Debt

Debt consists of the following at March 31, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,926	$	584	$	47,342
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017	7,695		—		7,695
Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)	508		20		488
Total debt	$	56,129	$	604	$	55,525

Debt consists of the following at December 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,132	$	613	$	47,519
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at December 31, 2016	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

In October 2015, the Pier Park North JV refinanced a construction loan by entering into a $48.2 million loan (the “Refinanced Loan”). As of March 31, 2017 and December 31, 2016, $47.9 million and $48.1 million, respectively, was outstanding on the Refinanced Loan. The Refinanced Loan accrues interest at a rate of 4.1% per annum and matures in November 2025. The Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property and a remaining $1.3 million short term letter of credit. 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 JV; 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 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 $7.7 million and $7.5 million related to CDD assessments as of March 31, 2017 and December 31, 2016, respectively. The Company’s total outstanding CDD assessments were $22.6 million as of March 31, 2017 and December 31, 2016. The Company pays interest on the total outstanding CDD assessments.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a two retail tenant commercial leasing property located in Panama City Beach, Florida (the “Construction Loan”). The Construction Loan bears interest at LIBOR plus 1.70% and matures in March 2027. The Construction Loan provides for interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Construction Loan until the project meets certain cash flow stabilization requirements. As of March 31, 2017, $0.5 million was outstanding under the Construction Loan.

The aggregate maturities of debt subsequent to March 31, 2017 are:



	March 31, 2017
2017	$	784
2018	1,047
2019	1,094
2020	1,139
2021	1,186
Thereafter	50,879
	$	56,129