Property Loans, Net of Loan Loss Allowances

6 Months Ended

Jun. 30, 2018

Property Loan Net Of Loan Loss Allowances [Abstract]

Property Loans, Net of Loan Loss Allowances

10. Property Loans, Net of Loan Loss Allowances

The following table summarizes the Partnership’s property loans, net of loan loss allowances, at June 30, 2018 and December 31, 2017:

	June 30, 2018
	Outstanding Balance		Loan Loss Allowances			Property Loan Principal, net of allowance
Arbors at Hickory Ridge	$	191,264	$	-		$	191,264
Avistar (February 2013 portfolio)		201,972		-			201,972
Avistar (June 2013 portfolio)		251,622		-			251,622
Cross Creek		11,101,887		(7,393,814	)		3,708,073
Greens Property		850,000		-			850,000
Lake Forest		5,062,535		-			5,062,535
Ohio Properties		2,390,446		-			2,390,446
Vantage at Brooks, LLC		8,367,635		-			8,367,635
Vantage at New Braunfels, LLC		7,206,978		-			7,206,978
Winston Group, Inc		700,000		-			700,000
Total	$	36,324,339	$	(7,393,814	)	$	28,930,525

	December 31, 2017
	Outstanding Balance		Loan Loss Allowances			Net Taxable Property Loans
Arbors at Hickory Ridge	$	191,264	$	-		$	191,264
Avistar (February 2013 portfolio)		201,972		-			201,972
Avistar (June 2013 portfolio)		251,622		-			251,622
Cross Creek		11,101,887		(7,393,814	)		3,708,073
Greens Property		850,000		-			850,000
Lake Forest		4,995,884		-			4,995,884
Ohio Properties		2,390,446		-			2,390,446
Vantage at Brooks, LLC		8,417,635		-			8,417,635
Vantage at New Braunfels, LLC		7,406,978		-			7,406,978
Winston Group, Inc		1,100,000		-			1,100,000
Total	$	36,907,688	$	(7,393,814	)	$	29,513,874

During the three and six months ended June 30, 2018, the interest to be earned on the Cross Creek, and the Lake Forest property loans was in nonaccrual status. During the three and six months ended June 30, 2017, the interest to be earned on the Ashley Square, Cross Creek, and the Lake Forest property loans was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable.  In addition, for the three and six months ended June 30, 2018 and 2017, interest to be earned on approximately $983,000 of property loans for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible.