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Discontinued Operations - Summary of Discontinued Statement of Operation (Details) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating expenses:      
Depreciation $ 660,286 $ 1,398,771 $ 1,831,648
Total operating expenses 2,611,051 4,578,061 4,901,424
Other income (expense):      
Interest expense [1] 2,502,015 3,655,147 2,826,775
Derivative fair value adjustment [2] 147,284    
Interest expense - debt issuance costs [3] 469,901 178,751 228,312
Total other expenses 3,119,200 3,833,898 3,055,087
Loss from discontinued operations (2,348,183) (3,335,699) (3,581,657)
Loss on extinguishment of debt [4] (286,719)    
Gain on sale of real estate, net [5] 27,587,961    
Net income (loss) from discontinued operations 24,953,059 (3,335,699) (3,581,657)
Affiliated Entity [Member]      
Operating expenses:      
Property operating expenses 294,463 500,117 493,302
Student Housing [Member]      
Revenues:      
Leasing and related revenues 3,382,068 5,076,260 4,374,854
Operating expenses:      
Property operating expenses $ 1,656,302 $ 2,679,173 $ 2,576,474
[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 Loans 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 rate cap as a hedge for GAAP purposes, and changes in the fair value were recorded in 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 Loans 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 Mortgage Loan and the $25.4 million KeyBank Bridge Loans 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.