Debt (Tables)

6 Months Ended

Jun. 30, 2024

The Company’s outstanding debt is summarized as follows:


Loan	June 30, 2024			December 31, 2023			Interest Rate	Maturity Date
Freddie Mac Utah Loans (1)	$	43,905,082		$	44,291,048		5.06%	2/23/2028
Freddie Mac Courtyard Loan (2)		61,574,226			62,049,449		4.86%	9/1/2028
KeyBank Bridge Loans (3)		25,416,550			25,716,550		9.45%	6/30/2025
Debt issuance costs, net		(696,483	)		(665,423	)
Debt, net		130,199,375			131,391,624
Fayetteville JPM Mortgage Loan (4)		—			29,500,000		N/A	N/A
Fayetteville Mortgage Loan (5)		34,500,000			—		7.58%	4/9/2025
Debt issuance costs held for sale, net		(118,129	)		(27,806	)
Debt related to real estate held for sale, net		34,381,871			29,472,194
Total debt, net	$	164,581,246		$	160,863,818

(1)

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.

(2)

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.

(3)

The variable rate reflected in the table was the rate in effect as of June 30, 2024. On July 31, 2024, we sold the Fayetteville property for $72.25 million. In conjunction with the sale we repaid the remaining balance of the loan and terminated it in accordance with the terms of the loan. Please see Note 11 – Subsequent Events for additional details.

(4)

The fixed rate Fayetteville JPM Mortgage Loan was repaid and terminated in accordance with the terms of the loan on April 10, 2024. Please see Note 11 – Subsequent Events for additional details.

(5)

On April 10, 2024, we entered into a variable rate loan on the Fayetteville Property and entered into an interest rate cap agreement to fix SOFR at 4.25% until the maturity of the loan. On July 31, 2024, we sold the Fayetteville property for $72.25 million. In conjunction with the sale we repaid the $34.5 million mortgage loan and terminated it in accordance with the loan. Please see Note 11 – Subsequent Events for additional details.

Future Principal Payment Requirements on Outstanding Secured Debt

The following table presents the future principal payment requirements on outstanding debt (including debt related to real estate held for sale) as of June 30, 2024:


2024	$	1,324,965
2025		61,473,405		(1)
2026		1,952,215
2027		2,052,475
2028		98,592,798
Total payments		165,395,858
Debt issuance costs, net		(814,612	)
Total	$	164,581,246

(1)

On July 31, 2024, we sold the Fayetteville property for $72.25 million. In conjunction with the sale we repaid the $34.5 million Fayetteville Mortgage Loan, and repaid the $25.4 million KeyBank Bridge Loan. Please see Note 11 – Subsequent Events for additional details.