Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2019

Summary of mezzanine loans and other loan arrangements


	At June 30, 2019		At December 31, 2018
Mezzanine loans	$	16,692	$	9,868
Other loans		3,669		2,975
Notes receivable reserve		(204)		(128)
Total	$	20,157	$	12,715

Summary of notes receivable activity


		At June 30, 2019				At December 31, 2018
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Bank borrowings ⁽²⁾	3.74%	$	146,900	$	453,100	$	112,000	$	488,000
Senior unsecured notes, net of debt issue costs ⁽³⁾	4.49%		528,938		98,000		533,029		93,833
Total	4.33%	$	675,838	$	551,100	$	645,029	$	581,833

(1)	Represents weighted average of interest rate as of June 30, 2019.

(2)	Subsequent to June 30, 2019, we borrowed $12,000 under our unsecured revolving line of credit. Accordingly, we have $158,900 outstanding under our revolving line of credit with $441,100 available for borrowing.

(3)	Subsequent to June 30, 2019, we paid $8,500 in scheduled principal payments. Accordingly, we have $520,438 outstanding and $105,500 available under our senior unsecured notes.

Schedule of new loan commitments

The following tables summarizes our notes receivable activity for the six months ended June 30, 2019 and 2018 (dollar amounts in thousands):


	Six Months Ended June 30,
		2019			2018
Advances under notes receivable	$	7,766	⁽¹⁾	$	—
Principal payments received under notes receivable		(49)			(2,352)
Reclassified to lease incentives ⁽²⁾		(200)			—
Notes receivable reserve		(75)			24
Total	$	7,442		$	(2,328)

(1)

We originated a $6,800 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months. Additionally, we originated a $1,400 note agreement, funding $582 with a commitment to fund $818. The note bears interest at 7.0%. Further, we originated a $550 note agreement, funding $200 with a commitment to fund $350. The note bears interest at 7.5%.

(2)	Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease.