Thank you, Ken.
For the first quarter of 2021, ATAX reported total revenues of approximately $14.4 million. Net income for Beneficial Unit Certificate or BUC basic and diluted of $0.09 and cash available for distribution or CAD for short of $0.11 per BUC.
In terms of our investment, ATAX reported over $1.2 billion in total assets, such assets are comprised of our three main investment classes, the first being MRB and GIL portfolio, which is a collection of mortgage revenue bonds and construction type lending programs.
The second being our investments in unconsolidated entities or Vantage investments, and the third being our owned MF properties. The mortgage revenue bond, and governmental issuer loan portfolio consists of MRBs for short and GILs for short of approximately $772 million of MRB's, and $104 million of governmental issuer loans. These MRBs and GILs represent approximately 73% of our total assets. We currently own 75 mortgage revenue bonds across 13 states. We hold significant amounts of such bonds related to properties in three states, based on outstanding principal, with Texas representing 44% of total MRBs and California and South Carolina each representing 17%.
As Ken mentioned, to date we have received no requests for forbearance of principal and interest payments for MRBs or governmental issuer loans associated with our multifamily properties. In 2020, we granted forbearance to the Live 929 MRB property in the form of a deferral and contractual principal payments through 2021 while the property works to recovers from the effects of the COVID-19 pandemic.
In addition, the borrower of our Provision center mortgage revenue bond, a proton therapy cancer treatment center in Knoxville Tennessee declared Chapter 11 bankruptcy in December 2020 and is working through the bankruptcy process. The outstanding principal balance of the Provision center MRB was approximately $10 million as of March 31st or approximately 9% of the senior mortgage revenue bonds issued by the borrower and we are assessing forbearance and restructuring options with the other senior bondholders.
As of March 31st, we had investments in seven governmental issuer loans to finance the construction, lease up and stabilization of affordable multifamily properties in four states and representing a total of approximately 1260 units. The governmental issuer loans are functionally equivalent to our mortgage revenue bonds, and that they are non-recourse obligations issued by governmental authorities secured by a mortgage on real and personal property of affordable multifamily properties and we expect and believe the interest earned on such governmental issuer loans is exempt from federal income tax. In most instances, we also commit to fund property loans that share a first mortgage lien with the governmental issue or loan and are typically funded after all governmental issuer loan funds have been advanced.
As of March 31st, we had outstanding commitments to fund additional proceeds for governmental issuer loans and related property loans totaling approximately $219 million with such funding commitments to be advanced during construction of the respective properties. We had 11 investments and unconsolidated entities or Vantage projects as of March 31st.
In addition, we closed one additional investment in April 2021 for a project in Loveland, Colorado. All entities are for the construction of market rate multifamily properties that as of March 31st, represent in the aggregate over 3,400 rental units. The carrying value of our vantage investments was approximately $95 million. Of the 11 projects as of March 31st, plus the Loveland, Colorado project closed in April, seven are located in Texas, two in Nebraska, and one each in Tennessee, South Carolina and Colorado. Eight projects are complete or nearing completion and in lease-up Lisa and four remained under construction. Leasing activity at properties with available units have face challenges due to social distancing measures imposed because of the COVID-19 pandemic.
However, through March 2021, the properties have experienced an overall increase in occupancy, though at a slightly slower rate than before COVID-19. There have been no material delays or disruptions for projects currently under construction due to COVID.
As Ken mentioned, the vantage of Germantown property was sold in March 2021. And our equity investment was redeemed. Upon redemption, our $10.4 million of initial capital was returned and we recognized investment income of $862,000 and a gain on sale of $2.8 million in Q1. This is our seven Vantage investment that has been redeemed. In the aggregate our vantage investments have generated approximately $30 million total gains on sales and contingent interest to-date.
As of March 31st, we on to MF properties with a total of 859 student housing units, and a net carrying value of approximately $58 million. Both properties provide housing primarily for university students, which have been more significantly impacted by COVID-19 than the general multifamily housing markets. The 5050 mF property primarily serves students at the University of Nebraska in Lincoln, Nebraska, which is currently holding on-campus in-person classes. The property is 90% occupied as of March 31st, and is meeting all mortgage and operating obligations with cash flows from operations. The Suites on Paseo MF property primarily serves students of San Diego State University, which suspended on-campus in-person classes for the screen 2021 semester, but has announced its intent to resume on-campus in-person classes for the fall 2021 semester. The property was 77% occupied as of March 31, which is up from 68% as of December 31, 2020 and is meeting all operating obligations with cash flows from operations and the property has no debt obligations at this time.
Moving to the liability side of our balance sheet, our debt financing associated with mortgage revenue bonds and governmental issuer loans totaled approximately $712 million as of March 31. In the first quarter of 2021, we entered into three new tender option bond trust debt financing facilities related to our new governmental issuer loan and property loan investments, which generated gross proceeds of $24 million. Of our $712 million of debt financing as of March 31, approximately 42% is fixed rate and 58% is variable rates. Of the $412 million of variable interest debt financings approximately $105 million or roughly a quarter is secured by investments with variable interest rates, such that they are at least partially hedged against rising interest rates without the need for separate hedging instruments such as interest rate caps or swaps. We regularly monitor our exposure to potential increases in interest rates through our interest rate sensitivity, which we report quarterly and is included on page 58 of our Q1 2021 Form 10-Q. The interest rate sensitivity table shows the impact to our net interest income given various scenarios of changes in market interest rates. These scenarios assume that there is an immediate rise in interest rates and that ATAX does nothing in response for 12 months. The analysis based on those assumptions shows that an immediate 200 basis point increase in rates that is sustained for a 12-month period will result in a decrease of approximately $5.5 million in our net interest income in CAD or approximately $0.9 per BUC.
Lastly, we regularly provide our net book value per BUC, which as of March 31 was $5.65 per BUC. This is down from $5.93 as of December 31, 2020, primarily due to rising market interest rates and the corresponding impact on the fair value of our MRB portfolio. At March 31, 2021 our closing market price on the NASDAQ was $5.53 per BUC, which is a discount to our book value of approximately 2%. Ken and I are now happy to answer questions from the audience.