v3.26.1
Debt Financing
 3 Months Ended
Mar. 31, 2026
Debt Financing [Abstract]  
Debt Financing

13. Debt Financing

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2026 and December 31, 2025:

 

 

Outstanding Debt Financings
as of March 31, 2026, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M33 TEBS

 

$

27,192,529

 

 

$

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

195,686,935

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

222,879,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 PFA Securitization Transaction

 

$

53,185,252

 

 

$

287,377

 

 

2039

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

46,033,221

 

 

$

38,922

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

27,169,899

 

 

(3)

 

 

2026

 

Variable

 

No

 

3.91%

 

1.78%

 

5.69%

 

Residency at the Mayer - Series KK

 

 

9,490,000

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.19%

 

3.89%

 

The Safford

 

 

34,354,869

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Aventine Apartments

 

 

7,580,778

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar at Copperfield - Series A

 

 

11,048,434

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.68%

 

4.38%

 

Avistar at the Crest - Series A

 

 

7,118,490

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar at the Oaks - Series A

 

 

5,766,726

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar at Wilcrest - Series A

 

 

4,181,433

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.68%

 

4.38%

 

Avistar at Wood Hollow - Series A

 

 

31,674,920

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar in 09 - Series A

 

 

4,979,349

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar on the Blvd - Series A

 

 

11,851,433

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Avistar on the Hills - Series A

 

 

3,939,094

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

The Centurion Foundation

 

 

5,063,279

 

 

(3)

 

 

2027

 

Variable

 

No

 

3.91%

 

1.79%

 

5.70%

 

Live 929

 

 

53,092,000

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.70%

 

1.18%

 

3.88%

 

Woodington Gardens - Series A-1

 

 

24,885,178

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

2.65%

 

1.44%

 

4.09%

 

40rty on Colony

 

 

4,458,228

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Agape Helotes - Series A-1

 

 

4,413,552

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Agape Helotes - Series B

 

 

4,552,903

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.69%

 

2.04%

 

4.73%

 

MaryAlice Circle Apartments

 

 

4,710,746

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Meadow Valley

 

 

32,383,807

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.45%

 

4.15%

 

Residency at Empire MRBs

 

 

63,140,012

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.42%

 

4.12%

 

Residency at the Mayer - Series A

 

 

13,768,187

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.19%

 

3.89%

 

Village at Hanford Square

 

 

7,790,203

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

2.70%

 

1.44%

 

4.14%

 

Trust 2024-XF3219

(4)

 

48,909,440

 

 

(3)

 

 

2029

 

Variable

 

No

 

3.91%

 

1.79%

 

5.70%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(5)

 

35,094,166

 

 

 

-

 

 

2027

 

Variable

 

No

 

3.77%

 

1.27%

 

5.04%

 

Poppy Grove I GIL

 

 

32,699,388

 

 

 

-

 

 

2027

 

Variable

 

Yes

 

3.05%

 

1.25%

 

4.30%

 

Poppy Grove II GIL

 

 

19,234,013

 

 

 

-

 

 

2027

 

Variable

 

Yes

 

3.05%

 

1.25%

 

4.30%

 

Poppy Grove III GIL

 

 

35,847,388

 

 

 

-

 

 

2027

 

Variable

 

Yes

 

3.05%

 

1.25%

 

4.30%

 

Village Point

 

 

18,348,523

 

 

 

-

 

 

2027

 

Variable

 

Yes

 

3.05%

 

1.61%

 

4.66%

 

Subtotal/Weighed Average Period End Rate

 

 

601,606,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.41%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

923,704,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
The Partnership has restricted cash totaling approximately $10.5 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)
The TOB trust is securitized by three MRBs and six taxable MRBs.
(5)
The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.

 

 

 

Outstanding Debt Financings
as of December 31, 2025, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M33 TEBS

 

$

27,390,271

 

 

$

65,483

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

196,282,898

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

223,673,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 PFA Securitization Transaction

 

$

53,349,105

 

 

$

382,761

 

 

2039

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

46,103,206

 

 

$

31,485

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SoLa Impact Opportunity Zone Fund

 

$

27,169,597

 

 

(3)

 

 

2026

 

Variable

 

No

 

3.91%

 

1.78%

 

5.69%

 

Residency at the Mayer - Series KK

 

 

9,490,000

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.60%

 

1.19%

 

4.79%

 

The Safford

 

 

34,342,303

 

 

(3)

 

 

2026

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Aventine Apartments

 

 

7,576,659

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar at Copperfield - Series A

 

 

11,087,313

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.68%

 

5.28%

 

Avistar at the Crest - Series A

 

 

7,143,571

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar at the Oaks - Series A

 

 

5,786,847

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar at Wilcrest - Series A

 

 

4,196,312

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.68%

 

5.28%

 

