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Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]  
Summary of Partnership's Bond Purchase Commitments The following table summarizes the Partnership’s bond purchase commitment as of September 30, 2021: 

 

Bond Purchase Commitments

 

Commitment Date

 

Maximum

Committed

Amounts

Remaining

 

 

Rate

 

 

Estimated Closing

Date

 

Fair Value as of

September 30, 2021

 

CCBA Senior Garden Apartments

 

July 2020

 

$

3,807,000

 

 

 

4.50

%

 

Q4 2021

 

$

401,223

 

Anaheim & Walnut

 

September 2021

 

 

3,900,000

 

 

 

4.85

%

 

Q3 2024

 

 

-

 

 

 

 

 

$

7,707,000

 

 

 

 

 

 

 

 

$

401,223

 

 
Summary of Partnership's Maximum Exposure Under Guarantee Agreements The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2021:

Borrower

 

Guarantee Maturity

 

Maximum Balance

Available on Loan

 

 

Loan

Balance as of September 30, 2021

 

 

Partnership's Maximum Exposure

as of September 30, 2021

 

 

Guarantee

Terms

Vantage at Stone Creek

 

2023

 

$

30,824,000

 

 

$

30,501,955

 

 

$

15,250,978

 

 

(1)

Vantage at Coventry

 

2023

 

 

31,500,000

 

 

 

31,173,875

 

 

 

15,586,937

 

 

(1)

Vantage at Murfreesboro

 

2022 (2)

 

 

30,500,000

 

 

 

30,500,000

 

 

 

15,250,000

 

 

(3)

 

(1)

The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% of the loan balance when certain debt service coverage levels are achieved by the borrower.

(2)

The initial maturity is September 2022, though the borrower may extend the maturity date for one 6-month period.

(3)

The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of September 30, 2021. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term.

The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2021:

 

Limited Partnership(s)

 

End of Guaranty Period

 

Partnership's Maximum Exposure

as of September 30, 2021

 

 

Ohio Properties

 

2026

 

$

3,011,522

 

 

Greens of Pine Glen, LP

 

2027

 

 

2,046,028