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Mortgages and Other Notes Payable
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
Below is a summary of our notes and interest payable as of December 31, 2023 and 2022:
Carrying ValueInterest
Rate
Maturity
Date
Property/ Entity20232022
770 South Post Oak$11,187 $11,406 4.40 %6/1/2025
Athens(1)— 1,155 4.00 %8/28/2023
Blue Lake Villas(2)9,503 9,673 3.15 %11/1/2055
Blue Lake Villas Phase II(2)3,349 3,424 2.85 %6/1/2052
Chelsea8,064 7,875 3.40 %12/1/2050
EQK Portage3,350 3,350 10.00 %11/13/2024
Forest Grove6,988 7,128 3.75 %5/5/2024
Landing on Bayou Cane14,442 14,161 3.50 %9/1/2053
Legacy at Pleasant Grove12,716 13,039 3.60 %4/1/2048
Northside on Travis(2)11,394 11,656 2.50 %2/1/2053
Parc at Denham Springs(2)16,399 16,737 3.75 %4/1/2051
Parc at Denham Springs Phase II15,608 15,789 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2024
Residences at Holland Lake(2)10,424 10,622 3.60 %3/1/2053
Villas at Bon Secour19,205 19,410 3.08 %9/1/2031
Villas of Park West I(3)9,181 9,373 3.04 %3/1/2053
Villas of Park West II(3)8,334 8,504 3.18 %3/1/2053
Vista Ridge9,512 9,674 4.00 %8/1/2053
Windmill Farms(4)4,399 6,400 7.75 %2/28/2024
$179,141 $184,462 
(1)    On August 28, 2023, we paid off the loan.
(2)    On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2023.
(3)    On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2024.
(4)    On February 28, 2023, we extended the maturity of the loan to February 28, 2024 at an interest rate of 7.75%. On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%.
As of December 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.
On March 15, 2023, we entered into a $33,000 construction loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on March 15, 2026, with two one-year extension options. As of December 31, 2023, no advances have been drawn on the loan.
On November 6, 2023, we entered into a $25,407 construction loan to finance the development of Merano (See Note 7 - Real Estate Activity) that bears interest at prime plus 0.25% and matures on November 6, 2028. As of December 31, 2023, no advances have been drawn on the loan.
On December 15, 2023, we entered into a $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on December 15, 2028. As of December 31, 2023, no advances have been drawn on the loan.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Bandera Ridge, Forest Grove, Lake Wales, Merano and Villas at Bon Secour.
Future principal payments due on our mortgages and other notes payable at December 31, 2023 are as follows:
YearAmount
2024$23,299 
202514,102 
20263,265 
20273,376 
20283,493 
Thereafter132,573 
180,108 
Deferred finance cost(967)
$179,141