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Mortgage Loans (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Promissory Notes

The Company had the following mortgage loans outstanding as of March 31, 2023 and December 31, 2022, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loans Secured By (Tenant-Location)

Loan Amount

 

 

Interest Rate

 

 

Maturity Date

2023

 

2022

 

Debt Service Coverage Ratios ("DSCR") Required

 

7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama

$

11,287,500

 

 (a)

 

4.17

%

 

3/6/2030

$

10,906,937

 

$

10,957,829

 

 

1.25

 

GSA - Norfolk, Virginia

 

8,260,000

 

 

 

3.50

%

 

9/30/2024

 

7,518,613

 

 

7,578,304

 

 

1.25

 

PRA Holdings, Inc. - Norfolk, Virginia

 

5,216,749

 

 

 

3.50

%

 

10/23/2024

 

4,687,418

 

 

4,728,462

 

 

1.25

 

Sherwin-Williams - Tampa, Florida

 

1,286,664

 

 

 

3.72

%

(b)

8/10/2028

 

1,286,664

 

 

1,286,664

 

 

1.20

 

GSA - Manteo, North Carolina

 

928,728

 

 (c)

 

3.85

%

 (d)

3/31/2032

 

928,728

 

 

928,728

 

 

1.50

 

Irby Construction - Plant City , Florida

 

928,728

 

(c)

 

3.85

%

(d)

3/31/2032

 

928,728

 

 

928,728

 

 

1.50

 

Best Buy - Grand Junction, Colorado

 

2,552,644

 

 (c)

 

3.85

%

 (d)

3/31/2032

 

2,552,644

 

 

2,552,644

 

 

1.50

 

Fresenius - Chicago, Illinois

 

1,727,108

 

(c)

 

3.85

%

(d)

3/31/2032

 

1,727,108

 

 

1,727,108

 

 

1.50

 

Starbucks - North Tampa, Florida

 

1,298,047

 

 (c)

 

3.85

%

 (d)

3/31/2032

 

1,298,047

 

 

1,298,047

 

 

1.50

 

Kohls - Tucson, Arizona

 

3,964,745

 

(c)

 

3.85

%

(d)

3/31/2032

 

3,964,745

 

 

3,964,745

 

 

1.50

 

 

$

37,450,913

 

 

 

 

 

 

$

35,799,632

 

$

35,951,259

 

 

 

Less Debt Issuance Costs, net

 

(688,516

)

 

(717,381

)

 

 

 

 

 

 

 

 

 

 

$

35,111,116

 

$

35,233,878

 

 

 

(a) Loan subject to prepayment penalty

(b) Fixed via interest rate swap

(c) One loan in the amount of $11.4 million secured by six properties and allocated to each property based on each property's appraised value.

(d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%
Schedule of Minimum Required Principal Payments inimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows:

 

Mortgage Loans

 

 

Other Payable - Related Party

 

 

Loan Payable - Related Party

 

Total as of March 31, 2023

 

2023 (9 months remaining)

$

633,897

 

 

$

452,460

 

 

$

-

 

$

1,086,357

 

2024

 

12,427,090

 

 

 

1,809,840

 

 

 

1,500,000

 

 

15,736,930

 

2025

 

546,280

 

 

 

-

 

 

 

-

 

 

546,280

 

2026

 

568,514

 

 

 

-

 

 

 

-

 

 

568,514

 

2027

 

591,656

 

 

 

-

 

 

 

-

 

 

591,656

 

Thereafter

 

21,032,195

 

 

 

-

 

 

 

-

 

 

21,032,195

 

 

$

35,799,632

 

 

$

2,262,300

 

 

$

1,500,000

 

$

39,561,932