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NOTES AND BONDS PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2021
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of June 30, 2021 and December 31, 2020, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
 Book Value as of
June 30, 2021		Book Value as of
December 31, 2020
Contractual Interest Rate as of
June 30, 2021
Effective Interest Rate at
June 30, 2021 (1)
Payment Type (2)
Maturity Date (3)
Richardson Portfolio Mortgage Loan $28,917 $35,832 
One-Month LIBOR + 2.50%
2.60%Principal & Interest11/01/2021
Park Centre Mortgage Loan
26,185 26,185 
One-Month LIBOR + 1.75%
1.85%Interest Only06/27/2022
1180 Raymond Mortgage Loan (4)
29,648 29,848 
One-Month LIBOR + 2.50% (5)
3.50%Principal & Interest12/01/2021
1180 Raymond Bond Payable 5,760 5,870 6.50%6.50%Principal & Interest09/01/2036
Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (6)
195,727 181,198 4.25%4.25%
(6)
03/01/2023
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (6)
77,929 79,078 3.93%3.93%
(6)
01/31/2026
Crown Pointe Mortgage Loan (4)
52,698 53,072 
One-Month LIBOR + 2.60%
2.70%Principal & Interest02/13/2022
City Tower Mortgage Loan (4)
98,220 94,167 
One-Month LIBOR + 1.55%
1.65%Interest Only03/05/2022
The Marq Mortgage Loan62,257 62,257 
One-Month LIBOR + 1.55%
1.65%Interest Only
06/6/2021 (7)
Eight & Nine Corporate Centre Mortgage Loan48,845 47,066 
One-Month LIBOR + 1.60%
1.70%Interest Only
06/8/2021 (8)
Georgia 400 Center Mortgage Loan61,154 59,690 
One-Month LIBOR + 1.55%
1.65%Interest Only05/22/2023
PORT Mortgage Loan 151,302 51,362 4.74%4.74%Interest Only10/01/2025
PORT Mortgage Loan 210,523 10,523 4.72%4.72%Interest Only03/01/2026
PORT Mortgage Loan 3 (9)
— 12,000 
(9)
(9)
(9)
(9)
Battery Point Trust Mortgage Loan (9)
— 38,608 
(9)
(9)
(9)
(9)
MetLife Loan (9)
60,000 — 3.90%3.90%Interest Only04/10/2026
Springmaid Beach Resort Mortgage Loan56,188 57,015 
One-month LIBOR + 2.25% (10)
5.75%Principal & Interest08/12/2022
Q&C Hotel Mortgage Loan25,000 25,000 
One-month LIBOR + 2.50% (11)
4.50%Principal & Interest12/23/2022
Lincoln Court Mortgage Loan (4)
34,822 34,416 
One-month LIBOR + 1.75%
1.85%Principal & Interest12/01/2021
Lofts at NoHo Commons Mortgage Loan74,536 74,536 
One-month LIBOR + 2.18% (12)
3.93%Interest Only09/09/2021
210 West 31st Street Mortgage Loan (4)
12,650 15,050 
One-month LIBOR + 3.00%
3.10%Principal & Interest
06/16/2021 (13)
Oakland City Center Mortgage Loan96,735 96,782 
One-month LIBOR + 1.75%
1.85%Principal & Interest09/01/2022
Madison Square Mortgage Loan20,891 16,822 
One-month LIBOR + 4.05% (14)
5.05%Interest Only10/09/2021
Total Notes and Bonds Payable principal outstanding1,129,987 1,106,377 
Discount on Notes and Bonds Payable, net (15)
(2,843)(2,851)
Deferred financing costs, net(4,988)(4,458)
Total Notes and Bonds Payable, net$1,122,156 $1,099,068 

_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2021. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2021, where applicable.
(2) Represents the payment type required under the loan as of June 30, 2021. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below.
(3) Represents the initial maturity date or the maturity date as extended as of June 30, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
(4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of June 30, 2021, the guaranteed amount in the aggregate was $66.5 million.
(5) This mortgage loan has a LIBOR floor of 1%.
(6) See “ – Israeli Bond Financings” below.
(7) Subsequent to June 30, 2021, the Company extended the maturity of the Marq Mortgage Loan to June 6, 2022.
(8) Subsequent to June 30, 2021, the Company extended the maturity of the Eight & Nine Corporate Centre Mortgage Loan to June 8, 2022.
(9) On April 6, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust Mortgage Loan with a mortgage loan from MetLife for borrowings up to $60.0 million.
(10) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%.
(11) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. Principal payments will commence on January 1, 2022.
(12) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%.
(13) Subsequent to June 30, 2021, the Company extended the maturity of the 210 West 31st Street Mortgage Loan to June 16, 2022.
(14) The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%.
(15) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt
The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of June 30, 2021 (in thousands):
July 1, 2021 through December 31, 2021$315,026 
2022450,778 
2023159,273 
202426,246 
202577,570 
Thereafter101,094 
$1,129,987