Debt

Debt consists of the following at March 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	688	$	47,512
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016	7,134		—		7,134
Total debt	$	55,334	$	688	$	54,646

Debt consists of the following at December 31, 2015:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	720	$	47,480
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 - May 2039, bearing interest at 2.8% to 7.0% at December 31, 2015	6,994		—		6,994
Total debt	$	55,194	$	720	$	54,474

The Refinanced Loan accrues interest at a rate of 4.1% per annum and matures in November 2025. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North joint venture; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary or insolvency proceedings and upon breach of covenants in the security instrument.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD assessments that are associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company has recorded debt of $7.1 million and $7.0 million related to CDD assessments as of March 31, 2016 and December 31, 2015, respectively. The Company’s total outstanding CDD assessments were $22.5 million at both March 31, 2016 and December 31, 2015. The Company pays interest on the total outstanding CDD assessments.

The aggregate maturities of debt subsequent to March 31, 2016 are:



	March 31, 2016
2016	$	213
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,917
	$	55,334