THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2018 and 2017
NOTE 7 - NOTES RECEIVABLE AND ACCRUED INTEREST Notes receivable and accrued interest consist of the following:
2018 Note
2017 Note
2018 Accrued
2017 Accrued
Maturity
Interest
Affiliated Entity
Description
Balance
Balance
Interest
Interest
Date
Rate
Borrowers
Cornertone/Bayview
HTCC Loan
12/1/2054
2.70%
Bayview Preservation
$
500,000
$
500,000
$
82,232
$
66,925
Cornertone/Bayview
Seller Loan
12/1/2054
2.40%
Bayview Preservation
10,285,139
10,332,544
169,151
251,613
NHPF
Mirror Loan
2/8/2019
3.63%
Bolton North
-
8,789,659
-
29,304
NHPF
Promissory Note
6/1/2018
5.75%
New Mark Twain
-
2,339,025
-
11,208
NHPF
HUD Loan
1/1/2049
2.75%
Benning Heights Investor
2,740,408
2,740,408
144,129
73,799
Miliken Affordable
Seller Loan
12/31/2056
7.00%
Ships Cove Preservation
5,185,000
5,185,000
735,554
470,119
Miliken Affordable
Reserve Note
12/31/2056
7.00%
Ships Cove Preservation
1,252,000
1,252,000
210,797
113,518
Cherry Affordable
Seller Loan
7/14/2046
3.86%
Cherry Estates L.P
73,481
98,300
4,678
4,678
Falls Church
Loan
5.00%
Alexander House
514,249
349,250
53,207
27,494
[2}
Falls Church
Seller Loan
12/1/2016
6.00%
420 S. Virginia Ave.
-
36,000
-
30,405
Falls Church
Loan
5.00%
Cambridge
2,000,000
708,370
82,355
3,086
[1]
Forest Affordable
Seller Loan
3/19/2037
1.00%
Forest Park
1,433,253
1,765,974
15,442
14,449
Foxwood Affordable
Seller Loan
6/30/2046
4.24%
Foxwood Preservation
12,800,000
12,800,000
6,681,287
5,888,879
Hollybush Affordable
Seller Loan
12/31/2055
3.28%
Hollybush Preservation
5,817,529
6,056,295
130,695
132,022
Jamestown Affordable
Acquisition Loan
8/25/2024
2.99%
Cleme Manor
3,000,000
3,000,000
397,505
307,803
Jamestown Affordable
Acquisition Loan
8/25/2024
2.99%
Cleme Manor
1,200,000
1,200,000
51,901
16,023
NHPF
Mortgage
11/30/2049
8.00%
Harvest Homes
184,250
184,250
58,179
27,096
NHPF
Sponsor Loan
6.00%
Clipper Cove
-
150,000
-
518
1/15/2015
NHPF
Sponsor Loan
8.50%
Clipper Cove
983,399
-
7,013
-
2/15/2025
NHPF
Sponsor Loan
3/19/2037
1.00%
Forest Park
1,450,000
1,450,000
164,188
149,688
NHPF
Sponsor Loan
3/1/2044
1.00%
Walnut Square
1,045,000
1,045,000
118,442
108,854
NHPF
Sponsor Loan
3/1/2044
1.00%
Walnut Square
600,000
600,000
68,515
62,515
NHPF
Sponsor Loan
3/1/2027
5.15%
Walnut Square
250,000
250,000
134,865
134,147
NHPF
Sponsor Loan
12/31/2051
1.00%
Alabama Ave. Roundtree
254,721
295,814
799
6,389
NHPF
Seller Loan
4/1/2060
8.00%
Mark Twain NHPF
1,718,958
-
-
-
Orange Affordable
Seller Loan
3.53%
Orange Preservation
17,800,000
17,800,000
4,370,371
3,767,905
12/31/2052
109,190
109,190
15,695
2,527
Plaza B I
Gap Loan
6/1/2046
3.14%
Plaza B II
4,250,669
4,250,669
645,633
496,577
Plaza B I
Seller Loan
6/1/2046
3.14%
Plaza B II
Plaza B I
Reserve Note
6/1/2046
3.14%
Plaza B II
336,256
336,256
49,881
38,474
NHPF
Promissory Note
12/18/2044
0.00%
St Luke's GP
511,343
562,654
-
-
St Luke GP
Promissory Note
0.00%
St Luke's Preservation
511,343
562,654
-
-
12/18/2044
Cornerstone St. Luke's
Seller Loan
12/18/2044
4.17%
St Luke's Preservation
4,815,000
4,815,000
2,150,204
1,871,382
Sub-total
81,621,188
89,564,312
16,542,718
14,107,397
Less: Allowance
(2,740,408)
(2,740,408)
(144,129)
-
Eliminations
(76,787,432)
(85,981,234)
(16,300,389)
(14,069,234)
Total
$
2,093,348
$
842,670
$
98,200
$
38,163
[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) borrow's closing on the LIHTC, (ii) Borrower's sale of the Alexander House Apartments and (iii) March 11, 2022.
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