MORTGAGE NOTES PAYABLE AND MEZZANINE FINANCING (Details Narrative) |
Mar. 28, 2025
USD ($)
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| Mortgage Loan Agreement [Member] | |
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
| Debt instrument, face amount | $ 67,000,000 |
| Debt instrument covenant description | Mortgage Loan Agreement with Prime Finance (“Prime”). The loan bears interest at Term SOFR + 4.75% (with a Term SOFR cap of 4.50%) and is interest-only through maturity. The initial maturity date is April 9, 2027, with three one-year extension options subject to satisfaction of specified conditions. |
| Debt premium paid | $ 136,000 |
| Mezzanine Loan Agreement [Member] | |
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
| Debt instrument, face amount | $ 36,300,000 |
| Interest rate | 7.25% |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of premium paid on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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