XML 50 R40.htm IDEA: XBRL DOCUMENT v3.21.2
MORTGAGE NOTES PAYABLE (Line of Credit) (Details)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 29, 2021
USD ($)
Oct. 28, 2021
Oct. 29, 2020
USD ($)
Jan. 22, 2020
USD ($)
Dec. 20, 2019
USD ($)
Sep. 30, 2015
Jul. 31, 2014
USD ($)
item
Aug. 31, 2014
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Dec. 31, 2005
Dec. 19, 2019
USD ($)
Aug. 31, 2017
USD ($)
Mar. 07, 2005
item
Line of Credit                                
Interest expense                 $ 3,393,518 $ 3,417,348 $ 10,136,630 $ 10,291,255        
Line Of Credit Facility Unused Capacity Commitment Fee                     9,000          
Hamilton Essex 81                                
Line of Credit                                
Interest expense                 61,827 $ 63,961 184,542 $ 236,053        
Number of properties in which borrowing amount collateralized | item                               1
Minimum                                
Line of Credit                                
Tangible net worth                 150,000,000   $ 150,000,000          
Operating income to indebtedness ratio                     9.50%          
Debt service coverage ratio                     1.6          
Maximum                                
Line of Credit                                
Leverage ratio                     65.00%          
Aggregate increase in indebtedness                     $ 15,000,000          
Mortgages payable | Hamilton Essex 81                                
Line of Credit                                
Term of debt           10 years                    
Mortgages payable | Hamilton on Main Apartments, LLC                                
Line of Credit                                
Term of debt               10 years         10 years      
Mortgages payable | LIBOR | Hamilton Essex 81                                
Line of Credit                                
Variable interest rate spread           2.18%                    
Line of Credit                                
Line of Credit                                
Maximum borrowings             $ 25,000,000                  
Term of debt             3 years                  
Loan amount                           $ 20,000,000    
Payment on line of credit       $ 1,000,000 $ 2,000,000                      
Amount of refinancing costs     $ 37,500                       $ 128,000  
Line of credit extension period     1 year                          
Credit line balance                 $ 17,000,000   $ 17,000,000          
Number of properties in which borrowing amount collateralized | item             23                  
Line of Credit | Subsequent event                                
Line of Credit                                
Maximum borrowings $ 25,000,000                              
Maximum borrowings during modification period 17,000,000                              
Amount of refinancing costs $ 125,000                              
Line of credit extension period 3 years                              
Line of Credit | Current covenants | Subsequent event                                
Line of Credit                                
Leverage ratio 65.00%                              
Tangible net worth $ 200,000,000                              
Debt yield 9.50%                              
Debt service coverage ratio 1.60                              
Line of Credit | Revised covenants inplace until September 30, 2022 | Subsequent event                                
Line of Credit                                
Leverage ratio 70.00%                              
Tangible net worth $ 175,000,000                              
Debt yield 8.50%                              
Debt service coverage ratio 1.35                              
Line of Credit | Revised Covenants in place until December 31, 2022 | Subsequent event                                
Line of Credit                                
Debt yield 9.00%                              
Line of Credit | Federal Funds Rate                                
Line of Credit                                
Variable interest rate spread             0.50%                  
Line of Credit | LIBOR                                
Line of Credit                                
Additional applicable margin rate             2.50%                  
Variable interest rate spread             1.00%                  
Line of Credit | LIBOR | Subsequent event                                
Line of Credit                                
Variable interest rate spread 300.00% 350.00%                            
Line of Credit | Minimum                                
Line of Credit                                
Pledged interest ownership percentage                     49.00%          
Commitment fee for unused amount (as a percent)             0.15%                  
Line of Credit | Maximum                                
Line of Credit                                
Pledged interest ownership percentage                     100.00%          
Commitment fee for unused amount (as a percent)             0.20%