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Debt - Schedule of Company's Outstanding Debt (Detail) - USD ($)
6 Months Ended
Apr. 10, 2024
Nov. 09, 2021
Jun. 30, 2024
Dec. 31, 2023
Aug. 31, 2018
Feb. 23, 2018
Debt Instrument [Line Items]            
Carrying Value     $ 165,395,858      
Debt issuance costs, net     (696,483) $ (665,423)    
Debt, net     130,199,375 131,391,624    
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    
Freddie Mac Utah Loans [Member]            
Debt Instrument [Line Items]            
Carrying Value [1]     $ 43,905,082 44,291,048    
Debt instrument, initial interest rate     5.06% [1]     5.06%
Maturity Date [1]     Feb. 23, 2028      
Freddie Mac Courtyard Loan [Member]            
Debt Instrument [Line Items]            
Carrying Value [2]     $ 61,574,226 62,049,449    
Debt instrument, initial interest rate     4.86% [2]   4.86%  
Maturity Date [2]     Sep. 01, 2028      
KeyBank Bridge Loans [Member]            
Debt Instrument [Line Items]            
Carrying Value [3]     $ 25,416,550 25,716,550    
Debt instrument, initial interest rate [3]     9.45%      
Maturity Date   Apr. 30, 2023 Jun. 30, 2025 [3]      
Fayetteville JPM Mortgage Loan [Member]            
Debt Instrument [Line Items]            
Carrying Value [4]       $ 29,500,000    
Fayetteville Mortgage Loan [Member]            
Debt Instrument [Line Items]            
Carrying Value [5]     $ 34,500,000      
Debt instrument, initial interest rate [5]     7.58%      
Maturity Date Apr. 09, 2025   Apr. 09, 2025 [5]      
[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.