Avistar at Wood Hollow - Series A

 

 

31,794,740

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar in 09 - Series A

 

 

4,995,073

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar on the Blvd - Series A

 

 

11,894,672

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Avistar on the Hills - Series A

 

 

3,951,609

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

The Centurion Foundation

 

 

5,060,934

 

 

(3)

 

 

2027

 

Variable

 

No

 

3.91%

 

1.79%

 

5.70%

 

Live 929

 

 

53,092,000

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.60%

 

1.18%

 

4.78%

 

Trust 2024-XF3219

(4)

 

45,596,471

 

 

(3)

 

 

2027

 

Variable

 

No

 

3.91%

 

1.79%

 

5.70%

 

Woodington Gardens - Series A-1

 

 

24,876,472

 

 

(3)

 

 

2027

 

Variable

 

Yes

 

3.55%

 

1.44%

 

4.99%

 

40rty on Colony

 

 

4,457,446

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Agape Helotes - Series A-1

 

 

4,411,077

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Agape Helotes - Series B

 

 

4,357,469

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

2.04%

 

5.64%

 

The Ivy Apartments (a/k/a Century Plaza Apartments)

 

 

24,376,976

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

MaryAlice Circle Apartments

 

 

4,709,678

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Meadow Valley

 

 

32,380,093

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

The Park at Sondrio - Series 2022A

 

 

30,454,705

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.43%

 

5.03%

 

The Park at Vietti - Series 2022A

 

 

21,568,120

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.43%

 

5.03%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.45%

 

5.05%

 

Residency at Empire MRBs

 

 

63,132,514

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.42%

 

5.02%

 

Residency at the Mayer - Series A

 

 

13,767,457

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.19%

 

4.79%

 

Village at Hanford Square

 

 

7,789,072

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Windsor Shores Apartments

 

 

17,219,444

 

 

(3)

 

 

2028

 

Variable

 

Yes

 

3.60%

 

1.44%

 

5.04%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(5)

 

35,093,888

 

 

 

-

 

 

2026

 

Variable

 

No

 

3.90%

 

1.27%

 

5.17%

 

Poppy Grove I GIL

 

 

32,696,851

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.25%

 

3.95%

 

Poppy Grove II GIL

 

 

19,232,683

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.25%

 

3.95%

 

Poppy Grove III GIL

 

 

35,844,851

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.25%

 

3.95%

 

Village Point

 

 

18,363,046

 

 

 

-

 

 

2026

 

Variable

 

Yes

 

2.70%

 

1.61%

 

4.31%

 

Subtotal/Weighed Average Period End Rate

 

 

691,969,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,015,095,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
The Partnership has restricted cash totaling approximately $10.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)
The TOB trust is securitized by three MRBs and nine taxable MRBs.
(5)
The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.

The TOBs, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction are consolidated VIEs of the Partnership (Note 3). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOBs, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction on the Partnership's condensed consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOBs, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction in Notes 4, 5, 6 and 9, respectively.

As the residual interest holder in the TOBs, and TEBS Financings, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities, or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the Partnership may be required to deleverage the VIE by repurchasing some or all of the senior securities. Otherwise, the underlying collateral will be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The shortfall on each TEBS financing is limited to the Partnership’s residual interest. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall.

As the residual interest holder in the TEBS Residual Financing and 2024 PFA Securitization Transaction, the Partnership may make certain payments or contribute certain assets to the VIE to prevent a default under the arrangement or related credit enhancement. If the Partnership does not or is unable to cure the default, the default and liquidation provisions will be invoked and the underlying assets will be sold, which may result in the Partnership’s residual interest not being recovered.

The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts with Mizuho and Barclays are subject to respective ISDA master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests must maintain a certain value in relation to the total assets in each TOB trust. The Mizuho and Barclays master agreements also require the Partnership's partners' capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a national securities exchange. The master agreement with Barclays also puts limits on the Partnership's Leverage Ratio (as defined by the Partnership). In addition, both Mizuho and Barclays master agreements specify that default(s) on the Partnership’s other senior debts above a specified dollar amount, in the aggregate, will constitute a default under the master agreement. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facilities would be triggered. The Partnership was in compliance with these covenants as of March 31, 2026.

The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreements with Mizuho and Barclays related to the TOB Trusts. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 15) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. The Partnership had posted approximately $10.5 million and $10.6 million of cash collateral with Mizuho as of March 31, 2026 and December 31, 2025, respectively. There was no required cash collateral posted with Barclays as of March 31, 2026 or December 31, 2025.

As of March 31, 2026 and December 31, 2025, the Partnership posted restricted cash as contractually required under the terms of the TEBS Financings.

The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets.

