Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The Company’s outstanding debt is summarized as follows:

Loan	March 31, 2024			December 31, 2023			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)		44,096,244			44,291,048			5.06	%	2/23/2028
Freddie Mac Courtyard Loan (3)		61,809,180			62,049,449			4.86	%	9/1/2028
KeyBank Bridge Loans (4)		25,566,550			25,716,550			9.42	%	6/30/2025
Debt issuance costs, net		(781,218	)		(693,229	)
Total debt, net	$	160,190,756		$	160,863,818

(1)Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity. On April 10, 2024, we entered into a $34.5 million mortgage loan with JPMorgan Chase Bank, N.A, which repaid and replaced the Company’s existing $29.5 million Fayetteville JPM Mortgage Loan. The JPM Mortgage Loan has

an initial term of one year with a maturity date of April 9, 2025. Please see Note 9 – Subsequent Events for additional details.

(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 beginning March 2020.

(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 beginning September 2022.

(4)The variable rate reflected in the table was the rate in effect as of March 31, 2024.

Future Principal Payment Requirements on Outstanding Secured Debt

The following table presents the future principal payment requirements on outstanding debt as of March 31, 2024:

2024	$	31,401,081		(1)
2025		26,973,405
2026		1,952,215
2027		2,052,475
2028		98,592,798
Total payments		160,971,974
Debt issuance costs, net		(781,218	)
Total	$	160,190,756

(1)On April 10, 2024, we entered into a $34.5 million mortgage loan with JPMorgan Chase Bank, N.A, which repaid and replaced the Company’s existing $29.5 million Fayetteville JPM Mortgage Loan. The JPM Mortgage Loan has an initial term of one year with a maturity date of April 9, 2025. Please see Note 9 – Subsequent Events for additional details.