XML 73 R56.htm IDEA: XBRL DOCUMENT v3.22.2.2
MORTGAGE NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Oct. 14, 2021
Jul. 31, 2019
Feb. 03, 2017
Jun. 30, 2022
Jul. 31, 2021
Jun. 30, 2021
Jan. 31, 2021
Nov. 30, 2020
Oct. 31, 2020
Jun. 30, 2022
Jun. 30, 2021
May 12, 2017
Jan. 31, 2017
Debt instrument, maturity date, description November 2031     July 2052           The mezzanine interest only loan had an interest rate of 9.75% per annum and a maturity date of January 1, 2024      
Debt Instrument coverage ratio description                   The DSCR for Operating had been below 1.00 from third quarter of fiscal year 2020 to third quarter of fiscal year 2022 while it is required to maintain a DSCR of at least 1.10 to 1.00 for two consecutive quarters. However, such lockbox has been created and utilized from the loan inception and will be in place up to loan maturity regardless of the DSCR. Justice has not missed any of its debt service payments and does not anticipate missing any debt obligations for at least the next twelve months and beyond. Additionally, Operating’s DSCR for the fourth quarter of fiscal year 2022 has reached 1.69 for the Mortgage Loan and 1.34 for the Mezzanine Loan      
Mortgages notes payable, value $ 15,900,000     $ 5,283,000           $ 5,283,000      
Proceeds from refinancing         $ 2,325,000                
Debt instrument interest rate, percentage 2.95%     4.40%           4.40%     5.275%
Proceeds from mortgage notes payable                   $ 16,683,000      
Debt instrument term 10 years   10 years 5 years                  
Mortgages on notes payable $ 28,800,000     $ 5,850,000                  
Proceeds from bank debt $ 12,938,000     $ 522,000                  
Annual interest rate on mortgage       5.44%           5.44%      
Existing Mortgages [Member]                          
Mortgages notes payable, value         1,065,000                
New Mortgages [Member]                          
Mortgages notes payable, value         $ 3,450,000                
Debt instrument interest rate, percentage         3.50%                
California Properties [Member]                          
Debt instrument, maturity date, description         August 2051                
Mortgages notes payable, value         $ 830,000                
Debt instrument interest rate, percentage         3.50%                
Proceeds from mortgage notes payable         $ 826,000                
Debt instrument term         5 years                
Mortgage Loans [Member]                          
Mortgage and mezzanine amount       $ 97,000,000           $ 97,000,000   $ 97,000,000  
Bears interest percentage                   5.275%      
Debt instrument, maturity date, description                   January 2024      
Mortgage loans, description                   The term of the loan is 10 years with interest only due in the first three years and principal and interest on the remaining seven years of the loan based on a thirty-year amortization schedule      
Mortgage Loans [Member] | 31-Unit Apartment Complex [Member]                          
Mortgage and mezzanine amount                 $ 4,800,000        
Bears interest percentage                 2.52%        
Debt instrument, maturity date, description                 November 2030        
Proceeds from Lines of Credit                 $ 3,529,000        
Mortgage Loans [Member] | 31-Unit Apartment Complex [Member] | CANADA                          
Mortgage and mezzanine amount                 $ 8,400,000        
Mortgage Loans [Member] | 9-Unit Apartment Complex [Member]                          
Mortgage and mezzanine amount               $ 1,088,000          
Bears interest percentage               3.05%          
Debt instrument, maturity date, description               December 2030          
Proceeds from Lines of Credit               $ 798,000          
Mortgage Loans [Member] | 9-Unit Apartment Complex [Member] | CANADA                          
Mortgage and mezzanine amount               $ 1,995,000          
Mortgage Loans [Member] | 14-Unit Apartment Complex [Member]                          
Mortgage and mezzanine amount             $ 1,597,000            
Bears interest percentage             3.05%            
Debt instrument, maturity date, description             February 2031            
Proceeds from Lines of Credit             $ 1,057,000            
Mortgage Loans [Member] | 14-Unit Apartment Complex [Member] | CANADA                          
Mortgage and mezzanine amount             $ 2,780,000            
Mortgage Loans [Member] | Single-Family Houses [Member]                          
Mortgage and mezzanine amount           $ 563,000         $ 563,000    
Bears interest percentage           3.50%              
Mortgage loans, description           Interest rate on the mortgages is at five-year fixed interest rate of 3.5% per annum and adjustable rate thereafter at 2.5% over the 6-month LIBOR Index with semi-annual rate and payment adjustments. Semi-annual rate cap is 1.25% after the initial interest rate change with a floor equal to the start rate and ceiling of 9.95%              
Proceeds from Lines of Credit           $ 759,000              
Maturity date           Aug. 01, 2051              
Mortgage Loans [Member] | Single-Family Houses [Member] | CANADA                          
Mortgage and mezzanine amount           $ 1,475,000         1,475,000    
Mortgage Loans [Member] | 4-Unit Apartment Complex [Member]                          
Mortgage and mezzanine amount           $ 563,000         563,000    
Mortgage loans, description           Interest rate on the mortgage has a five-year fixed interest rate of 3.5% per annum and adjustable rate thereafter at 2.5% over the 6-month LIBOR Index with semi-annual rate and payment adjustments. Semi-annual rate cap is 1.25% after the initial interest rate change with a floor equal to the start rate and ceiling of 9.95%              
Proceeds from Lines of Credit           $ 619,000              
Maturity date           Aug. 01, 2051              
Mortgage Loans [Member] | 4-Unit Apartment Complex [Member] | CANADA                          
Mortgage and mezzanine amount           $ 1,155,000         $ 1,155,000    
Mezzanine Loan [Member]                          
Mortgage and mezzanine amount   $ 20,000,000   $ 20,000,000           $ 20,000,000   $ 20,000,000  
Bears interest percentage   7.25%                 9.75%    
Debt instrument, maturity date, description   January 1, 2024                 January 1, 2024