Mortgages Payable and Other Secured Financing

12 Months Ended

Dec. 31, 2019

Mortgages Payable and Other Secured Financing

16. Mortgages Payable and Other Secured Financing

The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2019 and 2018:

MF Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2019, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Period End Rate
The 50/50 MF Property--TIF Loan	$	2,859,390	2014	March 2020	Fixed	N/A	N/A					4.65	%
The 50/50 MF Property--Mortgage		23,942,856	2013	March 2020	Variable	Monthly		4.75	%	⁽¹⁾		4.75	%
Total Mortgage Payable\Weighted Average Period End Rate	$	26,802,246										4.74	%

(1)	Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%

MF Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2018, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Period End Rate
The 50/50 MF Property--TIF Loan	$	3,118,478	2014	December 2019	Fixed	N/A	N/A					4.65	%
The 50/50 MF Property--Mortgage		24,335,897	2013	March 2020	Variable	Monthly		5.00	%	⁽²⁾		5.00	%
Total Mortgage Payable\Weighted Average Period End Rate	$	27,454,375										4.96	%

(2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%

In September 2018, the Partnership sold the Jade Park MF Property (see Note 8). At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable.

Contractual Maturities

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:

2020	$	26,812,851
2021		-
2022		-
2023		-
2024		-
Thereafter		-
Total		26,812,851
Unamortized deferred financing costs		(10,605	)
Total mortgages payable and other secured financings, net	$	26,802,246

In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan. See Note 26 for additional information.