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Debt (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s outstanding debt (including debt related to real estate held for sale) is summarized as follows:


Encumbered Property	December 31, 2021			December 31, 2020			Interest Rate			Maturity Date
Fayetteville-JPM mortgage loan (1)	$	29,500,000		$	29,500,000			4.20	%	7/1/2024
Tallahassee-Nationwide mortgage loan (1)(6)		—			23,500,000			3.84	%	10/1/2024
Freddie Mac Utah loans (2)		45,751,350			46,397,936			5.06	%	2/23/2028
Freddie Mac Courtyard loan (3)		63,200,000			63,200,000			4.86	%	9/1/2028
Utah Bridge Loan (4)		4,985,595			5,035,595			4.25	%	4/30/2023
Courtyard Initial Bridge Loan (4)		27,000,000			27,000,000			4.25	%	4/30/2023
Courtyard Delayed Draw Commitment (4)		11,980,955			11,980,955			4.25	%	4/30/2023
PPP Loans (5)		—			1,950,000			1.00	%	N/A
Debt issuance costs, net		(1,292,034	)		(1,724,792	)
Debt, net		181,125,866			206,839,694
Tallahassee-Nationwide mortgage loan (1) (6)		23,500,000			—			3.84	%	10/1/2024
Debt issuance costs held for sale, net		(135,513	)		—
Debt related to real estate held for sale, net		23,364,487			—
Total debt, net	$	204,490,353		$	206,839,694

(1)

Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity.

(2)

Represents the aggregate of three separate mortgage loans for the three senior housing properties acquired in Utah. Fixed rate debt with interest only payments due monthly for the first two years, then principal and interest on a 30-year amortization schedule thereafter.

(3)

Fixed rate debt with interest only payments due monthly for the first four years, then principal and interest on a 30-year amortization schedule thereafter.

(4)

The variable rate reflected in the table was the rate in effect as of December 31, 2021. Subsequent to December 31, 2021, in conjunction with the sale of the Tallahassee property, we paid approximately $17 million towards the principal of the KeyBank Bridge loans. Please see Note 9 – Subsequent Events for additional details.

(5)

Represents the aggregate of four unsecured promissory notes under the Paycheck Protection Program (the “PPP”). During the year ended December 31, 2021, our applications for forgiveness for all of the PPP loans were accepted and we recognized approximately $2.0 million in debt forgiveness and the related accrued interest in other income in our accompanying consolidated statements of operations

(6)

The Tallahassee property was held for sale as of December 31, 2021. On January 6, 2022, in connection with the sale of the Tallahassee property, the entire principal balance of the Nationwide mortgage loan, totaling $23.5 million was repaid and terminated in accordance with the terms of the loan. Please see Note 9 - Subsequent Events for additional details.

Future Principal Payment Requirements on Outstanding Debt

The following table presents the future principal payment requirements on outstanding debt (including debt related to real estate held for sale) as of December 31, 2021:


2022	$	1,368,205
2023		44,415,391		(1)
2024		54,713,629		(1)
2025		1,799,440
2026		1,900,615
2027 and thereafter		101,720,620
Total payments (1)		205,917,900
Non-revolving debt issuance costs, net		(1,427,547	)
Total	$	204,490,353

(1)

On January 6, 2022, in connection with the sale of the Tallahassee property, the entire principal balance of the Nationwide mortgage loan, totaling $23.5 million was repaid and terminated in accordance with the terms of the loan and we repaid $17 million in principal on the KeyBank Bridge loans. Please see Note 9 - Subsequent Events for additional details.