Activity in the First Three Months of 2026

Redemptions:

The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the three months ended March 31, 2026:

Debt Financing

 

Debt Facility

 

Month

 

Principal Paydown Applied

 

The Park at Sondrio - Series 2022A

 

TOB Trust

 

January 2026

 

$

30,480,000

 

The Park at Vietti - Series 2022A

 

TOB Trust

 

January 2026

 

 

21,588,000

 

Windsor Shores Apartments - Series A

 

TOB Trust

 

January 2026

 

 

17,236,000

 

Trust 2024-XF3219 - The Park at Sondrio - Series 2022B

 

TOB Trust

 

January 2026

 

 

880,000

 

Trust 2024-XF3219 - The Park at Vietti - Series 2022B

 

TOB Trust

 

January 2026

 

 

700,000

 

Trust 2024-XF3219 - Windsor Shore Apartments - Series B

 

TOB Trust

 

January 2026

 

 

640,000

 

The Ivy Apartments (a/k/a Century Plaza Apartments)

 

TOB Trust

 

January 2026

 

 

24,400,000

 

 

 

 

 

 

 

$

95,924,000

 

Refinancing Activity:

The Partnership executed three-month extensions of the maturity dates of the Barclays TOB financings of Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, Poppy Grove III GIL, and Village Point to January 2027. There were no additional changes to terms or fees associated with the extensions.

The Partnership executed extensions of the Mizuho TOB financings of SoLa Impact Opportunity Zone Fund and Trust 2024-XF3219 to June 2026 and April 2029, respectively. There were no additional changes to terms or fees associated with the extension.

Activity in the First Three Months of 2025

New Debt Financings:

In February 2025, the Partnership deposited the re-allocated GIL principal of Poppy Grove I, Poppy Grove II, and Poppy Grove III (Note 5) into the TOB financing Trust 2021-XF2953 and received debt financing proceeds of approximately $10.2 million. The proceeds were used to paydown debt associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs that were also within the TOB financing Trust 2021-XF2953.

In March 2025, the Partnership transferred the re-allocated GIL principal of Poppy Grove I, Poppy Grove II, and Poppy Grove III (Note 5) from TOB financing Trust 2021-XF2953 to the respective Poppy Grove I GIL, Poppy Grove II GIL, and Poppy Grove III GIL TOB Trust financings for proceeds of $10.2 million.

Redemptions:

The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the three months ended March 31, 2025:

Debt Financing

 

Debt Facility

 

Month

 

Principal Paydown Applied

 

Trust 2024-XF3219 - Sandy Creek Taxable Loan

 

TOB Trust

 

January 2025

 

$

5,795,000

 

Osprey Village GIL

 

TOB Trust

 

January 2025

 

 

49,475,000

 

Trust 2021-XF2953 - Willow Place Apartments GIL

 

TOB Trust

 

January 2025

 

 

16,535,000

 

Trust 2021-XF2953 - Willow Place Apartments Supplemental GIL

 

TOB Trust

 

January 2025

 

 

1,200,000

 

Trust 2021-XF2953 - Poppy Grove I GIL

 

TOB Trust

 

March 2025

 

 

4,160,000

 

Trust 2021-XF2953 - Poppy Grove II GIL

 

TOB Trust

 

March 2025

 

 

1,440,000

 

Trust 2021-XF2953 - Poppy Grove III GIL

 

TOB Trust

 

March 2025

 

 

4,560,000

 

SoLa Impact Opportunity Zone Fund property loan

 

TOB Trust

 

March 2025

 

 

390,000

 

 

 

 

 

 

 

$

83,555,000

 

 

Refinancing Activity:

In February 2025, the Partnership executed extensions of the maturity dates of The Park at Vietti - Series 2022A, The Park at Sondrio - Series 2022A, Residency at Empire MRBs, Windsor Shores Apartments, The Ivy Apartments (a/k/a Century Plaza Apartments), and Residency at the Entrepreneur MRBs TOB trust financings to January 2028. There were no additional changes to terms or fees associated with the extensions.

The Partnership executed three-month extensions of the maturity dates of the Barclays TOB financings of Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, Poppy Grove III GIL, and Village Point to January 2026. There were no additional changes to terms or fees associated with the extensions.

Future Maturities

The Partnership’s contractual maturities of borrowings as of March 31, 2026 for the twelve-month periods ending December 31st for the next five years and thereafter are summarized below. The reported maturities for each individual debt financing are based on the earlier of contractual payments of the underlying securitized assets and the stated maturity date of the debt financing.

Remainder of 2026

 

$

272,957,664

 

2027

 

 

194,999,408

 

2028

 

 

133,928,221

 

2029

 

 

19,829,116

 

2030

 

 

44,030,059

 

Thereafter

 

 

261,664,513

 

Total

 

 

927,408,981

 

Unamortized deferred financing costs and debt premium

 

 

(3,704,606

)

Total debt financing, net

 

$

923,704,375