XML 51 R41.htm IDEA: XBRL DOCUMENT v3.19.2
MORTGAGE NOTES PAYABLE (Line of Credit) (Details)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 04, 2018
USD ($)
Sep. 29, 2017
USD ($)
Sep. 30, 2015
Jul. 31, 2014
USD ($)
item
Jan. 31, 2019
USD ($)
Oct. 31, 2018
USD ($)
Jul. 31, 2018
USD ($)
Aug. 31, 2014
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Dec. 31, 2005
May 31, 2019
USD ($)
Mar. 29, 2018
USD ($)
Jul. 16, 2017
USD ($)
Mar. 07, 2005
item
Line of Credit                                  
Interest expense                 $ 3,133,439 $ 3,256,341 $ 6,133,728 $ 6,240,552          
Payment on line of credit                       $ 8,000,000          
Line Of Credit Facility Unused Capacity Commitment Fee                     24,000            
Webster Green Apartments                                  
Line of Credit                                  
Loan amount                             $ 21,500,000    
Credit line balance                             8,000,000    
Hamilton Essex 81                                  
Line of Credit                                  
Number of properties in which borrowing amount collateralized | item                                 1
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                                  
Line of Credit                                  
Loan amount                           $ 20,750,000      
Minimum                                  
Line of Credit                                  
Tangible net worth                 150,000,000   $ 150,000,000            
Ratio of net operating income to total indebtedness                     9.50%            
Debt service coverage ratio                     1.6            
Maximum                                  
Line of Credit                                  
Leverage ratio                     65.00%            
Aggregate increase in indebtedness                     $ 15,000,000            
Mortgages payable | Hamilton Essex 81                                  
Line of Credit                                  
Term of debt     10 years                            
Mortgages payable | Hamilton on Main Apartments, LLC                                  
Line of Credit                                  
Term of debt               10 years         10 years        
Mortgages payable | LIBOR | Hamilton Essex 81                                  
Line of Credit                                  
Margin over basis of interest rate (as a percent)     2.18%                            
Line of Credit                                  
Line of Credit                                  
Maximum borrowings       $ 25,000,000                          
Term of debt       3 years                          
Payment on line of credit   $ 8,000,000     $ 2,000,000 $ 3,000,000 $ 4,000,000                    
Amount of refinancing costs                 $ 128,000   $ 128,000            
Credit line balance                               $ 25,000,000  
Number of properties in which borrowing amount collateralized | item       23                          
Line of Credit | Dexter Park                                  
Line of Credit                                  
Payment on line of credit $ 16,000,000                                
Line of Credit | Hamilton Highlands LLC Residential Needham Massachusetts [Member]                                  
Line of Credit                                  
Funds drawn by the company                             $ 8,000,000    
Line of Credit | Federal Funds Rate                                  
Line of Credit                                  
Basis of effective interest rate used in calculation of Base Rate (as a percent)       0.50%                          
Line of Credit | LIBOR                                  
Line of Credit                                  
Basis of effective interest rate used in calculation of Base Rate (as a percent)       1.00%                          
Margin over basis of interest rate (as a percent)       2.50%                          
Line of Credit | Minimum                                  
Line of Credit                                  
Pledged interests of the Partnership's ownership interest (as a percent)       49.00%                          
Commitment fee for unused amount (as a percent)       0.15%                          
Line of Credit | Maximum                                  
Line of Credit                                  
Pledged interests of the Partnership's ownership interest (as a percent)       100.00%                          
Commitment fee for unused amount (as a percent)       0.20%