Mortgages Payable and Other Secured Financing (Tables)

12 Months Ended

Dec. 31, 2017

The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016:

	Outstanding Debt Financings on December 31, 2017, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TOB & Term A/B Trusts Securitization
Fixed - Term TOB	$	46,787,036	$	-	2014	October 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		279,533,565		-	2016 - 2017	June 2018 - November 2027	N/A	N/A	N/A	3.64% - 4.52%
Variable - TOB		38,130,000		850,327	2012	May 2018	Weekly	2.24 - 2.29%	1.67%	3.91 - 3.96%

TEBS Financings
Variable - TEBS I		55,468,000		372,222	2010	September 2020	Weekly	1.79%	1.85%	3.64%
Variable - TEBS II ⁽¹⁾		81,003,688		176,685	2014	July 2019	Weekly	1.77%	1.39%	3.16%
Variable - TEBS III ⁽¹⁾		57,406,058		57,364	2015	July 2020	Weekly	1.77%	1.16%	2.93%
Total Debt Financings	$	558,328,347

(1)	Facility fees have a variable component.

	Outstanding Debt Financings on December 31, 2016, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TOB & Term A/B Trusts Securitization
Fixed - Term TOB	$	46,860,699	$	-	2014	July 2017 - July 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		171,778,950		1,373,695	2016	March 2017 - December 2026	N/A	N/A	N/A	3.64% - 4.56%
Variable - TOB		42,455,000		-	2012	Dec 2016	Weekly	1.29 - 1.39%	1.62%	2.91 - 3.01%

TEBS Financings
Variable - TEBS I		60,430,991		396,412	2010	September 2017	Weekly	0.77%	1.85%	2.62%
Variable - TEBS II ⁽¹⁾		91,768,081		170,988	2014	July 2019	Weekly	0.75%	1.62%	2.37%
Variable - TEBS III ⁽¹⁾		82,089,312		3,495,592	2015	July 2020	Weekly	0.75%	1.39%	2.14%
Total Debt Financings	$	495,383,033

(1)	Facility fees have a variable component.

The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017:

	Outstanding Financing at December 31, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Live 929	$	37,777,036	2014	October 2019		4.39	%
Pro Nova 1		9,010,000	2014	October 2019		4.01	%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate	$	46,787,036				4.31	%

Term A/B Trusts Securitization
Willow Run	$	10,029,289	2016	September 2026		3.64	%
Columbia Gardens		10,172,857	2016	September 2026		3.64	%
Concord at Little York		11,315,538	2016	September 2026		3.64	%
Concord at Williamscrest		17,526,516	2016	September 2026		3.64	%
Concord at Gulfgate		16,154,584	2016	September 2026		3.64	%
Companion at Thornhill Apartment		9,608,733	2016	September 2026		3.64	%
Seasons at Simi Valley Apartments		3,675,323	2016	September 2026		3.64	%
Sycamore Walk		3,054,841	2016	September 2026		3.64	%
Decatur-Angle Apartments		21,276,657	2016	September 2026		3.64	%
Heights at 515		5,380,814	2016	September 2026		3.64	%
Crossing at 1415		6,344,418	2016	September 2026		3.64	%
Bruton Apartments		15,199,181	2016	September 2026		3.64	%
15 West Apartments		8,326,731	2016	December 2026		3.64	%
San Vicente - Series A		3,112,976	2017	February 2022		3.89	%
San Vicente - Series B		1,545,930	2017	June 2018		3.76	%
Las Palmas - Series A		1,507,389	2017	February 2022		3.89	%
Las Palmas - Series B		1,494,702	2017	June 2018		3.76	%
The Village at Madera - Series A		2,746,364	2017	February 2022		3.89	%
The Village at Madera - Series B		1,455,570	2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,322,157	2017	February 2022		3.89	%
Summerhill - Series A		5,730,185	2017	February 2022		3.89	%
Summerhill - Series B		2,855,809	2017	July 2018		3.76	%
Courtyard - Series A		9,131,896	2017	February 2022		3.89	%
Courtyard - Series B		5,272,090	2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,555,646	2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,453,076	2017	August 2018		3.76	%
Seasons San Juan Capistrano - Series A		11,047,869	2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,564,539	2017	August 2018		3.76	%
Avistar at Wood Hollow - Series A		26,838,000	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,168,088	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,414,834	2017	February 2027		4.46	%
Oaks at Georgetown - Series A		11,087,478	2017	March 2022		3.89	%
Oaks at Georgetown - Series B		4,686,120	2017	August 2018		3.76	%
Harmony Terrace - Series A		6,199,955	2017	March 2022		3.89	%
Harmony Terrace - Series B		6,284,318	2017	August 2018		3.76	%
Village at River's Edge		8,993,092	2017	November 2027		4.52	%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate	$	279,533,565				3.85	%

