NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 6.     NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2016 (dollars in thousands):

	Notes Payable			Accrued Interest		Total Debt
Apartments	$	553,509		$	1,500	$	555,009
Apartments under Construction	$	16,576			—	$	16,576
Commercial	$	108,725		$	528	$	109,253
Land	$	30,811		$	117	$	30,928
Real estate subject to sales contract	$	5,142		$	470	$	5,612
Mezzanine financing	$	119,923			—	$	119,923
Other	$	23,425			—	$	23,425
Total		858,111			2,615		860,726
Unamortized deferred borrowing costs		(19,210	)		—		(19,210	)
	$	838,901		$	2,615	$	841,516

The schedule principal payments of our notes payable over the next five years and thereafter are due as follows (dollars in thousands):

Year	Amount
2017	$	130,515
2018		56,255
2019		70,136
2020		51,616
2021		15,831
Thereafter		533,757
Total	$	858,111

Interest payable at December 31, 2016 was $2.6 million. Our debt has interest rates ranging from 2.5% to 12.0% per annum with maturity dates between 2017 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $891 million.

During the year 2016 the Company refinanced or modified five loans with a total principal balance of $78.9 million. The refinancing resulted in lower interest rates and the extension of the term of the loan. The modifications resulted in lower interest rates. The transactions provide for lower monthly payments over the term of loans.

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 in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.

In conjunction with the development of various apartment projects and other developments, we drew down $13 million in construction loans during the year ended December 31, 2016.