INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2020

2020

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,649,177		$	2,590,659		$	5,373,751		$	84,819		$	4,998,436		$	15,239,672		$	80,763,418		$	115,699,932
Cash & Cash Equivalents		252,878			55,322			156,073			13,443			159,599			520,150			2,425,085			3,582,550
Rent Receivable		28,181			—			37,127			3,005			3,816			65,511			515,411			653,051
Real Estate Tax Escrow		71,203			—			19,874			—			35,849			106,199			—			233,125
Prepaid Expenses & Other Assets		281,503			80,008			89,636			407			23,198			148,796			1,471,134			2,094,682
Total Assets	$	7,282,942		$	2,725,989		$	5,676,461		$	101,674		$	5,220,898		$	16,080,328		$	85,175,048		$	122,263,340
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,934,502		$	—		$	9,099,301		$	—		$	5,912,368		$	16,841,145		$	124,520,713		$	166,308,029
Accounts Payable & Accrued Expense		68,741			3,200			87,731			2,924			50,514			156,923			675,771			1,045,804
Advance Rental Pmts & Security Deposits		208,851			—			227,908			—			137,792			424,314			2,216,093			3,214,958
Total Liabilities		10,212,094			3,200			9,414,940			2,924			6,100,674			17,422,382			127,412,577			170,568,791
Partners’ Capital		(2,929,152)			2,722,789			(3,738,479)			98,750			(879,776)			(1,342,054)			(42,237,529)			(48,305,451)
Total Liabilities and Capital	$	7,282,942		$	2,725,989		$	5,676,461		$	101,674		$	5,220,898		$	16,080,328		$	85,175,048		$	122,263,340
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,361,394		$	—		$	49,375		$	—		$	—		$	—			1,410,769
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,464,576)		$			$	(1,869,240)		$	—		$	(439,888)		$	(671,027)		$	(16,895,013)			(21,339,743)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(19,928,974)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through February 1, 2021		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of February 1, 2021		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	874,212	$	19,848	$	1,516,648	$	96,223	$	1,165,027	$	3,497,639	$	14,607,212	$	21,776,809
Laundry and Sundry Income		12,495		—		604		—		2,951		35,302		78,361		129,713
		886,707		19,848		1,517,252		96,223		1,167,978		3,532,941		14,685,573		21,906,522
Expenses
Administrative		20,296		4,026		36,431		12,995		13,603		59,014		181,332		327,697
Depreciation and Amortization		488,315		20,297		339,513		3,264		348,994		1,059,165		3,696,822		5,956,370
Management Fees		42,958		2,203		57,986		3,529		46,275		132,513		294,565		580,029
Operating		79,195		—		67,885		276		102,397		362,318		1,021,480		1,633,551
Renting		22,782		—		52,571		—		7,994		73,837		309,112		466,296
Repairs and Maintenance		128,728		3,180		138,991		—		95,185		513,642		1,562,154		2,441,880
Taxes and Insurance		256,162		61,612		167,456		17,416		144,664		449,692		2,286,872		3,383,874
		1,038,436		91,318		860,833		37,480		759,112		2,650,181		9,352,337		14,789,697
Income Before Other Income		(151,729)		(71,470)		656,419		58,743		408,866		882,760		5,333,236		7,116,825
Other Income (Loss)
Interest Expense		(299,161)		—		(369,742)		—		(238,233)		(765,692)		(5,069,899)		(6,742,727)
Net (Loss) Income	$	(450,890)	$	(71,470)	$	286,677	$	58,743	$	170,633	$	117,068	$	263,337	$	374,098
Net (Loss) Income —NERA 50%	$	(225,445)	$	(35,735)	$	143,339	$	29,372	$	85,317	$	58,534				55,380
Net Income —NERA 40%													$	105,335		105,335
															$	160,715

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
12/31/2021	$	—	$	213,629	$	—	$	—	$	—	$	213,629
12/31/2022		—		222,044		—		—		—		222,044
12/31/2023		—		230,791		—		—		—		230,791
12/31/2024		—		239,883		—		16,900,000		—		17,139,883
12/31/2025		10,000,000		249,333		—		—		—		10,249,333
Thereafter		—		7,993,558		6,000,000		—		125,000,000		138,993,558
		10,000,000		9,149,238		6,000,000		16,900,000		125,000,000		167,049,238
Less: unamortized deferred financing costs		(65,498)		(49,937)		(87,632)		(58,855)		(479,287)		(741,209)
	$	9,934,502	$	9,099,301	$	5,912,368	$	16,841,145	$	124,520,713	$	166,308,029

