Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due

The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due by the Company for the nine months ended September 30, 2022:

		Due to related parties as of		Nine months ended September 30, 2022					Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2021		Incurred			Paid		September 30, 2022
Management Fees
Asset management fees	Management fees	$	223,602	$	2,745,623		$	2,601,084	$	368,141
Property management and oversight fees	Management fees		63,873		1,246,506			1,235,149		75,230
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)	General and administrative expenses		1,234,253		4,270,602			—		5,504,855
Expense reimbursement(2)	Cash and Cash Equivalents		—		31,500			—		31,500
Organization expenses(3)	General and administrative expenses		—		—			—		—
Admin fees(3)	General and administrative expenses		18,000		(18,000	)		—		—
Offering costs(3)	Additional paid-in capital		100,391		1,292,104			1,307,119		85,376
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		455,790			455,790		—
Distribution fees(4)	Additional paid-in capital		267,284		217,257			333,292		151,249
Investment Funding
Distribution due(5)	Additional paid-in capital		202,430		—			—		202,430
Application fee reimbursment(6)	Investment in real estate, net		—		100,000			—		100,000
Transfer fee(7)	Cash and Cash Equivalents		—		75,060			—		75,060
Total		$	2,109,833	$	10,416,442		$	5,932,434	$	6,593,841

Note: (1) As of September 30, 2022, the Advisor has incurred, on behalf of the Company, a total of $14,656,274 in Unreimbursed Operating Expenses, including a total of $1,928,028 for the nine months ended September 30, 2022 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) Reflects funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property and the Fisher Road Property.

(3) As of September 30, 2022, the Advisor has incurred, on behalf of the Company, a total of $12,159,260 of O&O Costs, of which the Company’s obligation is limited to $85,376, pursuant to the 1% Cap.

(4) The incurred amount reflects the change in accrual.

(5) Reflects distribution amount owed by the Company to the CF Keller Holdings LLC.

(6) Reflects amounts owed to CFI from the Company in relation to the loan application deposit for ON3 Property.

(7) Reflects amounts owed by the Company to CF ON3 Lifesciences Urban Renewal, LLC for reimbursement of certain fees related to the ON3 closing.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2021:

		Due to related parties as of		Year ended December 31, 2021					Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2020		Incurred			Paid		December 31, 2021
Management Fees
Asset management fees	Management fees	$	150,028	$	2,166,136		$	2,092,562	$	223,602
Property management and oversight fees	Management fees		37,055		676,908			650,090		63,873
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)	General and administrative expenses		204,253		1,030,000			—		1,234,253
Organization expenses(2)	General and administrative expenses		17,879		—			17,879		—
Admin Fees(2)	General and administrative expenses		—		18,000			—		18,000
Offering costs(2)	Additional paid-in capital		294,405		763,027			957,041		100,391
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		403,547			403,547		—
Distribution fees(3)	Additional paid-in capital		734,830		(112,614	)		354,932		267,284
Investment Funding
Distribution due(4)	Additional paid-in capital		—		—			—		202,430
Total		$	1,438,450	$	4,945,004		$	4,476,051	$	2,109,833

Note: (1) As of December 31, 2021, the Advisor has incurred, on behalf of the Company, a total of $12,728,245 in Unreimbursed Operating Expenses, including a total of $1,659,279 for the year ended December 31, 2021 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) As of December 31, 2021, the Advisor has incurred, on behalf of the Company, a total of $11,460,817 of O&O Costs, of which the Company’s obligation is limited to $100,391, pursuant to the 1% Cap.

(3) The incurred amount reflects the change in accrual.

(4) Reflects distribution amount owed by the Company to the CF Keller Holdings, LLC.