Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

24. Subsequent Events

In April 2020, the Term TOB Trust financings related to the Pro Nova 2014-1 MRB was collapsed and all outstanding principal and interest balances were repaid in full.

In April 2020, the Partnership terminated its Master Trust Agreement and collapsed all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings was paid off in full. The MRBs associated with the collapsed Term A/B Trusts were securitized into new variable rate TOB Trusts with Mizuho. The following table summarizes the gross principal and initial terms of the TOB Trusts at closing:

TOB Trusts Securitization	Outstanding TOB Trust Financing		Stated Maturity	Reset Frequency	SIFMA Based Rates	Facility Fees	Initial Interest Rate
Avistar at Copperfield - Series A	$	11,818,000	May 2021	Weekly	0.42%	1.66%	2.08%
Avistar at Wilcrest - Series A		4,479,000	May 2021	Weekly	0.42%	1.66%	2.08%
Avistar at Wood Hollow - Series A		34,007,000	May 2021	Weekly	0.42%	1.66%	2.08%
Gateway Village		2,184,000	May 2021	Weekly	0.42%	1.66%	2.08%
Lynnhaven		2,898,000	May 2021	Weekly	0.42%	1.66%	2.08%
Total TOB Trust Financing	$	55,386,000

In April 2020, the Partnership extended the maturity dates of TOB Trust financings associated with the Rosewood Townhomes – Series A and South Pointe Apartments – Series A MRBs to June 2021.  The Partnership also extended the maturity dates of TOB Trust financings associated with the Montecito at William Ranch Apartments – Series A, Vineyard Gardens – Series A and Live 929 Apartments MRBs to July 2021.