Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2020

Loans Payable [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the components of mortgage loans as of June 30, 2020 and December 31, 2019:

					Principal Balance Outstanding
Indebtedness	Interest Rate(1)		Maturity Date		June 30, 2020			December 31, 2019
Anzio Apartments mortgage loan		L + 1.59%		April 2029	$	44,400,000		$	44,400,000
Two Liberty Center mortgage loan(2)		L + 1.50%		August 2024		61,971,000			61,971,000
Ezlyn mortgage loan		3.38%		December 2026		53,040,000			53,040,000
Lakes mortgage loan(2)		L + 1.55%		February 2025		27,900,000			—
Total mortgage loans						187,311,000			159,411,000
Less: deferred financing costs, net						(1,189,835	)		(934,146	)
Mortgage loans, net					$	186,121,165		$	158,476,854

(1) The term “L” refers to the one-month US dollar-denominated LIBOR. As of June 30, 2020 and December 31, 2019, one-month LIBOR was equal to 0.16% and 1.76%, respectively.

(2) The mortgage loans are subject to customary terms and conditions, and the respective joint venture was in compliance with all financial covenants it is subject to under the mortgage loan as of June 30, 2020.

Schedule of Maturities of Long-term Debt

The following table presents the future principal payments due under the Company’s mortgage loans as of June 30, 2020:

Year	Amount
For the remainder of 2020	$	—
2021		—
2022		—
2023		—
2024		61,971,000
Thereafter		125,340,000
Total	$	187,311,000