁽¹⁾		7,500,000	2014	August 2017	Variable	Monthly		0.47	%		2.75	%		3.22	%
Total Mortgage Payable\Period End Rate	$	52,067,325												3.72	%

⁽¹⁾	Variable rate is based on LIBOR

⁽²⁾	Variable rate is based on Wall Street Journal Prime Rate

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2015		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate			Facility Fees			Period End Rate
Arboretum		16,683,146	2011	March 2017	Fixed	N/A	N/A			N/A				3.75	%
Eagle Village ⁽¹⁾		8,037,133	2010	September 2018	Variable	Monthly		0.25	%		3.00	%		3.25	%
Residences of DeCordova		1,807,246	2012	June 2017	Fixed	N/A	N/A			N/A				4.75	%
Residences of Weatherford		5,820,623	2011	June 2017	Fixed	N/A	N/A			N/A				4.75	%
The 50/50 MF Property--Mortgage ⁽²⁾		25,363,647	2013	March 2020	Variable	Monthly		3.25	%	N/A				3.25	%
The 50/50 MF Property--TIF Loan		4,035,779	2014	December 2019	Fixed	N/A	N/A			N/A				4.65	%
Woodland Park ⁽¹⁾		7,500,000	2014	August 2017	Variable	Monthly		0.19	%		2.75	%		2.94	%
Total Mortgage Payable\Period End Rate	$	69,247,574												3.58	%

⁽¹⁾	Variable rate is based on LIBOR

⁽²⁾	Variable rate is based on Wall Street Journal Prime Rate

Schedule of Maturities of Long-term Debt [Table Text Block]

The Partnership’s mortgages payable and other secured financing on June 30, 2016 contractually mature over the next five years and thereafter as follows:

2017	$	15,810,807
2018		951,618
2019		8,348,826
2020		27,310,278
Total mortgages payable and other secured financings	$	52,421,529