XML 37 R27.htm IDEA: XBRL DOCUMENT v3.21.2
INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP (FORT MYERS, FL) (Details Textual)
3 Months Ended 9 Months Ended
Jul. 19, 2019
USD ($)
a
ft²
units
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Number of Units in Real Estate Property | units 318        
Depreciation, Depletion and Amortization, Nonproduction   $ 3,849 $ 3,849 $ 11,548 $ 11,548
Interest expense   3,277 5,326 11,210 24,655
Net Income (Loss) from Real Estate Investment Partnership   19,000 $ 0 (282,000) $ 0
Long term construction loan   $ 39,500,000   39,500,000  
PNC Bank National Association [Member]          
Equity Method Investment, Underlying Equity in Net Assets $ 14,500,000        
Debt Instrument, Face Amount 41,590,000        
Murano At Three Oaks Associates LLC [Member]          
Equity Method Investment, Underlying Equity in Net Assets $ 3,600,000        
Equity Method Investment, Ownership Percentage 25.00%        
Depreciation, Depletion and Amortization, Nonproduction       1,500,000  
Interest expense       559,000  
Net Income (Loss) from Real Estate Investment Partnership       1,100,000  
Profit (Loss) from Real Estate Operations       $ 920,000  
Percentage of property leased       97.00%  
Murano At Three Oaks Associates LLC [Member] | Hmg [Member]          
Net Income (Loss) from Real Estate Investment Partnership       $ 282,000  
Fort Myers Florida [Member]          
Guarantor Obligations Financial Compliance Covenants Each Guarantor is required to maintain compliance with the following financial covenants, as defined: (1) liquidity shall not be less than $2.5 million. Liquidity is defined as the sum of unencumbered, unrestricted cash and cash equivalents and marketable securities, and (2) net worth shall not be less than $10 million.        
Development Costs, Period Cost $ 54,100,000        
Area Of Land Available For Renting | ft² 312,000        
Area of Land | a 17.5        
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate One [Member]          
Guarantor Obligation Percentage Loans Payable   30.00%   30.00%  
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate Two [Member]          
Guarantor Obligation Percentage Loans Payable   15.00%   15.00%  
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate Three [Member]          
Guarantor Obligation Percentage Loans Payable   0.00%   0.00%  
Fort Myers Florida [Member] | Residential Real Estate Partnership [Member] | Equity Method Investments [Member]          
Equity method investments carrying value   $ 3,300,000   $ 3,300,000  
Fort Myers Florida [Member] | Construction Contracts [Member]          
Guarantor Obligations, Term       HMG and the other members (or affiliates thereof) of the Borrower ("Guarantors") entered into a Completion Guaranty ("Completion Guaranty") and a Guaranty and Suretyship Agreement ("Repayment Guaranty") (collectively, the “Guaranties”). Under the Completion Guaranty, each Guarantor shall unconditionally guaranty, as a primary obligor, and become surety for the prompt payment and performance by Borrower of the “Guaranteed Obligations” (as defined). Under the Repayment Guaranty, Guarantor unconditionally guarantees, as a primary obligor, and becomes surety for the prompt payment and performance of, as defined (i) all Interest Obligations, (ii) all Loan Document Obligations, (iii) all Expense Obligations, (iv) the Carrying Cost Obligations, (v) the Principal Amount, (vi) interest on each of the foregoing including, if applicable, interest at the Default Rate (as defined). At all times prior to the First Reduction Date (as defined below), the Guarantors are collectively responsible for 30% of the Principal Obligations, (ii) at all times after the First Reduction Date, the Guarantors are collectively responsible for 15% of the Principal Obligations, and (iii) at all times after the Second Reduction Date, 0% of the Principal Obligations. First Reduction Date occurs upon satisfaction of the following conditions: (i) no Event of Default has occurred and is continuing; (ii) Completion of Construction has occurred; and (iii) the Project has achieved a DSCR of not less than 1.25 to 1.00 for two (2) consecutive fiscal quarters.  
Fort Myers Florida [Member] | Construction Contracts [Member] | Minimum [Member]          
Liquidity amount   2,500,000   $ 2,500,000  
Net worth   $ 10,000,000   $ 10,000,000