The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016:

	Outstanding Financing at December 31, 2016, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Live 929	$	37,851,960	2014	July 2019		4.39	%
Pro Nova 1		9,008,739	2014	July 2017		4.01	%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate	$	46,860,699				4.31	%

Term A/B Trusts Securitization
Willow Run	$	11,564,852	2016	September 2026		3.64	%
Columbia Gardens		11,565,068	2016	September 2026		3.64	%
Concord at Little York		11,301,031	2016	September 2026		3.64	%
Concord at Williamscrest		17,504,186	2016	September 2026		3.64	%
Concord at Gulfgate		16,133,987	2016	September 2026		3.64	%
Companion at Thornhill Apartment		9,666,656	2016	September 2026		3.64	%
Seasons at Simi Valley Apartments		3,678,770	2016	September 2026		3.64	%
Sycamore Walk		3,050,786	2016	September 2026		3.64	%
Decatur-Angle Apartments		21,387,126	2016	September 2026		3.64	%
Heights at 515		5,409,361	2016	September 2026		3.64	%
Crossing at 1415		6,378,482	2016	September 2026		3.64	%
Bruton Apartments		15,258,925	2016	September 2026		3.64	%
15 West Apartments		8,366,804	2016	December 2026		3.64	%
Oaks at Georgetown A		11,709,479	2016	March 2017		4.56	%
Harmony Terrace A		6,549,479	2016	March 2017		4.56	%
Oaks at Georgetown B		5,229,479	2016	March 2017		4.56	%
Harmony Terrace B		7,024,479	2016	March 2017		4.56	%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate	$	171,778,950				3.80	%

Schedule of Contractual Maturities of Borrowings

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

2018	$	75,557,815
2019		130,870,901
2020		113,134,225
2021		2,357,601
2022		61,282,111
Thereafter		179,392,519
Total		562,595,172
Deferred financing costs		(4,266,825	)
Total debt financing, net	$	558,328,347

Mortgages payable [Member]

Schedule of Total Debt Financing

The following is a summary of the Mortgages payable and other secured financing on the MF Properties, net of deferred financing costs, at December 31, 2017 and 2016:

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2017, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Facility Fees	Period End Rate
The 50/50 MF Property--TIF Loan	$	3,358,370	2014	December 2019	Fixed	N/A	N/A				N/A		4.65	%
The 50/50 MF Property--Mortgage		24,713,256	2013	March 2020	Variable	Monthly		4.25	%	⁽¹⁾	N/A		4.25	%
Jade Park		7,468,548	2016	October 2021	Fixed	N/A	N/A				N/A		3.85	%
Total Mortgage Payable\Weighted Average Period End Rate	$	35,540,174											4.21	%

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

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2016, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Facility Fees			Period End Rate
Residences of DeCordova	$	1,744,858	2012	June 2017	Fixed	N/A	N/A				N/A				4.75	%
Residences of Weatherford		5,589,086	2011	June 2017	Fixed	N/A	N/A				N/A				4.75	%
Eagle Village		7,845,711	2015	September 2018	Variable	Monthly		0.63	%	⁽¹⁾		3.00	%		3.63	%
The 50/50 MF Property--TIF Loan		3,656,090	2014	December 2019	Fixed	N/A	N/A				N/A				4.65	%
The 50/50 MF Property--Mortgage		25,082,636	2013	March 2020	Variable	Monthly		3.50	%	⁽²⁾	N/A				3.50	%
Jade Park		7,461,131	2016	October 2021	Fixed	N/A	N/A				N/A				3.85	%
Total Mortgage Payable\Weighted Average Period End Rate	$	51,379,512													3.83	%

(1) Variable rate is based on 30-day LIBOR

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

Schedule of Contractual Maturities of Borrowings

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

2018	$	763,246
2019		3,989,951
2020		24,155,733
2021		6,858,994
2022		-
Thereafter		-
Total		35,767,924
Deferred financing costs		(227,750	)
Total mortgages payable and other secured financings, net	$	35,540,174