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Subsequent Events (Tables)
3 Months Ended
Mar. 31, 2021
Summary of Initial Terms of TOB Trusts Financings The following table summarizes the initial terms of the TOB Trust financing:

 

TOB Trusts Securitization

 

Initial TOB

Trust Financing

 

 

Stated Maturity

 

Reset

Frequency

 

SIFMA

Based Rates

 

 

Facility Fees

 

 

Initial

Interest Rate

 

TOB Trust 2021-XF2936

 

$

3,528,000

 

 

April 2023

 

Weekly

 

0.26%

 

 

1.27%

 

 

1.53%

 

Jackson Manor Apartments [Member]  
Summary of Terms of MRB The following table summarizes the terms of the MRB:

 

Commitment

 

Month

Acquired

 

Property

Location

 

Units

 

Maturity

Date

 

Fixed Interest

Rate

 

 

Initial

Funding

 

 

Maximum

Remaining

Commitment (1)

 

Jackson Manor Apartments

 

April

 

Jackson, MS

 

60

 

May 1, 2038

 

5.00%

 

 

$

4,150,000

 

 

$

2,750,000

 

(1)

Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed approximately $4.8 million.