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Note I - Notes Payable and Paycheck Protection Program Loan - Principal Balances on Notes Payable (Details)
6 Months Ended
Jun. 30, 2022
USD ($)
Debt balance, net $ 151,073,000
Notes Payable [Member]  
Less unamortized loan issuance costs (774,000)
Notes Payable and Paycheck Protection Program Loan [Member]  
Debt balance, net 150,299,000
Corporate D and O Insurance [Member] | Notes Payable [Member]  
Original debt amount 450,000 [1]
Monthly payment 38,000 [1]
Debt balance $ 37,000 [1]
Term (Year) 1 year [1]
interest rate 3.95% [1]
MVP Clarksburg Lot [Member] | Notes Payable [Member]  
Original debt amount $ 476,000
Debt balance $ 476,000
Term (Year) 1 year
interest rate 7.00%
MCI 1372 Street [Member] | Notes Payable [Member]  
Original debt amount $ 574,000
Debt balance $ 574,000
Term (Year) 1 year
interest rate 7.00%
MVP Milwaukee Old World [Member] | Notes Payable [Member]  
Original debt amount $ 771,000
Debt balance $ 1,871,000
Term (Year) 1 year
interest rate 7.00%
MVP Milwaukee Clybourn [Member] | Notes Payable [Member]  
Original debt amount $ 191,000
Debt balance $ 191,000
Term (Year) 1 year
interest rate 7.00%
MVP Wildwood NJ Lot LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,000,000
Debt balance $ 1,000,000
Term (Year) 1 year
interest rate 7.00%
MVP Cincinnati Race Street LLC [Member] | Notes Payable [Member]  
Original debt amount $ 2,550,000
Debt balance $ 3,450,000
Term (Year) 1 year
interest rate 7.00%
Minneapolis Venture [Member] | Notes Payable [Member]  
Original debt amount $ 2,000,000
Debt balance $ 4,000,000
Term (Year) 1 year
interest rate 7.00%
MVP Memphis Poplar [Member] | Notes Payable [Member]  
Original debt amount $ 1,800,000 [2]
Debt balance $ 1,800,000 [2]
Term (Year) 5 years [2]
interest rate 5.38% [2]
MVP St Louis [Member] | Notes Payable [Member]  
Original debt amount $ 3,700,000 [2]
Debt balance $ 3,700,000 [2]
Term (Year) 5 years [2]
interest rate 5.38% [2]
Notes Payable [Member] | One W7 Carpark LLC and 222 W 7th Holdco, LLC [Member]  
Original debt amount $ 339,000
Monthly payment 6,400
Debt balance $ 140,000
Term (Year) 5 years
interest rate 5.00%
Mabley Place Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 9,000,000
Monthly payment 44,000
Debt balance $ 7,717,000
Term (Year) 10 years
interest rate 4.25%
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member]  
Original debt amount $ 25,900,000
Debt balance $ 25,683,000
Term (Year) 5 years [3]
interest rate 3.50%
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 3,650,000
Monthly payment 20,000
Debt balance $ 3,007,000
Term (Year) 10 years
interest rate 4.25%
Minneapolis City Parking LLC [Member] | Notes Payable [Member]  
Original debt amount $ 5,250,000
Monthly payment 29,000
Debt balance $ 4,442,000
Term (Year) 10 years
interest rate 4.50%
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 4,400,000
Monthly payment 23,000
Debt balance $ 3,718,000
Term (Year) 10 years
interest rate 4.00%
West 9th Properties II LLC [Member] | Notes Payable [Member]  
Original debt amount $ 5,300,000
Monthly payment 30,000
Debt balance $ 4,559,000
Term (Year) 10 years
interest rate 4.50%
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member]  
Original debt amount $ 13,150,000
Monthly payment 73,000
Debt balance $ 11,342,000
Term (Year) 10 years
interest rate 4.50%
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 31,500,000
Monthly payment 194,000
Debt balance $ 27,944,000
Term (Year) 10 years
interest rate 5.52%
MVP St Louis Washington LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,380,000 [4]
Monthly payment 8,000 [4]
Debt balance $ 1,287,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
St Paul Holiday Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 4,132,000 [4]
Monthly payment 24,000 [4]
Debt balance $ 3,853,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
Cleveland Lincoln Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 3,999,000 [4]
Monthly payment 23,000 [4]
Debt balance $ 3,729,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
MVP Denver Sherman LLC [Member] | Notes Payable [Member]  
Original debt amount $ 286,000 [4]
Monthly payment 2,000 [4]
Debt balance $ 266,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
MVP Milwaukee Arena Lot LLC [Member] | Notes Payable [Member]  
Original debt amount $ 2,142,000 [4]
Monthly payment 12,000 [4]
Debt balance $ 1,998,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
MVP Denver 1935 Sherman LLC [Member] | Notes Payable [Member]  
Original debt amount $ 762,000 [4]
Monthly payment 4,000 [4]
Debt balance $ 710,000 [4]
Term (Year) 10 years [3],[4]
interest rate 4.90% [4]
MVP Louisville Broadway Station LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,682,000 [5]
Debt balance $ 1,682,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
MVP Whitefront Garage LLC [Member] | Notes Payable [Member]  
Original debt amount $ 6,454,000 [5]
Debt balance $ 6,454,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
MVP Houston Preston Lot LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,627,000 [5]
Debt balance $ 1,627,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
MVP Houston San Jacinto Lot LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,820,000 [5]
Debt balance $ 1,820,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
St Louis Broadway LLC [Member] | Notes Payable [Member]  
Original debt amount $ 1,671,000 [5]
Debt balance $ 1,671,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
St Louis Seventh Cerre LLC [Member] | Notes Payable [Member]  
Original debt amount $ 2,057,000 [5]
Debt balance $ 2,057,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
MVP Indianapolis Meridian Lot LLC [Member] | Notes Payable [Member]  
Original debt amount $ 938,000 [5]
Debt balance $ 938,000 [5]
Term (Year) 10 years [5],[6]
interest rate 5.03% [5]
St Louis Cardinal Lot DST LLC [Member] | Notes Payable [Member]  
Original debt amount $ 6,000,000 [7]
Debt balance $ 6,000,000 [7]
Term (Year) 10 years [6],[7]
interest rate 5.25% [7]
MVP Preferred Parking LLC [Member] | Notes Payable [Member]  
Original debt amount $ 11,330,000
Debt balance $ 11,330,000
Term (Year) 10 years [6]
interest rate 5.02%
[1] 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.
[2] 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.
[3] 2 Year Interest Only
[4] The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.
[5] 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.
[6] 10 Year Interest Only
[7] 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.