2019

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,083,307		$	2,593,148		$	5,678,703		$	88,083		$	5,323,570		$	15,891,917		$	83,980,278		$	120,639,006
Cash & Cash Equivalents		197,467			49,460			223,691			8,186			95,965			480,899			2,185,844			3,241,512
Rent Receivable		217,779			33,072			—			—			221			11,284			43,373			305,729
Real Estate Tax Escrow		66,410			—			19,985			—			29,110			85,597			—			201,102
Prepaid Expenses & Other Assets		303,876			97,716			84,228			1,567			23,831			158,714			1,572,665			2,242,597
Total Assets	$	7,868,839		$	2,773,396		$	6,006,607		$	97,836		$	5,472,697		$	16,628,411		$	87,782,160		$	126,629,946
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,920,713		$	—		$	9,298,174		$	—		$	5,904,185		$	16,825,094		$	124,456,090		$	166,404,256
Accounts Payable & Accrued Expense		81,718			2,600			77,908			7,828			47,740			282,855			799,949			1,300,598
Advance Rental Pmts& Security Deposits		321,205			—			325,682			—			151,180			479,585			2,776,988			4,054,640
Total Liabilities		10,323,636			2,600			9,701,764			7,828			6,103,105			17,587,534			128,033,027			171,759,494
Partners’ Capital		(2,454,797)			2,770,796			(3,695,157)			90,008			(630,408)			(959,123)			(40,250,867)			(45,129,548)
Total Liabilities and Capital	$	7,868,839		$	2,773,396		$	6,006,607		$	97,836		$	5,472,697		$	16,628,411		$	87,782,160		$	126,629,946
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,385,398		$	—		$	45,004		$			$			$			$	1,430,402
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,227,399)		$	—		$	(1,847,579)		$	—		$	(315,204)		$	(479,562)		$	(16,100,347)			(19,970,089)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(18,539,687)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			910
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			913
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through February 1, 2020		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of February 1, 2020		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,743,610	$	222,183	$	1,613,295	$	93,116	$	3,541	$	1,136,912	$	3,429,864	$	16,406,426	$	24,648,947
Laundry and Sundry Income		14,350				2,844		—		—		6,033		41,174		100,695		165,096
		1,757,960		222,183		1,616,139		93,116		3,541		1,142,945		3,471,038		16,507,121		24,814,043
Expenses
Administrative		29,307		25,369		24,610		7,497		6,147		7,722		68,877		207,769		377,298
Depreciation and Amortization		483,748		20,297		345,282		7,655		—		357,932		1,046,022		3,642,465		5,903,401
Management Fees		69,039		8,683		62,486		3,556		145		45,624		132,195		342,613		664,341
Operating		89,002		8		80,581		974		—		83,872		398,286		1,138,348		1,791,071
Renting		43,534		—		36,918		64		—		5,324		47,817		361,446		495,103
Repairs and Maintenance		152,930		3,180		125,474		28,399		10,266		133,812		651,948		1,405,732		2,511,741
Taxes and Insurance		245,086		61,493		154,731		22,213		5,206		131,821		404,805		2,049,298		3,074,653
		1,112,646		119,030		830,082		70,358		21,764		766,107		2,749,950		9,147,671		14,817,608
Income Before Other Income		645,314		103,153		786,057		22,758		(18,223)		376,838		721,088		7,359,450		9,996,435
Other Income (Loss)
Interest Expense		(466,737)		—		(377,448)		—		—		(235,883)		(769,526)		(5,065,599)		(6,915,193)
Gain on sale of real estate		—		—		—		306,075		428,560		—		—		—		734,635
		(466,737)		—		(377,448)		306,075		428,560		(235,883)		(769,526)		(5,065,599)		(6,180,558)
Net Income (Loss)	$	178,577	$	103,153	$	408,609	$	328,834	$	410,337	$	140,955	$	(48,438)	$	2,293,851	$	3,815,877
Net Income (Loss)—NERA 50%	$	89,289	$	51,577	$	204,305	$	164,417	$	205,169	$	70,478	$	(24,219)				761,014
Net Income —NERA 40%															$	917,540		917,540
																	$	1,678,554

