Exhibit 10.22.1

LOAN AGREEMENT

THIS LOAN AGREEMENT(this "Loan Agreement") dated the 18th day of March 2004 is made and executed by and between TEXTRON FINANCIAL CORPORATION, a Delaware corporation ("Textron"), andGTA STONEHENGE, LLC, a South
Carolina limited liability company ("Borrower").

RECITALS

A.    Pursuant
to the terms of a certain loan commitment dated March 1, 2004, ( the "Commitment"), Textron has agreed to advance to Borrower a revolving loan in the principal
amount of up to Two Million One Hundred Thousand and 00/100 Dollars ($2,100,000.00) (the "Revolving Loan"). The Loan is evidenced and/or secured by (a) the Commitment; (b) a first lien Leasehold
Mortgage, Security Agreement and Fixture Filing ("Leasehold Mortgage") from Borrower to Textron, of even date herewith encumbering Borrower's leasehold interest in and to certain real properties (the
"Real Property") located in Richland County, South Carolina, and described more particularly in the Leasehold Mortgage and encumbering certain personal property described more particularly on Exhibit
"B" (the "Personal Property", with the Real Property and Personal Property being collectively referred to as the "Property") to the Leasehold Mortgage; (c) an Assignment of Leases, Rents and Contracts
of even date herewith assigning Borrower's interest in the leases and rents from the Property (the "Assignment"); (d) a Revolving Promissory Note of even date herewith by Borrower in favor of Textron
in the principal amount of up to Two Million One Hundred Thousand and 00/100 Dollars ($2,100,000.00) (the "Revolving Note") (e) a Mortgage, Security Agreement and Fixture Filing of even date herewith
from Guarantor ( the "Mortgage") and; (f) such other documents which recite that they have been given as security for the Revolving Note (all the aforementioned documents shall herein be referred to
as "Security Documents"). The Revolving Note is guaranteed by Golf Trust of America, L.P., a Delaware limited partnership ("Guarantor"), pursuant to that certain Guaranty Agreement dated of even date
herewith executed by Guarantor (the "Guaranty"). The Note, the Leasehold Mortgage, the Assignment, the Security Documents, the Mortgage, and the Guaranty are collectively called the "Loan Documents".

B.    The
Commitment provides that the Loan will be disbursed to Borrower in advances, subject to the satisfaction of certain conditions precedent. Concurrently herewith,
Textron is advancing to Borrower the initial advance in the amount of One Million Ninety Thousand Four Hundred Eighty Eight Dollars and 02/100 ($1,090,488.02) (the "First Advance").

C.    Textron
and Borrower now wish to enter into this Loan Agreement, inter alia, to set forth the terms and conditions upon which Textron will make Advances of the Loan to
Borrower after the First Advance.

NOW,
THEREFORE, for and in consideration of the promises and covenants herein contained, as well as the sum of Ten Dollars ($10.00) and other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged by the parties hereto, Textron and Borrower agree as follows:



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Borrower
acknowledges and agrees that if any of certifications under the Compliance Certificate are not true and correct in all material respects, said event shall immediately constitute
a default under the Loan Documents and immediately entitle Textron to all rights and remedies under the Loan Documents. Borrower acknowledges that with respect to said event, it shall not have any
notice or cure period, except in for any misstatement that does not materially adversely affect the value or operation of the Property as determined by Textron ("Minor Breach"), in which case, Textron
agrees to allow Borrower 15 days after notice of the Minor Breach to cure said Minor Breach, or such longer period of time as reasonably deemed necessary if Textron determines said cure can not be
effectuated within 15 days. If Borrower fails to cure the Minor Breach within said cure period, then Borrower shall immediately pay back to Lender the funds disbursed to Lender in reliance upon the
Certificate containing the Minor Breach (excluding the initial advance), together with accrued interest on said

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amounts
based upon the Basic Interest Rate from the date of disbursement to the date the funds are returned.



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FOR
AND IN CONSIDERATION OF Textron'S ADVANCEMENT OF THE FIRST ADVANCE, THE BORROWER, BEING AN EXPERIENCED PARTICIPANT IN SOPHISTICATED REAL ESTATE VENTURES, AND HAVING CONSULTED WITH
COUNSEL OF ITS CHOOSING, HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION OR PROCEEDING (1) BROUGHT BY THE BORROWER, Textron OR ANY OTHER PERSONS RELATING TO (A) THE LOAN (B) THE
SECURITY DOCUMENTS OR (2) TO WHICH Textron IS A PARTY. THE BORROWER HEREBY AGREES THAT THIS DOCUMENT CONSTITUTES A WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY, AND THE BORROWER DOES HEREBY CONSTITUTE
AND APPOINT Textron ITS TRUE AND LAWFUL ATTORNEY IN FACT, WHICH APPOINTMENT IS COUPLED WITH INTEREST, AND THE BORROWER DOES HEREBY AUTHORIZE AND EMPOWER Textron, IN THE NAME, PLACE, AND STEAD OF THE
BORROWER, TO FILE THIS DOCUMENT WITH THE CLERK OR JUDGE OF ANY COURT OF COMPETENT JURISDICTION AS A WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY. THE BORROWER ACKNOWLEDGES THAT ITS WAIVER OF TRIAL BY
JURY HAS BEEN MADE KNOWINGLY, INTENTIONALLY AND WILLINGLY BY BORROWER AS PART OF A BARGAINED FOR LOAN TRANSACTION.

[Signature page follows.]

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EXECUTED
AND DELIVERED as of the date first above written.

|                                            |  | TEXTRON:                                                      
|------------------------------------------- |  | --------------------------------------------------------------
|Witnesses:                                  |  | TEXTRON FINANCIAL
CORPORATION, a Delaware corporation         
|/s/CYNTHIA J. KHANPOUR                      |  | By:                                                           
|Print Name: Cynthia J. Khanpour             |  | Print Name:                                                   
|                                            |  | Its:                                                          
|                                            |  | BORROWER:                                                     
|                                            |  | GTA STONEHENGE, LLC, aSouth Carolina limited liability company
|/s/NIKI P. WOOVISPrint Name: Niki P. Woovis |  |                                                               
|                                            |  | By:                                                           
|                                            |  | GUARANTOR:                                                    
|                                            |  | GOLF TRUST OF AMERICA, L.P.,a
Delaware limited partnership    
|                                            |  | By:                                                           
|/s/NIKI P. WOOVISPrint Name: Niki P. Woovis |  | By:                                                           

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EXHIBIT "A"        Borrower's Compliance Certificate

Borrower hereby certifies, represents and warrants to Textron in connection with a requested Revolver Advance in the amount of
$                  pursuant to the
terms of the Loan Agreement as to the following items:



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Borrower
acknowledges that this Compliance Certificate is given to induce Textron to extend a Revolver Advance ( as defined in the Loan Agreement between Borrower and Textron) and
Textron is relying on same in extending said Revolver Advance.

| |  | BORROWER:                                                     
| |  | --------------------------------------------------------------
| |  | GTA STONEHENGE, LLC,a
South Carolina limited liability company
| |  | By:                                                           

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