HOA Loan

I am the Treasurer for a small self-managed Home Owner Association. Due to a lack of planning and some bad choices by previous board of directors, we had to borrow money to replace our roofs. We had a special assessment for each homeowner of $500 and then the HOA financed (through a local lender) the remainder needed for the new roofs. My question is regarding how to reflect this in the financial statements. While normally the common property is not reflected as assets on the balance sheet, I feel like it is proper accounting treatment to record the roof as a fixed asset to be depreciated over the expected useful life of the roof. What seems strange to me is that we have never recorded the other fixed assets (common property). This seems inconsistent. If I recorded the roof as an expense, we then have a huge loss for the year with negative equity resulting. Any advice or guidance would be greatly appreciated.