Secured Revolving Credit Facility & Term Loan Payable - Additional Information (Detail) - USD ($)
|
|
|
|
|
3 Months Ended |
|
Mar. 15, 2024 |
Aug. 05, 2022 |
Oct. 22, 2021 |
Dec. 02, 2015 |
Mar. 31, 2025 |
Mar. 31, 2024 |
Dec. 31, 2024 |
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Unamortized loan costs |
|
|
|
|
$ 11,914,000
|
|
$ 11,650,000
|
Credit facility, outstanding |
|
|
|
|
18,400,000
|
|
18,400,000
|
First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
$ 10,000,000
|
|
|
|
|
|
Revolving Line of Credit Facility [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Payment of outstanding |
$ 40,000,000
|
|
|
|
|
|
|
Revolving Line of Credit Facility [Member] | Other Assets [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Unamortized loan costs |
|
|
|
|
100,000
|
|
100,000
|
Revolving Line of Credit Facility [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Extension of maturity date |
|
Oct. 22, 2024
|
|
|
|
|
|
Term Loan [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Extension of maturity date |
|
Oct. 22, 2025
|
|
|
|
|
|
Key Bank [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Credit facility, outstanding |
|
|
|
|
$ 18,400,000
|
|
$ 18,400,000
|
Key Bank [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
$ 40,000,000
|
|
|
|
|
|
Key Bank [Member] | First Amendment [Member] | Other Assets [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Loan related costs |
|
$ 500,000
|
|
|
|
|
|
Key Bank [Member] | Revolving Line of Credit Facility [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Extension of maturity date |
|
Aug. 05, 2025
|
|
|
|
|
|
Key Bank [Member] | Term Loan [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Extension of maturity date |
|
Aug. 05, 2026
|
|
|
|
|
|
Key Bank [Member] | Operating Partnership [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
|
|
$ 50,000,000
|
|
|
|
Line of Credit facility term |
|
|
|
2 years
|
|
|
|
Line of Credit facility extended maturity period |
|
|
|
1 year
|
|
|
|
Line of Credit facility description |
|
|
|
|
line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions.
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Interest Expense [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Unamortized loan costs |
|
|
|
|
$ 100,000
|
$ 300,000
|
|
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
|
$ 60,000,000
|
|
$ 90,000,000
|
|
|
Line of Credit facility description |
|
|
The maturity date of the secured revolving credit facility was extended from June 30, 2022 under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement provided for a $60 million senior secured credit facility (the “Credit Facility”), consisting of (i) a $10 million revolving line of credit facility, with an initial term of three years and two one-year extension options, subject to certain other customary conditions (the “Revolver”) and (ii) a $50 million term loan facility, with an initial term of four years and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021 (the “Term Loan”).
|
|
the Amended and Restated Credit Agreement provides for a $90 million Credit Facility, consisting of (i) a $40 million Revolver, with an initial term of three years from the Closing Date and two one-year extension options, subject to certain other customary conditions and (ii) a $50 million Term Loan, with an initial term of four years from the Closing Date and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021.
|
|
|
Credit facility capacity available for issuance of letters of credit and swing line loans |
|
|
$ 10,000,000
|
|
|
|
|
Loan costs paid with Credit facility |
|
|
500,000
|
|
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Maximum borrowing capacity under incremental credit facility |
|
|
$ 125,000,000
|
|
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage Less Than 50% [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, commitment fee percentage |
|
|
0.20%
|
|
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage 50% or Greater [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, commitment fee percentage |
|
|
0.15%
|
|
|
|
|
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of credit facility, interest rate description |
|
|
|
|
Borrowings under the Credit Facility bear interest at a rate equal to, at the Operating Partnership’s option, either (1) daily simple SOFR plus 0.1% (but in no case shall the rate be less than zero), (2) term SOFR plus 0.1% (but in no case shall the rate be less than zero) (“Adjusted Term SOFR”), or (3) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, (c) Adjusted Term SOFR for a one month tenor plus 1.0% and (d) 1.0%, and in each case of clauses (1), (2) and (3), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan is under the Revolver or Term Loan facilities.
|
|
|
Applicable margin range on credit facility |
|
|
|
|
1.00%
|
|
|
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member] | Federal Reserve Bank Of Cleveland [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Applicable margin range on credit facility |
|
|
|
|
0.50%
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Revolving Line of Credit Facility [Member] | Amended and Restated Credit Agreement [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
|
$ 10,000,000
|
|
$ 40,000,000
|
|
|
Line of Credit facility term |
|
|
4 years
|
|
4 years
|
|
|
Line of Credit facility extended maturity period |
|
|
1 year
|
|
1 year
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Term Loan [Member] | Amended and Restated Credit Agreement [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Line of Credit facility, maximum borrowing capacity |
|
|
$ 50,000,000
|
|
$ 50,000,000
|
|
|
Line of Credit facility term |
|
|
4 years
|
|
|
|
|
Line of Credit facility extended maturity period |
|
|
1 year
|
|
1 year
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Daily Simple SOFR [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Applicable margin range on credit facility |
|
|
|
|
0.10%
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Term SOFR [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Applicable margin range on credit facility |
|
|
|
|
0.10%
|
|
|
Key Bank [Member] | Operating Partnership [Member] | Adjusted Term SOFR [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Applicable margin range on credit facility |
|
|
|
|
1.00%
|
|
|
Term Loan [Member] |
|
|
|
|
|
|
|
Line Of Credit Facility [Line Items] |
|
|
|
|
|
|
|
Payment of outstanding |
$ 50,000,000
|
|
|
|
|
|
|