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Mortgages and Other Notes Payable
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
Carrying ValueInterest
Rate		Maturity
Date
Property/ EntityMarch 31, 2023December 31, 2022
770 South Post Oak$11,345 $11,406 4.40 %6/1/2025
Athens1,155 1,155 4.00 %8/28/2023
Blue Lake Villas(1)9,631 9,673 3.15 %11/1/2055
Blue Lake Villas Phase II(1)3,405 3,424 2.85 %6/1/2052
Chelsea7,834 7,875 3.40 %12/1/2050
EQK Portage3,350 3,350 10.00 %11/13/2024
Forest Grove7,092 7,128 3.75 %5/5/2024
Landing Bayou14,099 14,161 3.50 %9/1/2053
Legacy at Pleasant Grove12,960 13,039 3.60 %4/1/2048
Northside on Travis(1)11,591 11,656 2.50 %2/1/2053
Parc at Denham Springs(1)16,653 16,737 3.75 %4/1/2051
Parc at Denham Springs Phase II15,744 15,789 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2024
Residences at Holland Lake(1)10,573 10,622 3.60 %3/1/2053
Villas at Bon Secour19,310 19,410 3.08 %9/1/2031
Villas of Park West I(1)9,326 9,373 3.04 %3/1/2053
Villas of Park West II(1)8,462 8,504 3.18 %3/1/2053
Vista Ridge9,634 9,674 4.00 %8/1/2053
Windmill Farms(2)6,387 6,400 7.75 %2/28/2024
$183,637 $184,462 
(1)    On November 1, 2022, we assumed the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and are in the process of obtaining lender approval of the assumption.
(2)    On February 28, 2023, we extended the maturity of the loan to February 28, 2024 and an interest rate of 7.75%.
Interest payable at March 31, 2023 and December 31, 2022, was $2,155 and $2,004, respectively. We capitalized interest of $642 and $803 during the three months ended March 31, 2023 and 2022, respectively.
On March 15, 2023, we entered into a $33,000 interest only loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bares interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026, with two one-year extension options.
As of March 31, 2023, 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, Lake Wales and Villas at Bon Secour.