Notes Payable Related to Acquisitions and Revolving Credit Facility (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Dec. 02, 2016 |
Jun. 05, 2014 |
Mar. 31, 2016 |
Sep. 25, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Sep. 15, 2014 |
|
| Debt Instrument [Line Items] | |||||||
| Amortization of Financing Costs | $ 331,368 | $ 126,535 | |||||
| Revolving Credit Facility [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Amortization of Financing Costs | 19,076 | ||||||
| Interest Expense, Debt | 46,297 | ||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | 200,000,000 | |||||
| Line Of Credit Facility Additional Capacity | $ 125,000,000 | ||||||
| Line of Credit Facility, Interest Rate Description | (i) adjusted LIBOR plus 2.00% to 3.00% or (ii) a base rate plus 1.00% to 2.00%, in each case, depending upon the Companys consolidated leverage ratio. | ||||||
| Line of Credit Facility, Commitment Fee Description | (x) 0.20% if the average daily unused commitments are less than 50% of the commitments then in effect and (y) 0.30% if the average daily unused commitments are greater than or equal to 50% of the commitments then in effect and determined based on the average daily unused commitments during such previous quarter. | ||||||
| Line of Credit Facility, Covenant Compliance | The Operating Partnership is subject to ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales. The Operating Partnership must also maintain (i) a maximum consolidated leverage ratio, commencing with the fiscal quarter ending December 31, 2016 and as of the end of each fiscal quarter thereafter, of less than (y) 0.65:1.00 for each fiscal quarter ending prior to October 1, 2019 and (z) thereafter, 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $119,781,219 plus 75% of all net proceeds raised through subsequent equity offerings and (iv) a ratio of total secured recourse debt to total asset value of not greater than 0.10:1.00. | ||||||
| Proceeds from Lines of Credit | 27,700,000 | ||||||
| Cantor Loan [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Repayments of Long-term Debt, Total | $ 9,223,500 | ||||||
| Long-term Debt, Total | $ 32,097,400 | $ 32,097,400 | 32,097,400 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.22% | ||||||
| Debt Instrument, Description | Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) 2 years after the loan is placed in a securitized mortgage pool, or (b) May 6, 2020, the Cantor Loan can be fully and partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan. | ||||||
| Debt Instrument, Maturity Date | Apr. 06, 2026 | ||||||
| Debt Instrument, Covenant Description | maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. | ||||||
| Interest Expense, Debt | $ 1,279,884 | ||||||
| West Mifflin Note Payable [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term Debt, Total | $ 7,377,500 | $ 7,377,500 | 7,377,500 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.72% | ||||||
| Debt Instrument, Maturity Date | Sep. 25, 2020 | ||||||
| Debt Instrument, Covenant Description | The note requires a quarterly fixed charge coverage ratio of at least 1:1, a quarterly minimum debt yield of 0.09:1.00, and annualized Operator EBITDAR measured on a quarterly basis of not less than $6,000,000. | ||||||
| Interest Expense, Debt | $ 279,017 | 51,078 | |||||
| Asheville Note Payable [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term Debt, Total | 0 | 1,662,101 | $ 1,700,000 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||
| Interest Expense, Debt | 76,318 | 81,160 | |||||
| Debt Instrument, Periodic Payment, Principal | 1,662,101 | 37,899 | |||||
| Omaha Note Payable [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term Debt, Total | $ 15,060,000 | 0 | 14,748,464 | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.91% | ||||||
| Debt Instrument, Maturity Date | Jun. 05, 2017 | ||||||
| Interest Expense, Debt | 487,714 | 679,987 | |||||
| Debt Instrument, Periodic Payment, Principal | 14,748,464 | $ 311,536 | |||||
| Debt Instrument, early termination fee amount | $ 301,200 | ||||||