NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

The Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three Joint Ventures investing in commercial property. The Partnership has between a 40%‑50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 56%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, Hamilton Park Towers LLC, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The original mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage before unamortized deferred financing costs is approximately $82,004,000 at December 31, 2017. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168‑unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Joint Venture sold 120 units as condominiums and retained 48 units for long‑term investment. In February 2007, the Joint Venture refinanced the 48 units with a new 10 year mortgage in the original amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan was to be amortized over 30 years with a maturity date of March 2017. On March 1, 2017, the mortgage balance was paid in full, with the Partnership contributing its share of the mortgage balance of approximately $2,222,000. As of December 31, 2017, 29 units had been sold with a gain on the sales of approximately $3,628,000. As of December 31, 2017, 6 additional units were under purchase and sale agreements, and the Partnership owned 19 units. Two units were sold in January 2018. This investment is referred to as Hamilton Bay Apartments, LLC.

During 2017, Hamilton Bay LLC, a Joint Ventire, sold one unit for a gain of approximately $133,000. As of December 31,2017, all units have been sold by this Joint Venture.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50‑car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286. The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. At December 31, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176‑unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long‑term investment. The Partnership obtained a new 10‑year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan was 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. 20 units were sold in the year ended December 31, 2017 with a gain on the sales of approximately $2,380,000. As of December 31, 2017, 8 units were under purchase and sales agreements and the Partnership owned 18 units. One unit was sold in January, 2018. This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42‑unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Joint Venture obtained a new 10‑ year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. At December 31, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280‑unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place. In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. At December 31, 2017, the balance of the mortgage before unamortized deferred financing costs is approximately $16,900,000.The investment is referred to as Hamilton On Main LLC.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30‑year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2017, the balance of this mortgage before unamortized deferred financing costs is approximately $9,743,000. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of December 31, 2017


				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,615,554		$	2,598,297		$	6,325,676		$	—		$	—		$	—		$	5,870,833		$	17,568,730		$	89,746,236		$	129,725,326
Assets Held for sales		—			—			—			1,670,652			—			2,365,620			—			—			—			4,036,272
Cash & Cash Equivalents		293,801			46,076			105,074			86,495			—			448,952			88,436			145,149			969,064			2,183,047
Rent Receivable		21,478			—			9,057			7,129			—			9,199			2,121			14,879			152,759			216,622
Real Estate Tax Escrow		95,544			—			18,171			—			—			—			28,519			183,649			316,132			642,015
Prepaid Expenses & Other Assets		77,490			697			53,813			362,044			—			315,996			25,703			71,449			1,291,561			2,198,753
Total Assets	$	8,103,867		$	2,645,070		$	6,511,791		$	2,126,320		$	—		$	3,139,767		$	6,015,612		$	17,983,856		$	92,475,752		$	139,002,035
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,893,135		$	—		$	9,672,846		$	—		$	—		$	—		$	5,887,818		$	16,792,991		$	81,898,222		$	124,145,012
Accounts Payable & Accrued Expense		57,811			1,700			56,417			11,151			—			23,049			49,540			137,282			750,666			1,087,616
Advance Rental Pmts & Security Deposits		313,218			—			234,870			11,649			—			19,365			76,426			361,677			2,469,208			3,486,413
Total Liabilities		10,264,164			1,700			9,964,133			22,800			—			42,414			6,013,784			17,291,950			85,118,096			128,719,041
Partners’ Capital		(2,160,297)			2,643,370			(3,452,342)			2,103,520			—			3,097,353			1,828			691,906			7,357,656			10,282,994
Total Liabilities and Capital	$	8,103,867		$	2,645,070		$	6,511,791		$	2,126,320		$	—		$	3,139,767		$	6,015,612		$	17,983,856		$	92,475,752		$	139,002,035
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,321,684		$	—		$	1,051,759		$	—		$	1,548,676		$	913		$	345,952		$	2,943,060			7,212,044
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,080,148)		$	—		$	(1,726,171)		$	—		$	—		$	—		$	—		$	—		$	—			(2,806,319)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	4,405,725
Total units/condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			—			—			—			42			148			409			689
Units to be sold		—			—			—			176			120			48			—			—			—			344
Units sold through February 1, 2018		—			—			—			159			120			31			—			—			—			310
Unsold units		—			—			—			17			—			17			—			—			—			34
Unsold units with deposits for future sale as of February 1, 2018		—			—			—			7			—			4			—			—			—			11