2018

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

				Hamilton												Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,222,446		$	2,595,638		$	6,005,953		$	—		$	—		$	5,639,497		$	16,718,616		$	86,988,709		$	125,170,859
Assets Held for Sale		—			—			—			265,622			379,515			—			—			—			645,137
Cash & Cash Equivalents		131,634			118,093			94,349			125,611			258,487			99,701			160,310			1,972,138			2,960,323
Rent Receivable		199,425			28,329			6,872			2,977			—			3,711			23,845			269,345			534,504
Real Estate Tax Escrow		71,579			—			19,863			—			—			30,801			96,761			—			219,004
Prepaid Expenses & Other Assets		267,028			115,491			64,930			22,439			113,164			19,476			64,371			1,043,892			1,710,791
Total Assets	$	7,892,112		$	2,857,551		$	6,191,967		$	416,649		$	751,166		$	5,793,186		$	17,063,903		$	90,274,084		$	131,240,618
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,906,924		$	—		$	9,489,257		$	—		$	—		$	5,896,001		$	16,809,043		$	124,391,467		$	166,492,692
Accounts Payable & Accrued Expense		196,896			1,750			51,932			33,282			9,498			48,866			186,461			867,773			1,396,458
Advance Rental Pmts& Security Deposits		259,821			—			249,546			7,187			2,291			124,684			389,084			2,559,561			3,592,174
Total Liabilities		10,363,641			1,750			9,790,735			40,469			11,789			6,069,551			17,384,588			127,818,801			171,481,324
Partners’ Capital		(2,471,529)			2,855,801			(3,598,768)			376,180			739,377			(276,365)			(320,685)			(37,544,717)			(40,240,706)
Total Liabilities and Capital	$	7,892,112		$	2,857,551		$	6,191,967		$	416,649		$	751,166		$	5,793,186		$	17,063,903		$	90,274,084		$	131,240,618
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,427,901		$	—		$	188,090		$	369,689		$			$			$				1,985,680
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,235,765)		$	—		$	(1,799,384)		$	—		$	—		$	(138,183)		$	(160,343)		$	(15,017,887)			(18,351,562)
																									$	(16,365,882)
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			910
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			913
Units to be retained		49			1			40			1			—			42			148			409			690
Units to be sold		—			—			—			177			48			—			—			—			224
Units sold through February 1, 2019		—			—			—			174			47			—			—			—			221
Unsold units		—			—			—			2			1			—			—			—			3
Unsold units with deposits for future sale as of February 1, 2019		—			—			—			1			—			—			—			—			1

Summary of income statement relating to investment in unconsolidated joint ventures

			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,654,459	$	244,137	$	1,567,718	$	112,785	$	74,812	$	1,077,105	$	3,419,218	$	15,769,019	$	23,919,253
Laundry and Sundry Income		14,595				5,410		—		—		(364)		38,080		106,237		163,958
		1,669,054		244,137		1,573,128		112,785		74,812		1,076,741		3,457,298		15,875,256		24,083,211
Expenses
Administrative		21,146		9,280		27,601		5,939		12,566		5,449		56,339		222,472		360,792
Depreciation and Amortization		475,646		8,706		347,547		—		30,000		355,463		1,032,394		3,582,439		5,832,195
Management Fees		59,246		8,632		65,058		4,503		3,091		42,852		131,500		337,318		652,200
Operating		78,979		—		76,512		1,606		1,435		93,795		388,387		1,302,164		1,942,878
Renting		41,946		37,353		44,869		108		—		5,940		25,947		489,727		645,890
Repairs and Maintenance		159,486		8,643		130,926		94,680		92,268		121,222		663,314		1,395,609		2,666,148
Taxes and Insurance		247,729		64,529		147,217		46,164		36,094		127,505		426,665		1,731,155		2,827,058
		1,084,178		137,143		839,730		153,000		175,454		752,226		2,724,546		9,060,884		14,927,161
Income Before Other Income		584,876		106,994		733,398		(40,215)		(100,642)		324,515		732,752		6,814,372		9,156,050
Other Income (Loss)
Interest Expense		(440,676)		—		(384,824)		—		—		(237,707)		(770,342)		(5,032,626)		(6,866,175)
Interest Income		—		—		—		—		—		—		—		—		—
Other (Loss)		—		—		—		—		—		—		—		(3,829,950)		(3,829,950)
Gain on sale of real estate		—		—		—		1,972,876		2,437,665		—		—		—		4,410,541
		(440,676)		—		(384,824)		1,972,876		2,437,665		(237,707)		(770,342)		(8,862,576)		(6,285,584)
Net Income (Loss)	$	144,200	$	106,994	$	348,574	$	1,932,662	$	2,337,023	$	86,807	$	(37,590)	$	(2,048,202)	$	2,870,466
Net Income (Loss)—NERA 50%	$	72,100	$	53,497	$	174,287	$	966,331	$	1,168,512	$	43,404	$	(18,795)				2,459,336
Net Income —NERA 40%															$	(819,282)		(819,282)
																	$	1,640,054