Mortgages Payable and Other Secured Financing

12 Months Ended

Dec. 31, 2021

Mortgages Payable and Other Secured Financing

17. Mortgages Payable and Other Secured Financing

The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2021 and 2020:


Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2021, net		Outstanding Mortgage Payable as of December 31, 2020, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Period End Rate
The 50/50 MF Property--TIF Loan	$	2,174,453	$	2,521,308	2020	March 2025	Fixed		4.40	%
The 50/50 MF Property--Mortgage		22,960,090		23,463,564	2020	April 2027	Fixed		4.35	%
Vantage at San Marcos--Mortgage (1)		1,690,000		-	2020	February 2022	Variable		4.00	%
Total Mortgage Payable\Weighted Average Period End Rate	$	26,824,543	$	25,984,872					4.33	%

(1)

The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its existing lender. The Mortgage loan maturity date was extended seven years to April 2027, and the interest rate decreased to a fixed interest rate of 4.35%.

In February 2020, the Partnership refinanced The 50/50 MF Property TIF loan with its existing lender. The TIF loan maturity date was extended by five years to March 2025, and the interest rate decreased to 4.40%.

In November 2020, Vantage at San Marcos, a consolidated VIE (Note 5), entered into a mortgage payable arrangement to fund the purchase of a parcel of land for potential development of a market-rate multifamily property. Vantage at San Marcos became a consolidated VIE in the fourth quarter of 2021 and prior to such date was reported as an investment in an unconsolidated entity.

Contractual Maturities

The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:


2022	$	2,560,283
2023		909,278
2024		947,301
2025		1,747,032
2026		641,415
Thereafter		20,020,531
Total		26,825,840
Unamortized deferred financing costs		(1,297	)
Total mortgages payable and other secured financings, net	$	26,824,543