Summary financial information for the year ended December 31, 2017


			Hamilton										Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,404,006	$	227,856	$	1,473,098	$	352,888	$	5,557	$	544,482	$	1,024,570	$	3,359,971	$	14,983,834	$	23,376,262
Laundry and Sundry Income		15,424		—		5,380		—		—		—		2,620		37,968		101,131		162,523
		1,419,430		227,856		1,478,478		352,888		5,557		544,482		1,027,190		3,397,939		15,084,965		23,538,785
Expenses
Administrative		26,760		26,065		25,686		4,142		6,326		8,617		5,671		33,688		179,614		316,569
Depreciation and Amortization		456,728		2,830		348,502		82,383		81,655		181,152		349,910		1,005,595		3,376,142		5,884,897
Management Fees		59,873		9,114		61,513		13,056		253		19,947		39,976		133,138		323,136		660,006
Operating		70,847		—		70,599		458		38		4,239		87,284		360,706		1,146,768		1,740,939
Renting		37,474		—		36,194		392		181		241		7,992		36,767		282,022		401,263
Repairs and Maintenance		188,763		3,668		109,039		227,346		3,326		303,174		81,647		606,570		1,435,579		2,959,112
Taxes and Insurance		239,875		58,538		138,503		99,646		1,850		140,904		127,947		436,266		1,719,536		2,963,065
		1,080,320		100,215		790,036		427,423		93,629		658,274		700,427		2,612,730		8,462,797		14,925,851
Income Before Other Income		339,110		127,641		688,442		(74,535)		(88,072)		(113,792)		326,763		785,209		6,622,168		8,612,934
Other Income (Loss)
Interest Expense		(349,303)		—		(393,193)		(1,010)		(2)		(41,957)		(237,293)		(770,953)		(4,780,498)		(6,574,209)
Interest Income		—		—		—		—		—		—		—		—		—		—
Gain on Sale of Real Estate		—		—		—		2,379,763		133,297		3,628,205		—		—		—		6,141,265
		(349,303)		—		(393,193)		2,378,753		133,295		3,586,248		(237,293)		(770,953)		(4,780,498)		(432,944)
Net Income (Loss)	$	(10,193)	$	127,641	$	295,249	$	2,304,218	$	45,223	$	3,472,456	$	89,470	$	14,256	$	1,841,670	$	8,179,990
Net Income (Loss)—NERA 50%	$	(5,097)	$	63,821	$	147,625	$	1,152,109	$	22,612	$	1,736,228	$	44,735	$	7,127				3,169,159
Net Income —NERA 40%																	$	736,668		736,668
																			$	3,905,827

Future annual mortgage maturities at December 31, 2017 are as follows:


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
12/31/2018	$	—	$	190,248	$	—	$	—	$	1,684,479	$	1,874,727
12/31/2019		—		197,742		—		—		80,320,017		80,517,759
12/31/2020		—		205,532		—		—				205,532
12/31/2021		—		213,629		—		—				213,629
12/31/2022		—		222,044		—		—				222,044
Thereafter		10,000,000		8,713,565		6,000,000		16,900,000		—		41,613,565
		10,000,000		9,742,760		6,000,000		16,900,000		82,004,496		124,647,256
Less: unamortized deferred financing costs		(106,865)		(69,914)		(112,182)		(107,009)		(106,274)		(502,244)
	$	9,893,135	$	9,672,846	$	5,887,818	$	16,792,991	$	81,898,222	$	124,145,012

At December 31, 2017 the weighted average interest rate on the above mortgages was 4.99%. The effective rate was 5.08% including the amortization expense of deferred financing costs.

