THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
NOTE 8 - NOTES RECEIVABLE AND ACCRUED INTEREST Notes receivable and accrued interest consist of the following:
2019 Note
2018 Note
2019 Accrued
2018 Accrued
Maturity
Interest
Affiliated Entity
Description
Balance
Balance
Interest
Interest
Date
Rate
Borrowers
Bayview
HTCC Loan
$
500,000
$
500,000
$
97,538
$
82,232
12/1/2054
2.70%
Bayview Preservation
Bayview
Seller Loan
10,238,570
10,285,139
123,873
169,151
12/1/2054
2.40%
Bayview Preservation
NHPF
HUD Loan
2,740,408
2,740,408
230,737
144,129
1/1/2049
2.75%
Benning Heights Investor
Miliken
Seller Loan
5,185,000
5,185,000
971,160
735,554
12/31/2056
7.00%
Ships Cove Preservation
Miliken
Reserve Note
1,252,000
1,252,000
316,676
210,797
12/31/2056
7.00%
Ships Cove Preservation
Cherry
Seller Loan
21,702
73,481
491
4,678
7/14/2046
3.86%
Cherry Estates L.P
Falls Church
Loan
705,830
514,250
102,878
53,207
11/4/2015
5.00%
Alexander House
Falls Church
Loan
-
2,000,000
-
82,355
Repaid
5.00%
Cambridge
Falls Church
Loan
367,575
-
12,218
-
6/30/2020
5.00%
Anacostia
Falls Church
Loan
34,800
-
1,559
-
Redevelopment
5.00%
Takoma
Forest
Seller Loan
940,978
1,433,253
3,177
15,442
3/19/2037
1.00%
Forest Park
Foxwood
Seller Loan
12,800,000
12,800,000
7,507,293
6,681,287
6/30/2046
4.24%
Foxwood Preservation
Hollybush
Seller Loan
5,622,390
5,817,528
108,122
130,695
12/31/2055
3.28%
Hollybush Preservation
Jamestown
Acquisition Loan
3,000,000
3,000,000
92,700
397,505
8/25/2024
2.99%
Cleme
Jamestown
Acquisition Loan
1,260,000
1,200,000
90,679
51,901
8/25/2024
2.99%
Cleme
NHPF
Mortgage
184,250
184,250
66,915
58,179
11/30/2049
8.00%
Harvest Home
NHPF
Sponsor Loan
855,801
983,399
6,062
7,013
2/15/2025
8.50%
Clipper
NHPF
Sponsor Loan
1,450,000
1,450,000
178,689
164,188
3/19/2037
1.00%
Forest Park
NHPF
Sponsor Loan
1,045,000
1,045,000
120,800
118,442
3/1/2044
1.00%
Walnut Square
NHPF
Sponsor Loan
600,000
600,000
69,374
68,515
3/1/2044
1.00%
Walnut Square
NHPF
Sponsor Loan
250,000
250,000
157,755
134,865
3/1/2027
5.15%
Walnut Square
NHPF
Sponsor Loan
236,721
254,720
1,200
799
12/31/2051
1.00%
Roundtree
Mark Twain
Promissory Note
1,614,337
1,718,958
130,854
-
4/1/2060
8.00%
Mark Twain
Orange
Seller Loan
17,800,000
17,800,000
4,684,996
4,370,371
12/31/2052
3.53%
Orange Preservation
Plaza B
Gap Loan
109,190
109,190
15,800
15,695
6/1/2046
3.14%
Plaza B II
Plaza B
Seller Loan
4,250,669
4,250,669
787,254
645,633
6/1/2046
3.14%
Plaza B II
Plaza B
Reserve Note
336,256
336,256
61,289
49,881
6/1/2046
3.14%
Plaza B II
NHPF
Promissory Note
1,111,865
511,343
66,136
-
12/18/2044
8.00%
St Luke's GP
St Luke GP
Promissory Note
1,111,865
511,343
66,136
-
12/18/2044
8.00%
St Luke's Preservation
St. Luke's
Seller Loan
4,815,000
4,815,000
2,440,653
2,150,204
12/18/2044
4.17%
St Luke's Preservation
Takoma
Bridge Loan
74,446
-
-
-
Conversion
0.00%
NHPF
Nannie Helen Owner
Bridge Loan
322,388
-
939
-
Conversion
5.40%
NHPF
St Lukes
Promissory Note
454,410
-
-
-
N/A
0.00%
NHPF
Sub-total
81,291,451
81,621,187
18,513,953
16,542,718
Less: Allowance
(2,740,408)
(2,740,408)
(230,737)
(144,129)
Eliminations
(77,163,400)
(76,787,432)
(18,089,426)
(16,300,388)
Total
$
1,387,643
$
2,093,347
$
193,790
$
98,201
[1] - Loan is due by the third equity installment received at rental achievement. [2] - Loan is included in a promissory note dated March 11, 2019 and the previous note was cancelled. The maturity date is the earlier of (i) Borrower's closing on the LIHTC, (ii) Borrower's sale of the Alexander House Apartments and (iii) March 11, 2022.
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