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Debt (Tables)

12 Months Ended

Dec. 31, 2022

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


Loan	December 31, 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)		45,039,660			45,751,350			5.06	%	2/23/2028
Freddie Mac Courtyard loan (3)		62,973,834			63,200,000			4.86	%	9/1/2028
Utah Bridge Loan (4)		—			4,985,595		N/A			N/A
Courtyard Initial Bridge Loan (5)		26,316,550			27,000,000			8.42	%	4/30/2024
Courtyard Delayed Draw Commitment (4)		—			11,980,955		N/A			N/A
Debt issuance costs, net		(1,014,079	)		(1,292,034	)
Debt, net		162,815,965			181,125,866
Tallahassee-Nationwide mortgage loan (6)		—			23,500,000		N/A			N/A
Debt issuance costs held for sale, net		—			(135,513	)
Debt related to real estate held for sale, net		—			23,364,487
Total debt, net	$	162,815,965		$	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, 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)

On January 6, 2022, in conjunction with the sale of the Tallahassee property, we repaid $17 million of the KeyBank Bridge loans, of which we repaid in full the Utah Bridge Loan and the Courtyard Delayed Draw Commitment.

(5)

The variable rate reflected in the table was the rate in effect as of December 31, 2022. On October 28, 2022, we amended the Courtyard Initial Bridge Loan such that the loan maturity date was extended to April 30, 2024.

(6)

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 December 31, 2022:


2023	$	2,280,592
2024		56,968,257
2025		1,799,440
2026		1,900,615
2027		1,998,274
2028		98,882,866
Total payments		163,830,044
Non-revolving debt issuance costs, net		(1,014,079	)
Total	$	162,815,965