Summary financial information as of December 31, 2016


				Hamilton															Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	8,011,942		$	2,622,011		$	6,587,662		$	3,706,705		$	140,635		$	5,929,749		$	6,165,266		$	17,773,858		$	91,943,516		$	142,881,344
Cash & Cash Equivalents		167,953			52,321			57,635			144,831			18,576			923			47,795			95,294			1,496,250			2,081,578
Rent Receivable		25,604			—			9,840			10,568			2,452			5,520			—			6,133			204,956			265,073
Real Estate Tax Escrow		127,728			—			18,570			—			0			47,308			18,198			189,239			211,494			612,537
Prepaid Expenses & Other Assets		96,307			615			50,553			403,514			1,540			79,474			26,473			75,324			1,627,342			2,361,142
Total Assets	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,879,346		$	—		$	9,849,225		$	—		$	—		$	4,430,574		$	5,879,634		$	16,776,940		$	83,336,579		$	130,152,298
Accounts Payable & Accrued Expense		59,227			1,700			65,948			9,432			3,137			12,277			50,643			157,812			673,585			1,033,761
Advance Rental Pmts& Security Deposits		218,582			—			236,679			61,883			1,822			82,693			120,096			347,446			2,667,408			3,736,609
Total Liabilities		10,157,155			1,700			10,151,852			71,315			4,959			4,525,544			6,050,373			17,282,198			86,677,572			134,922,668
Partners’ Capital		(1,727,621)			2,673,247			(3,427,592)			4,194,303			158,244			1,537,430			207,359			857,650			8,805,986			13,279,006
Total Liabilities and Capital	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,336,623		$	—		$	2,097,151		$	79,122		$	768,714		$	103,679		$	428,824		$	3,522,393		$	8,336,505
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(863,810)		$	—		$	(1,713,796)		$	—		$	—		$	—		$	—		$	—		$	—			(2,577,606)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,758,899
Total units/condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			0			—			0			42			148			409			689
Units to be sold		—			—			—			176			120			48			—			—			—			344
Units sold through February 1, 2016		—			—			—			139			119			—			—			—			—			258
Unsold units		—			—			—			37			1			—			—			—			—			38
Unsold units with deposits for future sale as of February 1, 2016		—			—			—			5			1			—			—			—			—			6

Summary financial information for the year ended December 31, 2016


													Hamilton		Hamilton
	Hamilton		Hamilton Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,534,910	$	240,000	$	1,471,455	$	798,710	$	40,290	$	969,220	$	992,980	$	3,236,490	$	14,731,240	$	24,015,295
Laundry and Sundry Income		15,263		—		4,707		—		—		—		1,326		40,720		108,711		170,727
		1,550,173		240,000		1,476,162		798,710		40,290		969,220		994,306		3,277,210		14,839,951		24,186,022
Expenses
Administrative		31,400		1,740		34,512		9,636		6,295		10,768		6,557		48,753		187,176		336,837
Depreciation and Amortization		452,186		2,830		348,169		184,898		4,921		298,503		341,645		961,390		3,261,594		5,856,136
Management Fees		63,880		9,600		60,545		30,493		1,745		38,258		40,648		129,134		317,947		692,250
Operating		103,761		—		72,280		919		315		2,358		96,690		328,915		1,165,589		1,770,827
Renting		26,731		—		22,395		1,789		—		4,354		6,202		19,354		250,675		331,500
Repairs and Maintenance		157,398		3,150		66,606		296,423		22,054		413,972		84,307		558,988		1,391,171		2,994,069
Taxes and Insurance		227,148		58,725		130,867		161,984		9,236		164,667		121,365		476,185		1,541,959		2,892,136
		1,062,504		76,045		735,374		686,142		44,566		932,880		697,414		2,522,719		8,116,111		14,873,755
Income Before Other Income		487,669		163,955		740,788		112,568		(4,276)		36,340		296,892		754,491		6,723,840		9,312,267
Other Income (Loss)
Interest Expense		(289,041)		—		(397,726)		(150,061)		(71)		(261,440)		(286,628)		(772,201)		(4,875,137)		(7,032,305)
Interest Income		—		—		—		10		—		—		—		—		—		10
Other Inome		—		—		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		1,324,174		337,251		—		—		—		—		1,661,425
		(289,041)		—		(397,726)		1,174,123		337,180		(261,440)		(286,628)		(772,201)		(4,875,137)		(5,370,870)
Net Income (Loss)	$	198,628	$	163,955	$	343,062	$	1,286,692	$	332,904	$	(225,100)	$	10,263	$	(17,710)	$	1,848,705	$	3,941,397
Net Income (Loss)—NERA 50%	$	99,314	$	81,978	$	171,530	$	643,346	$	166,451	$	(112,550)	$	5,132	$	(8,855)				1,046,345
Net Income —NERA 40%																	$	739,482		739,482
																			$	1,785,827

