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Mortgages and Other Notes Payable
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
The following table summarizes our mortgages and other notes payable as of September 30, 2022 and December 31, 2021:
Carrying value
Property / EntitySeptember 30, 2022December 31, 2021Effective
Interest Rate		Maturity Date
770 South Post Oak11,484 11,635 4.40 %6/1/2025
Athens1,155 1,155 4.00 %8/28/2023
Chelsea7,916 8,037 3.40 %12/1/2050
EQK Portage3,350 3,350 10.00 %11/13/2024
Forest Grove7,163 7,263 3.75 %5/5/2024
Landing Bayou14,224 14,407 3.50 %9/1/2053
Legacy at Pleasant Grove13,119 13,352 3.60 %4/1/2048
Parc at Denham Springs Phase II15,833 15,962 4.10 %2/1/2060
RCM HC Enterprises5,086 1,986 5.00 %12/31/2022
Stanford Center(1)38,567 38,979 6.00 %2/26/2023
Sugar Mill Phase III(2)— 9,216 4.50 %2/1/2060
Toulon(3)— 13,697 3.20 %12/1/2051
Villas at Bon Secour19,504 19,492 3.08 %9/1/2031
Vista Ridge9,714 9,830 4.00 %8/1/2053
Windmill Farms7,844 8,389 5.00 %2/28/2023
$154,959 $176,750 
(1)     On March 3, 2022, the loan was extended to February 26, 2023 and was subsequently paid off on October 21, 2022.
(2)    On September 16, 2022, the loan was paid off in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).
(3)    On January 14, 2022, the loan was paid off in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).
Interest payable at September 30, 2022 and December 31, 2021, was $1,930 and $1,373, respectively. We capitalized interest of $1,048 and $3,112 during the three months ended September 30, 2022 and 2021, respectively, and $2,651 and $7,263 during the nine months ended September 30, 2022 and 2021, respectively.
As of September 30, 2022, we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Athens, Forest Grove and Villas at Bon Secour.
There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are working with our existing lenders and new lenders to modify, extend the loans before they become due or refinancing the loans with terms that are similar to the existing agreement.