Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Schedule of MRB Redeemed

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2021:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Arby Road Apartments - Series A (1)	March	Las Vegas, NV		180	10/1/2027		5.35	%	$	1,600,000
Arby Road Apartments - Series A (1)	March	Las Vegas, NV		180	4/1/2041		5.50	%		5,785,000
									$	7,385,000

^{(1) Both MRBs are part of the same series but had different interest rates and maturity dates.}

The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2020:

Property Name	Month Redeemed	Property Location	Units	Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Solano Vista - Series B	January	Vallejo, CA	96	1/1/2021		5.85	%	$	3,103,000

In July 2021, the following MRBs were redeemed:

Property Name	Month Redeemed	Property Location	Units	Original Maturity Date	Interest Rate	Principal Outstanding at Date of Redemption
Rosewood Townhomes - Series A	July	Goose Creek, SC	100	7/1/2055	5.75%	$	9,259,206
Rosewood Townhomes - Series B	July	Goose Creek, SC	100	8/1/2055	12.00%		469,781
South Pointe Apartments - Series A	July	Hanahan, SC	256	7/1/2055	5.75%		21,551,600
South Pointe Apartments - Series B	July	Hanahan, SC	256	8/1/2055	12.00%		1,099,487
						$	32,380,074

Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or Redeemed

The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020:

Debt Financing	Debt Facility	Month	Paydown Applied
Avistar at Copperfield - Series A	Term A/B Trust	April 2020	$	8,417,739
Avistar at Wilcrest - Series A	Term A/B Trust	April 2020		3,162,435
Avistar at Wood Hollow - Series A	Term A/B Trust	April 2020		26,860,536
Gateway Village	Term A/B Trust	April 2020		2,262,000
Lynnhaven	Term A/B Trust	April 2020		3,001,500
Pro Nova 2014-1	Term TOB	April 2020		8,010,000
			$	51,714,210

In July 2021, the following TOB Trust financings were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership paid a one-time fee of approximately $187,000 to terminate the TOB Trust financings.

Debt Financing	Debt Facility	Month	Paydown Applied
Rosewood Townhomes - Series A	TOB	July 2021	$	7,700,000
South Pointe Apartments - Series A	TOB	July 2021		17,990,000
			$	25,690,000

Summary of Terms of MRB

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		Initial Funding		Maximum Remaining Commitment
Osprey Village - GIL	July 2021	Kissimmee, FL	383	8/1/2024 (1)	SOFR + 3.07%	(2)	$	2,955,303	$	57,044,697
Osprey Village - Property Loan	July 2021	Kissimmee, FL	383	8/1/2024 (1)	SOFR + 3.07%	(2)		1,000,000		24,500,000
							$	3,955,303	$	81,544,697

⁽¹⁾    The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.

⁽²⁾    The SOFR based component has a floor of 0.50%.

Summary of Initial Terms of TOB Trusts Financings

TOB Trusts Securitization	Initial TOB Trust Financing		Stated Maturity	Reset Frequency	OBFR Based Rates	Facility Fees	Initial Interest Rate
TOB Trust 2021-XF2939	$	4,085,000	July 2024	Weekly	0.33%	1.16%	1.49%