Debt

Debt consists of the following at March 31, 2018:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,080	$	495	$	46,585
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% at March 31, 2018	7,256		—		7,256
Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	1,624		18		1,606
WaterColor Crossings construction loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	33		27		6
Total debt	$	55,993	$	540	$	55,453

Debt consists of the following at 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% at December 31, 2017	7,241		—		7,241
Pier Park Outparcel 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

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, 2018, the Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. 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.

Community Development District (“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 repayment. The Company’s total outstanding CDD debt was $21.3 million and $21.7 million as of March 31, 2018 and December 31, 2017, respectively. The Company pays interest on this total outstanding CDD debt. On March 29, 2018, the CDD at one of the Company’s projects began refinancing its 2008 and 2011 bonds into 2018 bonds, reducing the interest rates. The prior bonds will be paid off in May 2018, at the completion of the refinancing.

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 “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The Pier Park Outparcel 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 Pier Park Outparcel Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Pier Park Outparcel Construction Loan until the project meets certain cash flow stabilization requirements.

In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The WaterColor Crossings 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 WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan.

The aggregate maturities of debt subsequent to March 31, 2018, for the years ending December 31 are:



2018	$	1,280
2019	1,554
2020	1,570
2021	1,554
2022	1,517
Thereafter	48,518
	$	55,993