Debt

Debt consists of the following as of December 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%	$	47,295	$	512	$	46,783
Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0%	7,241		—		7,241
Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)	1,624		18		1,606
Total debt	$	56,160	$	530	$	55,630

Debt consists of the following as of 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%	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. As of December 31, 2017, the Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. Security on the Refinanced Loan also included a remaining $1.3 million short term letter of credit, which was released during October 2017. 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 bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

CDD bonds financed the construction of infrastructure improvements at some 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 debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company’s total outstanding CDD debt was $21.7 million and $22.6 million at December 31, 2017 and 2016, respectively. The Company pays interest on this total outstanding CDD debt.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million Construction Loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida. 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.

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



	December 31, 2017
2018	$	1,487
2019	1,533
2020	1,536
2021	1,517
2022	1,495
Thereafter	48,592
	$	56,160