Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 9. Subsequent Events

On November 24, 2021, our subsidiary entered into a purchase and sale agreement (the “PSA”) with a third party buyer for the sale of the Tallahassee Property. On January 6, 2022, we completed the sale of the Tallahassee Property for approximately $50 million, less closing costs and a $0.25 million disposition fee was paid to our Sponsor in accordance with our Second AA Amendment. In connection with the sale of the Tallahassee property, the entire principal balance of the Nationwide Loan, totaling $23.5 million was repaid and the loan was terminated in accordance with the terms of the loan agreement. In addition, we repaid $17 million towards the principal of the KeyBank Bridge Loans reducing the total balance on the KeyBank Bridge Loans to approximately $27 million.

On February 9, 2022, Power 5 Conference Student Housing sold the two student housing assets that the DST owned, and made a final distribution to us totaling approximately $1.0 million. As a result, we recognized a gain of approximately $0.5 million and no longer own any DST interests.