Loans Payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Instruments [Abstract]

Schedule of Loans Payable

Information on the Company’s Loans payable as of June 30, 2024 and December 31, 2023 is as follows:

Description	June 30, 2024
	GR Property			FM Property			CO Property			DST Property			Buchanan Property			Keller Springs Property			Summerfield Property			Valencia Property			Credit Facility			Kacey Property			Industry Property			ON3 Property			West End Property			Palms Property			Pearland Property			Total
Principal amount of loans	$	4,500,000		$	21,000,000		$	26,550,000		$	22,495,184		$	9,600,000		$	31,277,000		$	76,575,000		$	55,200,000		$	76,500,000		$	40,640,000		$	43,200,000		$	66,731,250		$	29,000,000		$	20,000,000		$	22,500,000		$	545,768,434
Less: Deferred financing costs, net of accumulated amortization of $2,910,013		(24,800	)		(83,488	)		(142,849	)		(188,270	)		(56,805	)		(222,412	)		(148,248	)		(626,745	)		(195,907	)		(280,292	)		(337,696	)		(753,513	)		(363,410	)		(318,446	)		(390,501	)		(4,133,382	)
Loans payable, net of deferred financing costs and amortization	$	4,475,200		$	20,916,512		$	26,407,151		$	22,306,914		$	9,543,195		$	31,054,588		$	76,426,752		$	54,573,255		$	76,304,093		$	40,359,708		$	42,862,304		$	65,977,737		$	28,636,590		$	19,681,554		$	22,109,499		$	541,635,052
Description	December 31, 2023
	GR Property			FM Property			CO Property			DST Property			Buchanan Property			Keller Springs Property			Summerfield Property			Valencia Property			Credit Facility			Kacey Property			Industry Property			ON3 Property			West End Property			Palms Property			Pearland Property			Total
Principal amount of loans	$	4,500,000		$	21,000,000		$	26,550,000		$	22,495,184		$	9,600,000		$	31,277,000		$	76,575,000		$	55,200,000		$	64,500,000		$	40,640,000		$	43,200,000		$	66,731,250		$	29,000,000		$	20,000,000		$	22,500,000		$	533,768,434
Less: Deferred financing costs, net of accumulated    amortization of $2,295,932		(28,898	)		(92,725	)		(151,528	)		(201,034	)		(60,340	)		(239,043	)		(159,192	)		(671,248	)		(398,392	)		(299,125	)		(360,127	)		(801,445	)		(385,575	)		(337,867	)		(412,117	)		(4,598,656	)
Loans payable, net of deferred financing costs and amortization	$	4,471,102		$	20,907,275		$	26,398,472		$	22,294,150		$	9,539,660		$	31,037,957		$	76,415,808		$	54,528,752		$	64,101,608		$	40,340,875		$	42,839,873		$	65,929,805		$	28,614,425		$	19,662,133		$	22,087,883		$	529,169,778

Schedule of Future Principal Payment Due under Loan Agreements

The following table presents the future principal payments due under the Company’s loan agreements as of June 30, 2024:

Year	Amount
2024 (remaining)		76,500,000
2025		—
2026		22,495,184
2027		4,500,000
2028		47,550,000
Thereafter		394,723,250
Total	$	545,768,434