Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

In July 2020, the Partnership extended the maturity date of all Mizuho TOB Trust financings with stated maturities in 2021 to July 2023. There were no additional changes to terms or fees associated with the amendment.

In July 2020, the Partnership extended the maturity of the unsecured operating and non-operating lines of credit to June 2022.

In July 2020, the Partnership committed to fund a GIL and a property loan for the construction of an affordable multifamily property. At closing, the Partnership advanced approximately $11.6 million of the GIL commitment and no funds were advanced for the property loan, with the remaining commitments to be funded as construction progresses. Both the GIL and the property loan share a first mortgage lien position on the property. The following table summarizes the terms of the Partnership’s GIL and property loan commitments:

Commitment	Month Acquired	Property Location	Units	Maturity Date	Variable Interest Rate	Maximum Commitment
Oasis at Twin Lakes - GIL	July	Roseville, MN	228	8/1/2023 (1)	SIFMA + 3.25% (2)	$	34,000,000
Oasis at Twin Lakes - Property Loan	July	Roseville, MN	228	8/1/2023 (1)	LIBOR + 2.50% (3)		27,704,180

(1) The borrower has the option to extend the maturity up to six months.

(2) The SIFMA-based component has a floor of 50 basis points. In addition, the spread decreases from 3.25% to 2.25% upon construction completion.

(3) The LIBOR-based component has a floor of 50 basis points.

In July 2020, the Partnership committed to fund an MRB and a taxable MRB for the construction and permanent financing of an affordable multifamily property. At closing, the Partnership advanced $300,000 of the MRB commitment and no funds under the taxable MRB commitment. The remaining commitments will be advanced as construction progresses.  The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments:

Commitment	Month Acquired	Property Location	Units	Maturity Date	Variable Interest Rate	Maximum Commitment (1)
Ocotillo Springs - MRB	July	Brawley, CA	75	8/1/2037	LIBOR + 3.25% (2)	$	15,000,000
Ocotillo Springs - taxable MRB	July	Brawley, CA	75	8/1/2022	LIBOR + 3.55% (3)		7,000,000

(1) Upon stabilization of the property, the MRB will be partially repaid and the taxable MRB will be redeemed in full. The maximum balance of the MRB after stabilization is approximately $3.5 million.

(2) The variable interest rate is subject to a floor of 4.55% during construction and stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%.

(3) The variable interest rate is subject to a floor of 4.91%.

In July 2020, the Partnership executed a forward bond purchase commitment for an MRB to be issued and secured by a senior housing property under rehabilitation. The following table summarizes the terms of the forward bond purchase commitment:

Bond Purchase Commitment	Commitment Date	Property Location	Units	Interest Rate	Estimated Closing Date	Maximum Commitment
CCBA Senior Garden Apartments	July 2020	San Diego, CA	45	4.50%	Q3 2022	$	3,807,000

In July 2020, the Partnership entered into TOB Trust financings with Mizuho to securitize the Oasis at Twin Lakes GIL and Ocotillo Springs MRB discussed above. The TOB Trust financings allow for additional borrowings as the Partnership makes additional advances on the Oasis at Twin Lakes GIL and Ocotillo Springs MRB funding commitments. The following table summarizes the initial terms of the TOB Trust financings:

TOB Trusts Securitization	Initial TOB Trust Financing		Stated Maturity	Reset Frequency	SIFMA Based Rates	Facility Fees	Initial Interest Rate
Oasis at Twin Lakes - GIL	$	10,440,000	July 2023	Weekly	0.59%	0.89%	1.48%
Ocotillo Springs - MRB		100,000	July 2022	Weekly	0.68%	0.89%	1.57%