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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

Public Offering Status  

As of March 19, 2019, we had sold approximately 236,000 shares of Class A Common stock, approximately 47,000 shares of Class T Common stock, and approximately 67,000 shares of Class W Common stock for gross offering proceeds of $3.5 million in our Primary Offering.

KeyBank Bridge Loans  

On February 23, 2019, pursuant to the terms of the Utah Bridge Loan, the KeyBank Bridge Borrowers elected to extend the maturity date of the loan from February 23, 2019 to August 23, 2019 and our Operating Partnership paid KeyBank approximately $60,000 (an amount equal to 0.50% of the outstanding principal balance).

On March 29, 2019, the KeyBank Bridge Borrowers and our Sponsor entered into an amendment to the Utah Bridge Loan and Courtyard Bridge Loans (collectively, the “Full KeyBank Bridge Loan”).  The amendment (the “Second Amendment”) to the Full KeyBank Bridge Loan further extended the maturity date of the Utah Bridge Loan to April 30, 2020 and revised certain of the covenant requirements previously imposed on us by the Full KeyBank Bridge Loan. In connection with the foregoing, we, along with the KeyBank Bridge Borrowers and our Sponsor, also entered into a Second Omnibus Amendment and Reaffirmation of Loan Documents (the “Second Omnibus Amendment”). As a result of the Second Omnibus Amendment, we continue to serve as a guarantor pursuant to the terms and conditions of the Full KeyBank Bridge Loan.

In accordance with the Second Amendment, our Sponsor executed a joinder agreement to become a party to the Full KeyBank Bridge Loan. Pursuant to the Second Amendment, the security was amended such that the Full KeyBank Bridge Loan is additionally secured by a pledge of certain equity interests owned by certain subsidiaries of our Sponsor, as set forth in separate pledge agreements.

Cash Distribution Declaration

On March 12, 2019, our board of directors declared a daily distribution rate for the second quarter of 2019 of $0.0016980822 per day per share on the outstanding shares of common stock payable to stockholders of record as shown on our books at the close of business on each day during the period, commencing on April 1, 2019 and continuing on each day thereafter through and including June 30, 2019. Such distributions payable to each stockholder of record during a month will be paid the following month. In connection with this distribution, for the stockholders of Class T shares, after the stockholder servicing fee is paid, approximately $0.00142 per day will be paid per Class T share and for the stockholders of Class W shares, after the dealer manager servicing fee is paid, approximately $0.00157 per day will be paid per Class W share.