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Discontinued Operations - Summary of Discontinued Statement of Cash Flows (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Adjustments to reconcile discontinued operating activities:      
Depreciation   $ 660,286 $ 1,044,531
Amortization of debt issuance costs   180,794 134,063
Derivative fair value adjustment   147,284  
AdjustmentsToReconcileDiscontinuedOperatingActivities   988,364 1,178,594
Loss on extinguishment of debt [1] $ 286,719 286,719  
Gain on sale of real estate, net [2] $ (27,587,961) (27,587,961)  
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:      
Purchase of interest rate cap   (366,000)  
Settlement of interest rate cap   181,500  
Other assets   142,242 35,643
Accounts payable and accrued liabilities   (971,798) 367,392
Due to affiliates   294,463 374,706
Net cash (used in) provided by changes in assets and liabilities related to discontinued operating activities   (719,593) 777,741
Cash flows from discontinued investing activities:      
Additions to real estate   (213,275) (475,902)
Net proceeds from sale of real estate   70,863,051  
Net cash provided by (used in) discontinued investing activities   70,649,776 (475,902)
Cash flows from discontinued financing activities:      
Principal payments of KeyBank Bridge Loan   (350,000) (450,000)
Repayment of Fayetteville JPM Mortgage Loan   (29,500,000)  
Proceeds from Fayetteville Mortgage Loan   34,500,000  
Repayment of Fayetteville Mortgage Loan   (34,500,000)  
Repayment of KeyBank Bridge Loan   (1,292,797) (1,256,211)
Debt issuance costs   (362,439)  
Net cash used in discontinued financing activities   (55,578,989) $ (450,000)
Bridge Loan [Member]      
Cash flows from discontinued financing activities:      
Repayment of KeyBank Bridge Loan   $ (25,366,550)  
[1] 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.
[2] Relates to the net gain on the sale of the Fayetteville property, which was sold on July 31, 2024.