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NOTES AND BOND PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2022
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of March 31, 2022 and December 31, 2021, the Company’s notes and bonds payable consisted of the following (dollars in thousands):
 
Book Value as of
March 31, 2022
Book Value as of
December 31, 2021
Contractual Interest Rate as of
March 31, 2022
Effective Interest Rate at
March 31, 2022 (1)
Payment Type (2)
Maturity Date (3)
Richardson Portfolio Mortgage Loan$19,190 $28,470 
Floating Rate + 2.50%
2.95%Principal & Interest11/01/2022
Park Centre Mortgage Loan26,185 26,185 
Floating Rate + 1.75%
2.20%Interest Only06/27/2022
1180 Raymond Mortgage Loan (4)
31,070 31,070 
Floating Rate + 2.25%
2.70%Interest Only12/01/2023
Pacific Oak SOR BVI Series B
Debentures (5)
264,503 271,978 3.93%3.93%
(5)
01/31/2026
Crown Pointe Mortgage Loan53,758 52,315 
Floating Rate + 2.30%
2.75%Interest Only04/01/2025
The Marq Mortgage Loan61,683 61,874 
Floating Rate + 1.55%
2.00%Principal & Interest06/06/2022
Eight & Nine Corporate Centre Mortgage Loan48,395 48,545 
Floating Rate + 1.60%
2.05%Principal & Interest06/08/2022
Georgia 400 Center Mortgage Loan61,154 61,154 
Floating Rate + 1.55%
2.00%Interest Only05/22/2023
PORT Mortgage Loan 151,302 51,302 4.74%4.74%Interest Only10/01/2025
PORT Mortgage Loan 210,523 10,523 4.72%4.72%Interest Only03/01/2026
PORT MetLife Loan60,000 60,000 3.90%3.90%Interest Only04/10/2026
Springmaid Beach Resort Mortgage Loan55,143 55,491 
Floating Rate + 2.25% (6)
5.75%Principal & Interest08/12/2022
Q&C Hotel Mortgage Loan25,000 25,000 
Floating Rate + 2.50% (7)
4.50%Principal & Interest12/23/2022
Lincoln Court Mortgage Loan (4)
34,524 34,623 
Floating Rate + 1.75%
2.20%Principal & Interest
04/01/2022 (8)
Lofts at NoHo Commons Mortgage Loan74,536 74,536 
Floating Rate + 2.18% (9)
3.93%Interest Only09/09/2022
210 West 31st Street Mortgage Loan (4)
7,425 8,850 
Floating Rate + 3.00%
3.45%Principal & Interest06/16/2022
Oakland City Center Mortgage Loan95,747 96,075 
Floating Rate + 1.75%
2.20%Principal & Interest09/01/2022
Madison Square Mortgage Loan17,500 17,500 4.63%4.63%Interest Only10/07/2024
Total Notes and Bonds Payable principal outstanding997,638 1,015,491 
Discount on Notes and Bonds Payable, net (10)
(7,130)(8,146)
Deferred financing costs, net(8,577)(8,396)
Total Notes and Bonds Payable, net$981,931 $998,949 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2022. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2022 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at March 31, 2022, where applicable.
(2) Represents the payment type required under the loan as of March 31, 2022. 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 March 31, 2022; 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 March 31, 2022, the guaranteed amount in the aggregate was $23.8 million.
(5) See “Israeli Bond Financing” below.
(6) The interest rate is at the higher of one-month LIBOR + 2.25% or 5.77%.
(7) The interest rate is at the higher of one-month LIBOR + 2.5% or 4.5%.
(8) Subsequent to March 31, 2022, the Company extended the maturity date to August 1, 2022.
(9) The floating interest rate is at the higher of one-month LIBOR or 1.75%, plus 2.18% .
(10) 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 March 31, 2022 (in thousands):
April 1, 2022 through December 31, 2022$447,827 
202392,224 
2024105,668 
2025193,229 
2026158,690 
Thereafter— 
$997,638