Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The Company’s outstanding debt is summarized as follows:

Loan	June 30, 2022			December 31, 2021			Interest Rate			Maturity Date
Fayetteville JPM mortgage loan (1)	$	29,500,000		$	29,500,000			4.20	%	7/1/2024
Freddie Mac Utah loans (2)		45,393,290			45,751,350			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		N/A			4/30/2023
Courtyard Initial Bridge Loan (4)		26,616,550			27,000,000			5.69	%	4/30/2023
Courtyard Delayed Draw Commitment(4)		—			11,980,955		N/A			4/30/2023
Debt issuance costs, net		(1,101,872	)		(1,292,034	)
Debt, net		163,607,968			181,125,866
Tallahassee Nationwide mortgage loan (5)		—			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	$	163,607,968		$	204,490,353

(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 (through March 2020), 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 (through October 2022), 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 June 30, 2022. On January 6, 2022, in conjunction with the sale of the Tallahassee property, we repaid $17 million of the KeyBank Bridge loans, repaying the Utah Bridge Loan and the Courtyard Delayed Draw Commitment.

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.

Future Principal Payment Requirements on Outstanding Secured Debt

The following table presents the future principal payment requirements on outstanding debt as of June 30, 2022:

2022	$	710,145
2023		27,365,391
2024		31,213,629
2025		1,799,440
2026		1,900,615
2027		1,998,274
2028 and thereafter		99,722,346
Total payments		164,709,840
Debt issuance costs, net		(1,101,872	)
Total	$	163,607,968