v3.25.2
Discontinued Operations - Summary of Discontinued Statement of Operation (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Leasing and related revenues $ 0 $ 1,431,553 $ 0 $ 2,870,730
Operating expenses:        
Property operating expenses 0 617,514 0 1,246,590
Depreciation 0 304,451 0 660,286
Total operating expenses 0 1,048,221 0 2,159,587
Other income (expense):        
Interest expense [1] 0 1,151,689 0 2,075,697
Derivative fair value adjustment [2]   147,284   147,284
Interest expense - debt issuance costs [3] 0 362,966 0 458,054
Total other expenses 0 1,661,939 0 2,681,035
Net loss from discontinued operations (0) (1,278,607) (0) (1,969,892)
Affiliated Entity [Member]        
Operating expenses:        
Property operating expenses $ 0 $ 126,256 $ 0 $ 252,711
[1] Includes interest expense related to the Fayetteville JPM Mortgage Loan, Fayetteville Mortgage Loan, and the KeyBank Bridge Loan that are required to be repaid according to the terms of the loan, in conjunction with the sale of the Fayetteville Property.
[2] On April 10, 2024, in conjunction with the Fayetteville Mortgage Loan refinance, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the Fayetteville Mortgage Loan, that capped the all in rate at 6.5%. We elected not to
designate the interest cap as a hedge for GAAP purposes, and changes in the fair value are recorded in discontinued operations.
[3] Includes interest expense - debt issuance costs related to the Fayetteville JPM Mortgage Loan, Fayetteville Mortgage, and the KeyBank Bridge Loan that are required to be repaid according to the terms of the loan, in conjunction with the sale of the Fayetteville Property.