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Note I - Notes Payable and Paycheck Protection Program Loan
 6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note I — Notes Payable and Paycheck Protection Program Loan

 

As of June 30, 2022, the principal balances on notes payable are as follows:

 

Loan

 

Original Debt Amount

  

Monthly Payment

  

Balance as of 6/30/22

 

Lender

 

Term (in years)

  

Interest Rate

 

Loan Maturity

Corporate D&O Insurance (4)

 $450,000  $38,000  $37,000 

MetaBank

  1   3.95%

7/31/2022

MVP Clarksburg Lot

 $476,000  

Interest Only

  $476,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MCI 1372 Street

 $574,000  

Interest Only

  $574,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MVP Milwaukee Old World

 $771,000  

Interest Only

  $1,871,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MVP Milwaukee Clybourn

 $191,000  

Interest Only

  $191,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MVP Wildwood NJ Lot, LLC

 $1,000,000  

Interest Only

  $1,000,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MVP Cincinnati Race Street, LLC

 $2,550,000  

Interest Only

  $3,450,000 

Vestin Realty Mortgage II

  1   7.00%

8/25/2022

Minneapolis Venture

 $2,000,000  

Interest Only

  $4,000,000 

Vestin Realty Mortgage I

  1   7.00%

8/25/2022

MVP Memphis Poplar (3)

 $1,800,000  

Interest Only

  $1,800,000 

LoanCore

  5   5.38%

3/6/2024

MVP St. Louis (3)

 $3,700,000  

Interest Only

  $3,700,000 

LoanCore

  5   5.38%

3/6/2024

1W7 Carpark, LLC and 222W7th Holdco, LLC

 $339,000  $6,400  $140,000 

FlashParking, Inc

  5   5.00%

5/31/2024

Mabley Place Garage, LLC

 $9,000,000  $44,000  $7,717,000 

Barclays

  10   4.25%

12/6/2024

322 Streeter Holdco LLC

 $25,900,000  

Interest Only

  $25,683,000 

American National Insurance Co.

  5

*

  3.50%

3/1/2025

MVP Houston Saks Garage, LLC

 $3,650,000  $20,000  $3,007,000 

Barclays Bank PLC

  10   4.25%

8/6/2025

Minneapolis City Parking, LLC

 $5,250,000  $29,000  $4,442,000 

American National Insurance, of NY

  10   4.50%

5/1/2026

MVP Bridgeport Fairfield Garage, LLC

 $4,400,000  $23,000  $3,718,000 

FBL Financial Group, Inc.

  10   4.00%

8/1/2026

West 9th Properties II, LLC

 $5,300,000  $30,000  $4,559,000 

American National Insurance Co.

  10   4.50%

11/1/2026

MVP Fort Worth Taylor, LLC

 $13,150,000  $73,000  $11,342,000 

American National Insurance, of NY

  10   4.50%

12/1/2026

MVP Detroit Center Garage, LLC

 $31,500,000  $194,000  $27,944,000 

Bank of America

  10   5.52%

2/1/2027

MVP St. Louis Washington, LLC (1)

 $1,380,000  $8,000  $1,287,000 

KeyBank

  10

*

  4.90%

5/1/2027

St. Paul Holiday Garage, LLC (1)

 $4,132,000  $24,000  $3,853,000 

KeyBank

  10

*

  4.90%

5/1/2027

Cleveland Lincoln Garage, LLC (1)

 $3,999,000  $23,000  $3,729,000 

KeyBank

  10

*

  4.90%

5/1/2027

MVP Denver Sherman, LLC (1)

 $286,000  $2,000  $266,000 

KeyBank

  10

*

  4.90%

5/1/2027

MVP Milwaukee Arena Lot, LLC (1)

 $2,142,000  $12,000  $1,998,000 

KeyBank

  10

*

  4.90%

5/1/2027

MVP Denver 1935 Sherman, LLC (1)

 $762,000  $4,000  $710,000 

KeyBank

  10

*

  4.90%

5/1/2027

MVP Louisville Broadway Station, LLC (2)

 $1,682,000  

Interest Only

  $1,682,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

MVP Whitefront Garage, LLC (2)

 $6,454,000  

Interest Only

  $6,454,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

MVP Houston Preston Lot, LLC (2)

 $1,627,000  

Interest Only

  $1,627,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

MVP Houston San Jacinto Lot, LLC (2)

 $1,820,000  

Interest Only

  $1,820,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

St. Louis Broadway, LLC (2)

 $1,671,000  

Interest Only

  $1,671,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

St. Louis Seventh & Cerre, LLC (2)

 $2,057,000  

Interest Only

  $2,057,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

MVP Indianapolis Meridian Lot, LLC (2)

 $938,000  

Interest Only

  $938,000 

Cantor Commercial Real Estate

  10

**

  5.03%

5/6/2027

St Louis Cardinal Lot DST, LLC (5)

 $6,000,000  

Interest Only

  $6,000,000 

Cantor Commercial Real Estate

  10

**

  5.25%

5/31/2027

MVP Preferred Parking, LLC

 $11,330,000  

Interest Only

  $11,330,000 

Key Bank

  10

**

  5.02%

8/1/2027

Less unamortized loan issuance costs

  $(774,000)          
          $150,299,000           

 

(1)

The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.

(2)

The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties.

(3)

On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis 2013”), and MVP PF Memphis Poplar 2013, LLC (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis 2013 and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 and MVP Memphis Poplar.

(4)

On September 30, 2021, the Company entered into a loan with Meta Bank to finance $337,500 of the Directors & Officers insurance policy premium. The loan matured on July 31, 2022.

(5)

Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note I for further information.

 

* 2 Year Interest Only

** 10 Year Interest Only

 

During April 2022, the Company received notification from the Small Business Administration stating that the round two paycheck protection program loan was forgiven in full in the amount of $328,000.

 

Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums.  Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits.  Borrowers for six of the Company’s loans totaling $58.6 million and seven loans totaling $96.0 million failed to meet loan covenants as of June 30, 2022 and December 31, 2021, respectively. As a result, these borrowers are subject to additional cash management procedures, which resulted in approximately $442,000 and $359,000 of restricted cash at  June 30, 2022 and  December 31, 2021, respectively. In order to exit these procedures, certain debt service coverage ratios or debt yield tests must be exceeded for two consecutive quarters to return to less restrictive cash management procedures.

 

As of June 30, 2022, future principal payments on notes payable are as follows:

 

2022 (remainder)

  12,833,000 

2023

  2,575,000 

2024

  15,308,000 

2025

  30,795,000 

2026

  22,630,000 

Thereafter

  66,932,000 

Total

 $151,073,000