Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The Company’s outstanding debt is summarized as follows:

Loan	September 30, 2024			December 31, 2023			Interest Rate	Maturity Date
Freddie Mac Utah Loans (1)	$	43,711,402		$	44,291,048		5.06%	2/23/2028
Freddie Mac Courtyard Loan (2)		61,336,297			62,049,449		4.86%	9/1/2028
KeyBank Bridge Loans (3)		—			25,716,550		N/A	N/A
Debt issuance costs, net		(518,793	)		(665,423	)
Debt, net		104,528,906			131,391,624
Fayetteville JPM Mortgage Loan (4)		—			29,500,000		N/A	N/A
Debt issuance costs held for sale, net		—			(27,806	)
Debt related to real estate held for sale, net		—			29,472,194
Total debt, net	$	104,528,906		$	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)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.

(4)The fixed rate Fayetteville JPM Mortgage Loan was repaid and terminated in accordance with the terms of the loan on April 10, 2024.

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 September 30, 2024:

2024	$	438,975
2025		1,856,855
2026		1,952,215
2027		2,052,475
2028		98,747,179
Total payments		105,047,699
Debt issuance costs, net		(518,793	)
Total	$	104,528,906