| Summary of Mortgage Debt of Company and Encumbers Multifamily Properties |
The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2025 (dollars in thousands):
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Operating Properties |
|
Type |
|
Term (months) |
|
|
Outstanding
Principal |
|
|
Interest Rate (1) |
|
Maturity Date |
Residences at West Place |
|
Fixed |
|
|
120 |
|
|
$ |
33,817 |
|
|
4.24% |
|
10/1/2028 |
Arbors of Brentwood |
|
Floating |
|
|
84 |
|
|
|
39,977 |
|
|
5.41% |
|
10/1/2031 |
Avant at Pembroke Pines |
|
Floating |
|
|
84 |
|
|
|
248,185 |
|
|
5.41% |
|
10/1/2031 |
Bella Vista |
|
Floating |
|
|
84 |
|
|
|
37,400 |
|
|
5.41% |
|
10/1/2031 |
Brandywine I & II |
|
Floating |
|
|
84 |
|
|
|
59,526 |
|
|
5.41% |
|
10/1/2031 |
Cornerstone |
|
Floating |
|
|
84 |
|
|
|
45,815 |
|
|
5.41% |
|
10/1/2031 |
Estates on Maryland |
|
Floating |
|
|
84 |
|
|
|
37,345 |
|
|
5.41% |
|
10/1/2031 |
High House at Cary |
|
Floating |
|
|
84 |
|
|
|
32,478 |
|
|
5.41% |
|
10/1/2031 |
Residences at Glenview Reserve |
|
Floating |
|
|
84 |
|
|
|
33,271 |
|
|
5.41% |
|
10/1/2031 |
Sabal Palm at Lake Buena Vista |
|
Floating |
|
|
84 |
|
|
|
56,220 |
|
|
5.41% |
|
10/1/2031 |
Six Forks Station |
|
Floating |
|
|
84 |
|
|
|
30,430 |
|
|
5.41% |
|
10/1/2031 |
Summers Landing |
|
Floating |
|
|
84 |
|
|
|
14,135 |
|
|
5.41% |
|
10/1/2031 |
The Adair |
|
Floating |
|
|
84 |
|
|
|
33,229 |
|
|
5.41% |
|
10/1/2031 |
The Enclave |
|
Floating |
|
|
84 |
|
|
|
33,440 |
|
|
5.41% |
|
10/1/2031 |
The Heritage |
|
Floating |
|
|
84 |
|
|
|
29,810 |
|
|
5.41% |
|
10/1/2031 |
The Venue on Camelback |
|
Floating |
|
|
84 |
|
|
|
36,465 |
|
|
5.41% |
|
10/1/2031 |
The Verandas at Lake Norman |
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Floating |
|
|
84 |
|
|
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30,113 |
|
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5.41% |
|
10/1/2031 |
Versailles II |
|
Floating |
|
|
84 |
|
|
|
15,706 |
|
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5.41% |
|
10/1/2031 |
Arbors on Forest Ridge |
|
Floating |
|
|
84 |
|
|
|
17,307 |
|
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5.41% |
|
12/1/2031 |
Atera Apartments |
|
Floating |
|
|
84 |
|
|
|
38,555 |
|
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5.41% |
|
12/1/2031 |
Bella Solara |
|
Floating |
|
|
84 |
|
|
|
37,772 |
|
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5.41% |
|
12/1/2031 |
Bloom |
|
Floating |
|
|
84 |
|
|
|
60,848 |
|
|
5.41% |
|
12/1/2031 |
Courtney Cove |
|
Floating |
|
|
84 |
|
|
|
31,596 |
|
|
5.41% |
|
12/1/2031 |
Creekside at Matthews |
|
Floating |
|
|
84 |
|
|
|
28,703 |
|
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5.41% |
|
12/1/2031 |
Cutter's Point |
|
Floating |
|
|
84 |
|
|
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18,994 |
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5.41% |
|
12/1/2031 |
Fairways at San Marcos |
|
Floating |
|
|
84 |
|
|
|
55,056 |
|
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5.41% |
|
12/1/2031 |
Madera Point |
|
Floating |
|
|
84 |
|
|
|
29,676 |
|
|
5.41% |
|
12/1/2031 |
Parc500 |
|
Floating |
|
|
84 |
|
|
|
30,012 |
|
|
5.41% |
|
12/1/2031 |
Rockledge Apartments |
|
Floating |
|
|
84 |
|
|
|
78,444 |
|
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5.41% |
|
12/1/2031 |
Seasons 704 Apartments |
|
Floating |
|
|
84 |
|
|
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33,960 |
|
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5.41% |
|
12/1/2031 |
The Preserve at Terrell Mill |
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Floating |
|
|
84 |
|
|
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74,341 |
|
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5.41% |
|
12/1/2031 |
The Summit at Sabal Park |
|
Floating |
|
|
84 |
|
|
|
26,735 |
|
|
5.41% |
|
12/1/2031 |
Torreyana Apartments |
|
Floating |
|
|
84 |
|
|
|
43,153 |
|
|
5.41% |
|
12/1/2031 |
Venue at 8651 |
|
Floating |
|
|
84 |
|
|
|
24,620 |
|
|
5.41% |
|
12/1/2031 |
Versailles |
|
Floating |
|
|
84 |
|
|
|
26,108 |
|
|
5.41% |
|
12/1/2031 |
|
|
|
|
|
|
|
$ |
1,503,242 |
|
|
|
|
|
Fair market value adjustment |
|
|
|
|
|
|
|
344 |
|
(2) |
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|
Deferred financing costs, net of accumulated amortization of $4,046 |
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|
|
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(37,056 |
) |
|
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|
|
|
|
|
|
$ |
1,466,530 |
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(1)Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of June 30, 2025, SOFR was 4.32%. (2)The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on its respective date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.
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| Schedule of Debt Maturities |
The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2025 are as follows (in thousands):
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Operating
Properties |
|
|
2025 |
|
$ |
— |
|
|
2026 |
|
|
— |
|
|
2027 |
|
|
— |
|
|
2028 |
|
|
33,817 |
|
|
2029 |
|
|
— |
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|
Thereafter |
|
|
1,469,425 |
|
|
Total |
|
$ |
1,503,242 |
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