NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 7. NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2019 and 2018 (dollars in thousands):

	December 31,
	2019			2018
Apartments	$	120,024		$	94,759
Apartments under Construction		9,017			14,402
Commercial		92,838			135,951
Land		14,806			22,200
Real estate held for sale		—			376
Corporate and other notes		16,430			18,130
Total notes payable	$	253,115		$	285,818
Less: unamortized deferred borrowing costs		(7,342	)		(9,425	)
Total outstanding notes payable, net	$	245,773		$	276,393
Accrued Interest		773			844
Total notes payable, net and accrued interest	$	246,546		$	277,237

Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company’s notes payable at December 31, 2019 are as follows (in thousands): 

Year	Amount
2020	$	25,982
2021		55,393
2022		13,437
2023		36,770
2024		1,995
Thereafter		119,538
Total	$	253,115

Interest payable at December 31, 2019 and 2018, was $.08 million and $.09 million, respectively. Our debt has interest rates ranging from 2.5% to 9.75% per annum with maturity dates between 2021 and 2059. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $311.5 million.

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 $28.5 million and $81.0 million in construction loans during the year ended December 31, 2019, and 2018, respectively.