Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2021

Mortgages Payable

Schedule of senior mortgage indebtedness

The following table summarizes certain information as of March 31, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands):

	Outstanding Principal				As of March 31, 2021
	March 31,		December 31,				Interest-only
Property	2021		2020		Interest Rate		through date	Maturity Date
Fixed Rate:
ARIUM Hunter’s Creek	$	70,525	$	70,871	3.65	%	(1)	November 1, 2024
ARIUM Metrowest		64,559		64,559	4.43	%	May 2021	May 1, 2025
ARIUM Westside		52,150		52,150	3.68	%	August 2021	August 1, 2023
Ashford Belmar		100,675		100,675	4.53	%	December 2022	December 1, 2025
Avenue 25 (2)		36,566		36,566	4.18	%	July 2022	July 1, 2027
Carrington at Perimeter Park(3)		31,286		31,301	4.16	%	(3)	July 1, 2027
Chattahoochee Ridge		45,338		45,338	3.25	%	December 2022	December 5, 2024
Citrus Tower		40,442		40,627	4.07	%	(1)	October 1, 2024
Denim(4)		101,205		101,205	3.41	%	August 2024	August 1, 2029
Elan(5)		25,557		25,574	4.19	%	(5)	July 1, 2027
Element		29,260		29,260	3.63	%	July 2022	July 1, 2026
Falls at Forsyth (6)		19,504		—	4.35	%	(1)	July 1, 2025
Gulfshore Apartment Homes		46,345		46,345	3.26	%	September 2022	September 1, 2029
James on South First		—		25,674
Navigator Villas (7)		20,515		20,515	4.56	%	June 2021	June 1, 2028
Outlook at Greystone		22,105		22,105	4.30	%	June 2021	June 1, 2025
Park & Kingston		19,600		19,600	3.32	%	November 2024	November 1, 2026
Plantation Park		—		26,625
Providence Trail		47,950		47,950	3.54	%	July 2021	July 1, 2026
Roswell City Walk		49,798		50,043	3.63	%	(1)	December 1, 2026
The Brodie		33,380		33,551	3.71	%	(1)	December 1, 2023
The Links at Plum Creek		39,409		39,578	4.31	%	(1)	October 1, 2025
The Mills		25,141		25,275	4.21	%	(1)	January 1, 2025
The Preserve at Henderson Beach		48,490		48,490	3.26	%	September 2028	September 1, 2029
The Reserve at Palmer Ranch		40,806		40,977	4.41	%	(1)	May 1, 2025
The Sanctuary		33,707		33,707	3.31	%	Interest-only	August 1, 2029
Wesley Village		39,259		39,438	4.25	%	(1)	April 1, 2024
Total Fixed Rate	$	1,083,572	$	1,117,999
Floating Rate (8):
ARIUM Glenridge	$	49,500	$	49,500	1.45	%	September 2021	September 1, 2025
Chevy Chase		24,400		24,400	2.44	%	September 2022	September 1, 2027
Cielo on Gilbert (9)		58,000		58,000	2.65	%	January 2026	January 1, 2031
Falls at Forsyth (6)		19,443		—	1.52	%	(1)	July 1, 2025
Fannie Facility Advance		13,936		13,936	2.72	%	June 2022	June 1, 2027
Fannie Facility Second Advance (9)		12,880		—	2.76	%	March 2023	March 1, 2028
Marquis at The Cascades I		—		31,668
Marquis at The Cascades II		—		22,101
Pine Lakes Preserve		42,728		42,728	3.10	%	July 2025	July 1, 2030
The District at Scottsdale (10)		74,651		75,577	1.85	%	(1)	June 11, 2021 (11)
Veranda at Centerfield		26,100		26,100	1.37	%	July 2021	July 26, 2023 (12)
Villages of Cypress Creek		33,520		33,520	2.67	%	July 2022	July 1, 2027
Total Floating Rate	$	355,158	$	377,530
Total	$	1,438,730	$	1,495,529
Fair value adjustments		6,236		6,489
Deferred financing costs, net		(10,648)		(11,086)
Total continuing operations	$	1,434,318	$	1,490,932
Held for Sale
ARIUM Grandewood (6)(13)	$	—	$	19,585
ARIUM Grandewood (6)(13)		—		19,529
Plantation Park		26,625		—	4.64	%	July 2024	July 1, 2028
Deferred financing costs, net		(192)		(341)
Total held for sale		26,433		38,773
Total mortgages payable	$	1,460,751	$	1,529,705

(1) The loan requires monthly payments of principal and interest.

(2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86%.

(3) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66%. The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027.

(4) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22%.

(5) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66%. The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027.

(6) Refer to the Master Credit Facility with Fannie Mae section of this Note for further information regarding the senior mortgage substitution of collateral.

(7) The principal balance includes a $14.8 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23%.

(8) Other than Cielo on Gilbert, the Fannie Facility Second Advance and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In March 2021, one-month LIBOR in effect was 0.12%. LIBOR rate is subject to a rate cap. Please refer to Note 10 for further information.

(9) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at a floating rate of the 30-day average SOFR+ 2.61% and + 2.70%, respectively. In March 2021, the 30-day average SOFR in effect was 0.04%. SOFR rate is subject to a rate cap. Please refer to Note 10 for further information.

(10) The loan bears interest at a floating rate of one or three-month LIBOR + margin at the Company's discretion. The loan is not subject to a rate cap.

(11) The loan has two (2) three-month extension options subject to certain conditions.

(12) The loan has two (2) one-year extension options subject to certain conditions.

(13) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million.

Schedule of contractual principal payments

As of March 31, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2021 (April 1-December 31) (1)	$	81,986
2022		13,821
2023		126,023
2024		201,580
2025		369,102
Thereafter		672,843
	$	1,465,355
Add: Unamortized fair value debt adjustment		6,236
Subtract: Deferred financing costs, net		(10,840)
Total	$	1,460,751

(1) $74.7 million represents a loan in connection with The District at Scottsdale. The loan has a June 2021 maturity date and contains two (2) three-month extension options, subject to certain conditions.