NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 5.     NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands):

	Notes Payable			Accrued Interest		Total Debt
Apartments	$	566,576		$	1,585	$	568,161
Apartments under Construction	$	78,683			113	$	78,796
Commercial	$	126,955		$	622	$	127,577
Land	$	16,705		$	200	$	16,905
Real estate subject to sales contract	$	1,449		$	508	$	1,957
Mezzanine financing	$	110,172		$	453	$	110,625
Other	$	9,617		$	78	$	9,695
Total	$	910,157		$	3,559	$	913,716
Unamortized deferred borrowing costs		(19,234	)		—		(19,234	)
	$	890,923		$	3,559	$	894,482

The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands): 

Year	Amount
2018	$	79,838
2019		101,134
2020		64,255
2021		48,806
2022		11,205
Thereafter		604,919
Total	$	910,157

Interest payable at December 31, 2017 was $3.6 million. Our debt has interest rates ranging from 2.5% to 12.0% per annum with maturity dates between 2018 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $980.0 million.

During the year 2017 the Company refinanced or modified six loans with a total principal balance of $84.9 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 $63 million in construction loans during the year ended December 31, 2017.