Summary financial information for the year ended December 31, 2015


				Hamilton															Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			Hamilton on			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Main Apts			Park			Total
ASSETS
Rental Properties	$	8,419,054		$	2,618,666		$	6,780,019		$	4,939,620		$	573,138		$	6,174,512		$	6,352,363		$	18,574,474		$	94,250,027		$	148,681,873
Cash & Cash Equivalents		200,185			16,036			160,086			27,721			7,728			545			39,184			235,748			1,186,144			1,873,377
Rent Receivable		9,058			—			3,738			4,164			—			241			668			11,684			66,818			96,371
Real Estate Tax Escrow		33,643			—			15,322			80,196			—			51,218			40,499			81,815			210,446			513,139
Prepaid Expenses & Other Assets		104,975			565			37,088			56,048			12,879			63,345			41,201			67,496			1,898,655			2,282,252
Total Assets	$	8,766,915		$	2,635,267		$	6,996,253		$	5,107,749		$	593,745		$	6,289,861		$	6,473,915		$	18,971,217		$	97,612,090		$	153,447,012
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,865,557		$	—		$	9,916,769		$	4,728,751		$	—		$	4,497,183		$	5,208,820		$	16,760,889		$	84,680,020		$	135,657,989
Accounts Payable & Accrued Expense		69,413			1,700			63,268			28,736			12,605			14,594			55,116			216,091			792,707			1,254,230
Advance Rental Pmts& Security Deposits		202,470			—			221,871			91,649			5,799			95,552			113,084			328,675			2,482,079			3,541,179
Total Liabilities		10,137,440			1,700			10,201,908			4,849,136			18,404			4,607,329			5,377,020			17,305,655			87,954,806			140,453,398
Partners’ Capital		(1,370,525)			2,633,567			(3,205,655)			258,613			575,341			1,682,532			1,096,895			1,665,562			9,657,284			12,993,614
Total Liabilities and Capital	$	8,766,915		$	2,635,267		$	6,996,253		$	5,107,749		$	593,745		$	6,289,861		$	6,473,915		$	18,971,217		$	97,612,090		$	153,447,012
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,316,782		$	—		$	129,305		$	287,671		$	841,266		$	548,448		$	832,780		$	3,862,912			7,819,162
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(685,263)		$	—		$	(1,602,828)		$	—		$	—		$	—		$	—		$	—		$	—			(2,288,090)
																												$	5,531,072
Total units/condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			48			—			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through February 1, 2015		—			—			—			127			115			—			—			—			—			242
Unsold units		—			—			—			—			5			—			—			—			—			5
Unsold units with deposits for future sale as of February 1, 2015		—			—			—			—			2			—			—			—			—			2

Summary financial information for the year ended December 31, 2015


			Hamilton						Hamilton				Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Bay		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,464,871	$	277,568	$	1,396,428	$	962,511	$	99,413	$	973,559	$	942,539	$	3,093,045	$	14,316,846	$	23,526,780
Laundry and Sundry Income		13,319		—		656		—		—		—		—		44,911		93,064		151,950
		1,478,190		277,568		1,397,084		962,511		99,413		973,559		942,539		3,137,956		14,409,910		23,678,730
Expenses
Administrative		28,849		2,000		35,071		6,262		8,105		8,592		5,402		48,818		225,509		368,608
Depreciation and Amortization		439,046		2,829		368,775		236,513		25,418		295,176		329,150		955,269		3,219,340		5,871,516
Management Fees		63,226		11,114		57,604		37,736		3,987		38,640		38,683		122,405		304,868		678,263
Operating		102,872		—		80,873		1,050		911		1,173		93,492		432,352		1,234,505		1,947,228
Renting		11,246		—		15,815		270		—		2,986		8,807		9,765		122,378		171,267
Repairs and Maintenance		153,329		200		61,183		314,409		43,559		362,861		82,769		393,665		1,134,751		2,546,726
Taxes and Insurance		216,602		52,846		124,266		166,842		20,461		154,348		124,393		341,990		1,548,439		2,750,187
		1,015,170		68,989		743,587		763,082		102,441		863,776		682,696		2,304,264		7,789,790		14,333,795
Income Before Other Income		463,020		208,579		653,497		199,429		(3,028)		109,783		259,843		833,692		6,620,120		9,344,935
Other Income (Loss)
Interest Expense		(432,732)		(46,283)		(398,414)		(281,093)		(322)		(265,636)		(308,725)		(769,579)		(4,937,726)		(7,440,510)
Interest Income		—		—				14		—		—		—		—		—		14
Other Inome		—		—		—		—		—		—		—		96		—		96
Gain on sale of real estate		—		—		—		—		169,093		—		—		—		—		169,093
		(432,732)		(46,283)		(398,414)		(281,079)		168,771		(265,636)		(308,725)		(769,483)		(4,937,726)		(7,271,307)
Net Income (Loss)	$	30,288	$	162,296	$	255,083	$	(81,651)	$	165,743	$	(155,854)	$	(48,883)	$	64,209	$	1,682,394	$	2,073,625
Net Income (Loss)—NERA 50%	$	15,144	$	81,148	$	127,543	$	(40,826)	$	82,872	$	(77,927)	$	(24,442)	$	32,105				195,617
Net Income —NERA 40%																	$	672,958		672,958
																			$	868,574