XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.2
Debt - Schedule of Company's Outstanding Debt (Detail) - USD ($)
6 Months Ended
Mar. 29, 2019
Feb. 23, 2018
Sep. 28, 2017
Jun. 28, 2017
Jun. 30, 2022
Dec. 31, 2021
Aug. 31, 2018
Debt Instrument [Line Items]              
Carrying Value         $ 164,709,840    
Debt issuance costs, net         (1,101,872) $ (1,292,034)  
Debt, net         163,607,968 181,125,866  
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  
JPM Mortgage Loan [Member] | Fayetteville Property [Member]              
Debt Instrument [Line Items]              
Carrying Value [1]         $ 29,500,000 29,500,000  
Debt instrument, initial interest rate       4.20% 4.20% [1]    
Maturity Date       Jul. 01, 2024 Jul. 01, 2024 [1]    
Nationwide Mortgage Loan [Member] | Tallahassee Property [Member]              
Debt Instrument [Line Items]              
Carrying Value [2]           23,500,000  
Debt instrument, initial interest rate     3.84%   3.84% [2]    
Maturity Date     Oct. 01, 2024   Oct. 01, 2024 [2]    
Freddie Mac Utah Loans [Member]              
Debt Instrument [Line Items]              
Carrying Value [3]         $ 45,393,290 45,751,350  
Debt instrument, initial interest rate   5.06%     5.06% [3]    
Maturity Date [3]         Feb. 23, 2028    
Freddie Mac Courtyard Loan [Member]              
Debt Instrument [Line Items]              
Carrying Value [4]         $ 63,200,000 63,200,000  
Debt instrument, initial interest rate         4.86% [4]   4.86%
Maturity Date [4]         Sep. 01, 2028    
Utah Bridge Loan [Member]              
Debt Instrument [Line Items]              
Carrying Value [5]           4,985,595  
Maturity Date Apr. 30, 2020 Feb. 23, 2019     Apr. 30, 2023 [5]    
Courtyard Initial Bridge Loan [Member]              
Debt Instrument [Line Items]              
Carrying Value [5]         $ 26,616,550 27,000,000  
Debt instrument, initial interest rate [5]         5.69%    
Maturity Date [5]         Apr. 30, 2023    
Courtyard Delayed Draw Commitment [Member]              
Debt Instrument [Line Items]              
Carrying Value [5]           $ 11,980,955  
Maturity Date [5]         Apr. 30, 2023    
[1] Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity.
[2] 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.
[3] 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.
[4] 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.
[5] 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.