NOTES AND INTEREST PAYABLE

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,			December 31,
	2020			2019
Apartments	$	135,655		$	120,024
Apartments under Construction		4,505			9,017
Commercial		91,973			92,838
Land		13,293			14,806
Corporate and other notes		16,239			16,430
Total notes payable	$	261,665		$	253,115
Less: unamortized deferred borrowing costs		(6,917	)		(7,342	)
Total outstanding notes payable, net	$	254,748		$	245,773
Accrued Interest		1,136			773
Total notes payable, net and accrued interest	$	255,884		$	246,546

During the six months ended June 30, 2020, the Company drew down $7.4 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest rate of 10% and a maturity date of November 13, 2024.