Mortgages Payable and Other Secured Financing (Tables)

12 Months Ended

Dec. 31, 2020

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2020:

	Outstanding Debt Financings as of December 31, 2020, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	Variable Rate Index	Index Based Rates	Spread/ Facility Fees	Period End Rates
TEBS Financings
Fixed - M24	$	39,825,019	$	238,760	2010	May 2027	N/A	N/A	N/A	N/A	3.05%
Variable - M31 ⁽¹⁾		78,272,018		4,999	2014	July 2024	Weekly	SIFMA	0.12%	1.34%	1.46%
Fixed - M33		30,796,097		2,606	2015	September 2030	N/A	N/A	N/A	N/A	3.24%
Fixed - M45 ⁽²⁾		215,825,022		5,000	2018	July 2034	N/A	N/A	N/A	N/A	3.82%

Secured Notes
Variable - Notes		103,086,756		77,500,000	2020	September 2025	Monthly	3-month LIBOR	0.22%	9.00%	9.22% ⁽³⁾

TOB & Term A/B Trusts Securitization
Fixed - Term TOB ⁽⁴⁾		13,001,530		-	2019	May 2022	N/A	N/A	N/A	N/A	3.53%
Variable - TOB⁽⁵⁾		193,151,198		-	2019 - 2020	July 2022 - December 2023	Weekly	SIFMA/OBFR	0.29% - 0.39%	0.89% - 1.67%	1.18% - 2.06%
Total Debt Financings	$	673,957,640

(1)	Facility fees have a variable component.

(2)	The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(3)

The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps.

(4)	The Term TOB Trust is securitized by the Village at Avalon MRB.

(5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2020:

	Outstanding Financing as of December 31, 2020, net		Financing Facility Provider	Year Acquired	Stated Maturity	Reset Frequency	Variable Rate Index	Index Based Rates	Facility Fees	Period End Rates
Variable - TOB Securitization
Live 929	$	31,553,785	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%	1.66%		1.95	%
Montecito at Williams Ranch - Series A		6,915,682	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%	1.17%		1.46	%
Rosewood Townhomes - Series A		7,691,507	Mizuho	2019	July 2023	Weekly	SIFMA	0.39%	1.17%		1.56	%
South Pointe Apartments - Series A		17,976,559	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%	1.17%		1.46	%
Vineyard Gardens - Series A		3,587,685	Mizuho	2019	July 2023	Weekly	SIFMA	0.29%	1.17%		1.46	%
Avistar at Copperfield - Series A		11,729,379	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%	1.67%		2.06	%
Avistar at Wilcrest - Series A		4,433,372	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%	1.67%		2.06	%
Avistar at Wood Hollow - Series A		33,776,383	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%	1.67%		2.06	%
Gateway Village		2,173,253	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%	1.67%		2.06	%
Lynnhaven		2,887,257	Mizuho	2020	July 2023	Weekly	SIFMA	0.39%	1.67%		2.06	%
Montevista - Series A		5,668,324	Mizuho	2020	December 2023	Weekly	SIFMA	0.29%	1.27%		1.56	%
Ocotillo Springs - Series A		1,765,167	Mizuho	2020	July 2022	Weekly	SIFMA	0.29%	0.89%		1.18	%
Trust 2020-XF2907 ⁽¹⁾		58,353,917	Mizuho	2020	September 2023	Weekly	OBFR	0.33%	0.89%		1.22	%
Trust 2020-XF2908 ⁽²⁾		4,638,928	Mizuho	2020	September 2023	Weekly	OBFR	0.33%	0.89%		1.22	%
Total TOB Financing\ Weighted Average Period End Rate	$	193,151,198									1.63	%

(1)

The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.

(2)

The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.

