v3.25.2
Mortgages Payable
 6 Months Ended
Jun. 30, 2025
Nonrelated Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Mortgages Payable

Note 8 - Mortgages Payable

 

Mortgages payable consists of the following at June 30, 2025 and December 31, 2024, respectively:

 

Stated Interest Rate 

   June 30, 2025   December 31, 2024   Stated
Interest Rate		   Maturity Date
   Principal Balance        
   June 30, 2025   December 31, 2024   Stated
Interest Rate		   Maturity Date
3711 South Western Avenue  $643,584   $643,584    5.00%  December 1, 2029
2115 Portland Street   984,960    989,827    7.25%  July 1, 2054
4505 Orchard Avenue   620,237    626,052    4.625%  March 1, 2052
3791 S. Normandie Avenue                  
-First Note   591,972    596,965    5.225%  April 1, 2052
-Second Note   150,000    150,000    5.00%  March 1, 2029
2029 W. 41st Place    820,000    820,000    6.00%  December 31, 2029
1267 West 38th Street   580,033    585,439    4.975%  June 1, 2051
1618 West 38th Street                  
-First Note   467,329    470,003    6.30%  January 1, 2050
-Second Note   150,000    150,000    6.00%  December 10, 2025
4016 Dalton Avenue   583,777    589,219    4.975%  June 1, 2051
1981 Estrella Ave   859,296    867,715    5.225%  June 1, 2051
3921 S. Hill Street                  
-First Note   485,188    488,947    6.425%  December 1, 2050
-Second Note   152,000    152,000    6.425%  November 1, 2026
1557 West 29th Street   576,139    582,213    4.975%  June 1, 2051
1650 S Rimpau Blvd                  
-First Note   520,000    -    7.125%  June 1, 2055
1434 W 22nd Street                  
-First Note   512,000    -    7.5%  June 1, 2055
3408 S. Budlong Street                  
-First Note   580,831    586,874    4.875%  December 1, 2051
-Second Note   120,000    120,000    5.00%  November 1, 2029
3777 Ruthelen Street   680,668    687,052    4.625%  March 1, 2052
1733 W. 37th Place                   
-First Note   588,208    591,189    7.225%  April 1, 2052
-Second Note   100,000    100,000    6.00%  March 31, 2029
1457 W. 35th Street                  
-First Note   718,236    599,750    7.050%  March 1, 2055
-Second Note   115,000    205,000    6.00%  June 30,2029
1460 N. Eastern Avenue                  
-First Note   660,505    578,000    7.45%  April 1, 2055
-Second Note   305,000    305,000    6.00%  June 30, 2029
4700 S. Budlong Avenue                  
-First Note   724,455    728,000    7.125%  December 1, 2054
-Second Note   199,500    199,500    6.00%  March 31, 2029
1659 Roosevelt Avenue                  
-First Note   570,000    570,000    6.90%  September 1, 2054
-Second Note   200,000    200,000    6.00%  December 31, 2029
802 E. 25th Street                  
-First Note   515,848    518,639    6.71%  September 1, 2054
-Second Note   150,000    150,000    6.00%  December 31, 2029
1100 W. 48th Street                  
-First Note   484,242    487,042    6.30%  November 1, 2054
-Second Note   200,000    200,000    6.00%  December 31, 2029
3910 Walton Avenue   730,053    734,051    6.65%  August 1, 2049
3910 Wisconsin Street   662,136    668,468    5.225%  March 1, 2052
4021 Halldale Avenue   741,233    746,011    6.575%  October 1, 2052
717 West 42nd Place                  
-First Note   333,267    333,867    6.85%  November 1, 2048
-Second Note   134,968    134,968    6.85%  April 30, 2029
3906 Denker Avenue                  
-First Note   386,063    388,765    6.00%  March 1, 2050
-Second Note   185,000    185,000    6.00%  February 14, 2025
4009 Brighton Avenue   689,498    695,844    4.875%  November 1, 2051
4517 Orchard Avenue                  
-First Note   460,137    464,047    5.225%  April 1, 2052
-Second Note   158,000    158,000    5.00%  March 1, 2029
3908 Denker Avenue   604,329    609,772    4.975%  December 1, 2051
1284 W. 38th Street                  
-First Note   618,397    624,544    4.625%  March 1, 2052
-Second Note   188,000    188,000    5.25%  June 30, 2029
Hubilu general loan   275,062    75,000    -%  December 31, 2029
                   
Total mortgages payable  $21,775,151   $20,544,347         
Less: unamortized debt discounts   355,634    332,549         
Mortgages payable, net of discounts  $21,419,517   $20,211,798         
Less: current maturities   570,227    1,700,440         
Mortgages payable, long-term portion  $20,849,290   $18,511,358         

 

In addition to the mortgages incurred on current period property acquisitions disclosed in Note 4, the Company refinanced the following debts:

 

On February 5, 2025, the first and second notes for 1457 W 35th Street were refinanced for $720,000 with Investor Mortgage Finance, LLC, whose terms of payments due are principal and interest, on unpaid principal at the rate of 7.050% per annum. Principal and interest payable in monthly installments of $4,814 or more starting on April 1, 2025, and continuing until the 1st day of March 2055, at which time the entire principal balance together with interest due thereon, shall become due and payable.

 

On March 5, 2025, the first note for 1460 N Eastern Avenue was refinanced for $661,500 with LendingOne, LLC, whose terms of payments due are principal and interest, on unpaid principal at the rate of 7.45% per annum. Principal and interest payable in monthly installments of $4,603 or more starting on May 1, 2025, and continuing until the 1st day of April 2055, at which time the entire principal balance together with interest due thereon, shall become due and payable.

 

The Company realized a $10,229 loss on early extinguishment of debt related to refinancing notes payable during the six months ended June 30, 2025.

 

The Company recognized $633,334 and $450,461 of interest expense on notes payable for the six months ended June 30, 2025 and 2024, respectively. The company recognized $16,587 and $0 in amortization of debt discounts on notes payable for the six months ended June 30, 2025 and 2024, respectively.

 

 

HUBILU VENTURE CORPORATION

Notes to Condensed Consolidated Financial Statements

(Unaudited)