Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Mortgage Notes Payable, Net

The following table presents a summary of the Company's mortgage notes payable, net, at June 30, 2019 and December 31, 2018:

	June 30, 2019							December 31, 2018
Collateral	Outstanding Borrowings		Deferred Financing Costs, net			Carrying Value		Outstanding borrowings		Deferred Financing Costs, net			Carrying Value
Payne Place		1,542,697	$	(29,283	)	$	1,513,414	$	1,560,236	$	(30,220	)	$	1,530,016
Bay Club		21,520,000		(232,127	)		21,287,873		21,520,000		(255,957	)		21,264,043
Tramore Village		32,625,000		(334,217	)		32,290,783		32,625,000		(363,784	)		32,261,216
Matthews Reserve		23,850,000		(291,348	)		23,558,652		23,850,000		(315,236	)		23,534,764
The Park at Kensington		21,760,000		(282,523	)		21,477,477		21,760,000		(305,399	)		21,454,601
Wimbledon Oaks		18,410,000		(254,804	)		18,155,196		—		—			—
Summit		27,580,000		(444,129	)		27,135,871		—		—			—
Total	$	147,287,697	$	(1,868,432	)	$	145,419,265	$	101,315,236	$	(1,270,596	)	$	100,044,640

The following table presents additional information about the Company's mortgage notes payable, net:

Collateral	Maturity Date	Annual Interest Rate				Average Monthly Debt Service		Average Monthly Escrow
Payne Place	1/1/2047		3.11	%	(1)(5)	$	6,948	$	2,531
Bay Club	8/1/2024		4.27	%	(2)(6)		103,482		52,024
Tramore Village	4/1/2025		4.20	%	(3)(6)		118,929		55,872
Matthews Reserve	9/1/2025		4.47	%	(4)(6)		90,322		20,127
The Park at Kensington	10/1/2025		4.36	%	(4)(6)		80,379		37,346
Wimbledon Oaks	3/1/2026		4.33	%	(4)(6)		67,537		63,822
Summit	8/1/2026		3.84	%	(4)(6)		89,593		42,698

(1)   Fixed rate until January 1, 2020, when the fixed rate of the note changes to variable rate based on six-month LIBOR plus 2.25%, with an all-in interest rate floor of 2.50% and ceiling of 9.50%.

(2) Variable rate based on one-month LIBOR of 2.40% (at June 30, 2019) plus 1.87%, with a maximum interest rate of 5.75%; see Note 13.

(3) Variable rate based on one-month LIBOR of 2.40% (at June 30, 2019) plus 1.80%, with a maximum interest rate of 6.25%; see Note 13.

(4) Fixed rate.

(5) Through December 18, 2018, RAI co-guaranteed this loan with the Company. See Note 9 for more details.

(6) Monthly interest-only payment currently required.

Schedule of Annual Principal Payments

The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending June 30, and thereafter:

2020	$	325,789
2021		489,675
2022		1,552,973
2023		2,516,980
2024		2,654,195
Thereafter		139,748,085
	$	147,287,697

Schedule of Estimated Amortization

The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending June 30, and thereafter:

2020	$	307,996
2021		306,110
2022		303,838
2023		299,116
2024		294,157
Thereafter		357,215
	$	1,868,432