Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Summary of mezzanine loans and other loan arrangements

Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2019 and 2018 (in thousands):


	At December 31,
	2019		2018
Mezzanine loans	$	13,284	$	9,868
Other loans		4,824		2,975
Notes receivable reserve		(181)		(128)
Total	$	17,927	$	12,715

Schedule of new loan commitments

The following table summarizes our notes receivable activity for the years ended December 31, 2019 through 2017 (in thousands):


	Year ended December 31,
		2019			2018		2017
Advances under notes receivable	$	8,967	⁽¹⁾	$	124	$	—
Principal payments received under notes receivable		(3,503)			(3,848)		(25)
Reclassified to lease incentives ⁽²⁾		(200)	⁽²⁾		—		—
Notes receivable reserve		(52)			37		—
Total	$	5,212		$	(3,687)	$	(25)

(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 $1,304 with a commitment to fund $96. The note bears interest at 7.0%. Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50. 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.