Mortgages Payable and Other Secured Financing (Tables)

12 Months Ended

Dec. 31, 2019

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019:

	Outstanding Debt Financings as of December 31, 2019, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TEBS Financings
Fixed - M24	$	40,495,442	$	204,000	2010	May 2027	N/A	N/A	N/A	3.05%
Variable - M31 ⁽¹⁾		79,505,180		4,999	2014	July 2024	Weekly	1.64%	1.54%	3.18%
Fixed - M33		31,367,147		2,606	2015	September 2030	N/A	N/A	N/A	3.24%
Fixed - M45 ⁽²⁾		217,603,233		5,000	2018	July 2034	N/A	N/A	N/A	3.82%

TOB & Term A/B Trusts Securitization
Variable - TOB⁽³⁾		102,591,789		-	2019	July 2020 - September 2020	Weekly	1.79% - 2.08%	1.12% - 1.66%	2.96% - 3.45%
Fixed - Term TOB ⁽³⁾		21,073,418		-	2014 - 2019	January 2020 - May 2022	N/A	N/A	N/A	3.53% - 4.01%
Fixed - Term A/B⁽³⁾		43,561,212		-	2017 - 2019	February 2020 - February 2027	N/A	N/A	N/A	4.46% - 4.53%
Total Debt Financings	$	536,197,421

(1)	Facility fees have a variable component.

(4)	The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(6)	The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:

	Outstanding Financing as of December 31, 2019, net		Financing Facility Provider	Year Acquired	Stated Maturity	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
Variable - TOB Securitization
Live 929	$	31,733,007	Mizuho	2019	August 2020	Weekly	1.79%	1.66%		3.45	%
Montecito at Williams Ranch - Series A		6,899,653	Mizuho	2019	August 2020	Weekly	1.79%	1.17%		2.96	%
PHC Certificate Trust 1		20,067,635	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
PHC Certificate Trust 2		3,786,197	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
PHC Certificate Trust 3		10,850,103	Mizuho	2019	September 2020	Weekly	2.08%	1.12%		3.20	%
Rosewood Townhomes - Series A		7,687,958	Mizuho	2019	July 2020	Weekly	1.79%	1.17%		2.96	%
South Pointe Apartments - Series A		17,992,112	Mizuho	2019	July 2020	Weekly	1.79%	1.17%		2.96	%
Vineyard Gardens - Series A		3,575,124	Mizuho	2019	August 2020	Weekly	1.79%	1.17%		2.96	%
Total TOB Financing\ Weighted Average Period End Rate	$	102,591,789								3.19	%

	Outstanding Financing as of December 31, 2019, net		Financing Facility Provider	Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Pro Nova 1	$	8,010,000	Deutsche Bank	2014	January 2020	4.01%
Village at Avalon		13,063,418	Morgan Stanley	2019	May 2022	3.53%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate	$	21,073,418					3.71	%

Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A	$	8,385,080	Deutsche Bank	2017	February 2027	4.46%
Avistar at Wilcrest - Series A		3,142,267	Deutsche Bank	2017	February 2027	4.46%
Avistar at Wood Hollow - Series A		26,773,109	Deutsche Bank	2017	February 2027	4.46%
Gateway Village		2,260,628	Deutsche Bank	2019	February 2020	4.53%
Lynnhaven		3,000,128	Deutsche Bank	2019	February 2020	4.53%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate	$	43,561,212					4.47	%

The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018:

	Outstanding Debt Financings as of December 31, 2018, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TEBS Financings
Variable - M24	$	41,466,000	$	432,998	2010	September 2020	Weekly	1.76%	1.85%	3.61%
Variable - M31⁽¹⁾		80,418,505		181,626	2014	July 2019 ⁽²⁾	Weekly	1.74%	1.49%	3.23%
Variable - M33 ⁽¹⁾		31,262,039		58,002	2015	July 2020⁽³⁾	Weekly	1.74%	1.26%	3.00%
Fixed - M45⁽⁴⁾		219,250,387		5,000	2018	July 2034	N/A	N/A	N/A	3.82%

TOB & Term A/B Trusts Securitization
Variable - TOB ⁽⁵⁾		37,620,000		-	2012	May 2019	Weekly	2.21%	1.67%	3.88%
Fixed - Term TOB ⁽⁶⁾		46,675,413		-	2014	October 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B ⁽⁶⁾		48,971,221		-	2017 - 2018	May 2019 - February 2027	N/A	N/A	N/A	4.46% - 4.53%
Total Debt Financings	$	505,663,565

(1)	Facility fees have a variable component.

(2)	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees.

(3)	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees.

(4)	M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.

(5)	The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7).

(6)	The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018:

	Outstanding Financing as of December 31, 2018, net		Financing Facility Provider	Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Live 929	$	37,665,413	Deutsche Bank	2014	October 2019		4.39	%
Pro Nova 1		9,010,000	Deutsche Bank	2014	October 2019		4.01	%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate	$	46,675,413					4.31	%

Term A/B Trusts Securitization
Avistar at Wood Hollow - Series A	$	26,860,337	Deutsche Bank	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,172,029	Deutsche Bank	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,422,855	Deutsche Bank	2017	February 2027		4.46	%
Montecito at Williams Ranch - Series A		6,921,000	Deutsche Bank	2018	May 2019		4.53	%
Vineyard Gardens - Series A		3,595,000	Deutsche Bank	2018	May 2019		4.53	%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate	$	48,971,221					4.47	%

Schedule of Contractual Maturities of Borrowings

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

2020	$	121,117,504
2021		5,326,861
2022		18,496,986
2023		5,896,946
2024		15,472,867
Thereafter		372,276,815
Total		538,587,979
Unamortized deferred financing costs and debt premium		(2,390,558	)
Total debt financing, net	$	536,197,421

Mortgages payable [Member]

Schedule of Total Debt Financing

The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2019 and 2018:

MF Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2019, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Period End Rate
The 50/50 MF Property--TIF Loan	$	2,859,390	2014	March 2020	Fixed	N/A	N/A					4.65	%
The 50/50 MF Property--Mortgage		23,942,856	2013	March 2020	Variable	Monthly		4.75	%	⁽¹⁾		4.75	%
Total Mortgage Payable\Weighted Average Period End Rate	$	26,802,246										4.74	%

(1)	Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%

MF Property Mortgage Payables	Outstanding Mortgage Payable as of December 31, 2018, net		Year Acquired or Refinanced	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Period End Rate
The 50/50 MF Property--TIF Loan	$	3,118,478	2014	December 2019	Fixed	N/A	N/A					4.65	%
The 50/50 MF Property--Mortgage		24,335,897	2013	March 2020	Variable	Monthly		5.00	%	⁽²⁾		5.00	%
Total Mortgage Payable\Weighted Average Period End Rate	$	27,454,375										4.96	%

(2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%

Schedule of Contractual Maturities of Borrowings

Contractual Maturities

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

2020	$	26,812,851
2021		-
2022		-
2023		-
2024		-
Thereafter		-
Total		26,812,851
Unamortized deferred financing costs		(10,605	)
Total mortgages payable and other secured financings, net	$	26,802,246