XML 61 R50.htm IDEA: XBRL DOCUMENT v3.19.1
MORTGAGE NOTES PAYABLE (Line of Credit) (Details)
1 Months Ended 12 Months Ended
Jun. 04, 2018
USD ($)
Sep. 29, 2017
USD ($)
Jan. 15, 2016
USD ($)
Jan. 07, 2016
USD ($)
Jul. 31, 2014
USD ($)
Jan. 31, 2019
USD ($)
Oct. 31, 2018
USD ($)
Jul. 31, 2018
USD ($)
Dec. 31, 2018
USD ($)
item
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Mar. 29, 2018
USD ($)
Jul. 16, 2017
USD ($)
Jul. 06, 2017
USD ($)
Line of Credit                            
Interest expense                 $ 12,389,680 $ 11,114,146 $ 10,200,393      
Payment on line of credit                 15,000,000 24,000,000 $ 25,000,000      
Credit line balance                   $ 2,000,000        
Subsequent event                            
Line of Credit                            
Payment on line of credit           $ 2,000,000                
Woodland Park Apartments LLC Newton Massachusetts                            
Line of Credit                            
Term of debt   30 years                        
Loan amount   $ 22,250,000                     $ 16,000,000 $ 16,000,000
Interest expense                 182,000          
Credit line balance                           $ 25,000,000
Hamilton Highlands LLC Residential Needham Massachusetts [Member]                            
Line of Credit                            
Loan amount                       $ 21,500,000    
Credit line balance                       8,000,000    
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                            
Line of Credit                            
Credit line balance       $ 0                    
Amount of loan proceeds and cash reserves utilized to pay off the existing line of credit     $ 2,000,000 23,000,000                    
LIBOR | Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                            
Line of Credit                            
Loan amount       $ 20,071,000                    
LIBOR | Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts                            
Line of Credit                            
Margin over basis of interest rate (as a percent)       2.01%                    
Line of Credit                            
Line of Credit                            
Maximum borrowings         $ 25,000,000                  
Term of debt         3 years                  
Payment on line of credit   8,000,000         $ 3,000,000 $ 4,000,000            
Amount of refinancing costs                 128,000          
Credit line balance                 $ 2,000,000       25,000,000  
Number of properties in which borrowing amount collateralized | item                 23          
Commitment fee                 $ 27,000          
Line of Credit | Dexter Park                            
Line of Credit                            
Payment on line of credit $ 16,000,000                          
Line of Credit | Woodland Park Apartments LLC Newton Massachusetts                            
Line of Credit                            
Payment on line of credit   8,000,000                        
Funds drawn by the company   $ 25,000,000                     $ 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%          
Tangible net worth                 $ 150,000,000          
Ratio of net operating income to total indebtedness                 9.50%          
Debt service coverage ratio                 1.6          
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%          
Leverage ratio                 65.00%          
Aggregate increase in indebtedness                 $ 15,000,000