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Discontinued Operations - Summary of Discontinued Statement of Operation (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating expenses:        
Depreciation   $ 355,550 $ 660,286 $ 1,044,531
Total operating expenses $ 451,465 1,212,419 2,611,051 3,395,299
Other income (expense):        
Interest expense [1] 426,318 933,517 2,502,015 2,722,194
Derivative fair value adjustment [2]     147,284  
Interest expense - debt issuance costs [3] 11,847 44,688 469,901 134,063
Total other expenses 438,165 978,205 3,119,200 2,856,257
Loss from discontinued operations (378,291) (957,375) (2,348,183) (2,615,117)
Loss on extinguishment of debt [4] (286,719)   (286,719)  
Gain on sale of real estate, net [5] 27,587,961   27,587,961  
Net income (loss) from discontinued operations 26,922,951 (957,375) 24,953,059 (2,615,117)
Affiliated Entity [Member]        
Operating expenses:        
Property operating expenses 41,752 126,617 294,463 374,306
Student Housing [Member]        
Revenues:        
Leasing and related revenues 511,339 1,233,249 3,382,068 3,636,439
Operating expenses:        
Property operating expenses $ 409,713 $ 730,252 $ 1,656,302 $ 1,976,462
[1] Includes interest expense related to the Fayetteville JPM Mortgage Loan, which was repaid in April 2024 in connection with the Fayetteville Mortgage Loan refinance, the Fayetteville Mortgage Loan and the KeyBank Bridge Loan that were required to be repaid according to the terms of such loans, in conjunction with the sale of the Fayetteville property.
[2] On April 10, 2024, in conjunction with the Fayetteville Mortgage Loan refinance, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the Fayetteville Mortgage Loan, that capped the all-in rate at 6.5%. We elected not to designate the interest cap as a hedge for GAAP purposes, and changes in the fair value are recorded in the statement of discontinued operations. The interest rate cap was settled on July 31, 2024, in conjunction with the sale of the Fayetteville property.
[3] Includes interest expense - debt issuance costs related to the Fayetteville JPM Mortgage Loan, which was repaid in April 2024 in connection with the Fayetteville Mortgage Loan refinance, the Fayetteville Mortgage Loan and the KeyBank Bridge Loan that were required to be repaid according to the terms of such loans, in conjunction with the sale of the Fayetteville property.
[4] Includes the write off of the net debt issuance costs associated with the $34.5 million Fayetteville JPM Loan and the $25.4 million KeyBank Bridge Loan in conjunction with the sale of the Fayetteville property in July 2024, along with the loss on the settlement of the interest rate cap.
[5] Relates to the net gain on the sale of the Fayetteville property, which was sold on July 31, 2024.