v3.26.1
Mortgages Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Instrument [Line Items]  
Schedule of Total 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.
Mortgages payable [Member]  
Debt Instrument [Line Items]  
Schedule of Total Debt Financing

The following is a summary of the Partnership's mortgages payable, net of deferred financing costs, as of March 31, 2026 and December 31, 2025:

Property Mortgage Payables

 

Outstanding Mortgage
Payable as of
March 31, 2026, net

 

 

Outstanding Mortgage
Payable as of
December 31, 2025, net

 

 

Year
Acquired

 

Stated Maturity

 

Variable
/ Fixed

 

Period End
Rate

 

 

Vantage at San Marcos (1)

 

$

231,679

 

 

$

231,679

 

 

2020

 

May 2026

 

Variable

 

 

7.75

%

 

SC MF Properties

 

$

83,052,365

 

 

$

-

 

 

2026

 

December 2027 (2)

 

Variable

 

 

6.42

%

(3)

Total Mortgage Payable\Weighted
   Average Period End Rate

 

$

83,284,044

 

 

$

231,679

 

 

 

 

 

 

 

 

 

6.42

%

 
(1)
The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).
(2)
The mortgage payable has a one-year extension option subject to certain conditions and payment of a 0.25% extension fee.
(3)
The mortgage payable has a stated rate of Term SOFR + 2.75%. The Partnership has entered into two interest rate swap transactions with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swaps effectively fix the interest rate on the mortgage payable to 6.11%.