Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Between January 1, 2022 and February 10, 2022, the Company issued 3,167 shares of Series M1 Preferred Stock and collected net proceeds of approximately $3.1 million after commissions and fees. During the same period, the Company redeemed 9,453 shares of Series A Preferred Stock, 204 mShares, 212 shares of Series A1 Preferred Stock, and 267 shares of Series M1 Preferred Stock.

On February 10, 2022, we amended our real estate loan investment supporting The Platform, a 551-unit multifamily community located in San Jose, California. The maturity date of the instrument was extended to August 13, 2022 and a second extension option of December 31, 2022 was added. The all-in interest rate was reduced to 9.5% per annum beginning on the original maturity date of February 13, 2022 and it increases in steps each three-month period up to 11.0% per annum. As of January 31, 2022, the property's physical occupancy was 91.1%.

On February 11, 2022, the Company closed on a real estate loan investment of up to $16.7 million, in support of a 286-unit multifamily community located in the Orlando, Florida MSA.

On February 15, 2022, we refinanced our Chestnut Farm multifamily community with permanent mortgage financing in the amount of approximately $52.3 million, that bears interest at a rate of 3.25% and matures on March 1, 2032.

On February 16, 2022, the Company entered into the Merger Agreement, pursuant to which, following the Mergers, if closed, we will become a wholly owned subsidiary of Parent, which is affiliated with BREIT. If the Mergers are completed, each share of our Common Stock issued and outstanding immediately prior to closing will be automatically canceled and converted into the right to receive $25.00 in cash, and the Company will cease to be a publicly traded company on the New York Stock Exchange. The transaction has been unanimously approved by the Board of Directors and is expected to close in the second quarter of 2022, although there is no guarantee that it will occur by that date, or at all, and the transaction is subject to approval by stockholders and other customary closing conditions.

On February 24, 2022, the Company's board of directors declared a quarterly dividend on its Common Stock of $0.175 per share, payable on April 15, 2022 to stockholders of record on March 15, 2022.

On February 25, 2022, the Company closed on the acquisition of Lirio at Rafina, a 280-unit multifamily community located in the Orlando, Florida MSA.

On February 28, 2022, the Company closed on a real estate loan investment of up to $17.2 million, in support of a 242-unit multifamily community located in the Naples, Florida MSA.

Between January 1, 2022 and February 25, 2022, the Company issued no shares of Common Stock under the 2019 ATM Offering.

Between January 1, 2022 and February 22, 2022, we issued 3,358,780 shares of Common Stock from exercises of our outstanding Warrants.