The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2019:

	Outstanding Debt Financings as of December 31, 2019, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TEBS Financings
Fixed - M24	$	40,495,442	$	204,000	2010	May 2027	N/A	N/A	N/A	3.05%
Variable - M31 ⁽¹⁾		79,505,180		4,999	2014	July 2024	Weekly	1.64%	1.54%	3.18%
Fixed - M33		31,367,147		2,606	2015	September 2030	N/A	N/A	N/A	3.24%
Fixed - M45 ⁽²⁾		217,603,233		5,000	2018	July 2034	N/A	N/A	N/A	3.82%

TOB & Term A/B Trusts Securitization
Variable - TOB ⁽³⁾		102,591,789		-	2019	July 2020 - September 2020	Weekly	1.79% - 2.08%	1.12% - 1.66%	2.96% - 3.45%
Fixed - Term TOB⁽³⁾		21,073,418		-	2014 - 2019	January 2020 - May 2022	N/A	N/A	N/A	3.53% - 4.01%
Fixed - Term A/B ⁽³⁾		43,561,212		-	2017 - 2019	February 2020 - February 2027	N/A	N/A	N/A	4.46% - 4.53%
Total Debt Financings	$	536,197,421

(1)	Facility fees have a variable component.

(2)	M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(3)	The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:

	Outstanding Financing as of December 31, 2019, net		Financing Facility Provider	Year Acquired	Stated Maturity	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
Variable - TOB Securitization
Live 929	$	31,733,007	Mizuho	2019	August 2020	Weekly	1.79%	1.66%		3.45	%
Montecito at Williams Ranch - Series A		6,899,653	Mizuho	2019	August 2020	Weekly	1.79%	1.17%		2.96	%
PHC Certificate Trust 1		20,067,635	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
PHC Certificate Trust 2		3,786,197	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
PHC Certificate Trust 3		10,850,103	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
Rosewood Townhomes - Series A		7,687,958	Mizuho	2019	July 2020	Weekly	1.79%	1.17%		2.96	%
South Pointe Apartments - Series A		17,992,112	Mizuho	2019	July 2020	Weekly	1.79%	1.17%		2.96	%
Vineyard Gardens - Series A		3,575,124	Mizuho	2019	August 2020	Weekly	1.79%	1.17%		2.96	%
Total TOB Financing\ Weighted Average Period End Rate	$	102,591,789								3.19	%

	Outstanding Financing as of December 31, 2019, net		Financing Facility Provider	Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Provision Center 2014-1	$	8,010,000	Deutsche Bank	2014	January 2020		4.01	%
Village at Avalon		13,063,418	Morgan Stanley	2019	May 2022		3.53	%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate	$	21,073,418					3.71	%

Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A	$	8,385,080	Deutsche Bank	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,142,267	Deutsche Bank	2017	February 2027		4.46	%
Avistar at Wood Hollow - Series A		26,773,109	Deutsche Bank	2017	February 2027		4.46	%
Gateway Village		2,260,628	Deutsche Bank	2019	February 2020		4.53	%
Lynnhaven		3,000,128	Deutsche Bank	2019	February 2020		4.53	%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate	$	43,561,212					4.47	%

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:

2021	$	5,894,456
2022		21,448,689
2023		195,504,816
2024		87,839,152
2025		11,363,784
Thereafter		354,282,244
Total		676,333,141
Unamortized deferred financing costs and debt premium		(2,375,501	)
Total debt financing, net	$	673,957,640

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:

2021	$	835,130
2022		869,599
2023		908,564
2024		946,558
2025		1,782,213
Thereafter		20,644,450
Total		25,986,514
Unamortized deferred financing costs		(1,642	)
Total mortgages payable and other secured financings, net	$	25,984,872

Mortgages payable [Member]

Schedule of Total Debt Financing

The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2020 and 2019:

MF Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2020, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Period End Rate
The 50/50 MF Property--TIF Loan	$	2,521,308	2020	March 2025	Fixed		4.40	%
The 50/50 MF Property--Mortgage		23,463,564	2020	April 2027	Fixed		4.35	%
Total Mortgage Payable\Weighted Average Period End Rate	$	25,984,872					4.36	%

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%