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Mortgage and Other Notes Receivable
 9 Months Ended
Sep. 30, 2014
Mortgage and Other Notes Receivable [Abstract]  
Mortgage and Other Notes Receivable
Mortgage and Other Notes Receivable
Each of the Company’s mortgage notes receivable is collateralized by either a first mortgage, a second mortgage, or by an assignment of 100% of the partnership interests that own the real estate assets.  Other notes receivable include amounts due from tenants or government-sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments.  The Company believes that its mortgage and other notes receivable balance is fully collectable as of September 30, 2014.
Mortgage and other notes receivable consist of the following:
 
 
 
 
As of September 30, 2014
 
As of December 31, 2013
 
 
Maturity Date
 
Interest Rate
 
Balance
 
Interest Rate
 
Balance
Mortgages:
 
 
 
 
 
 
 
 
 
 
Coastal Grand - Myrtle Beach (1)
 
Oct 2014
 
7.75%
 
$
—

 
7.75%
 
$
9,000

Park Place
 
May 2022
 
5.00%
 
1,609

 
5.00%
 
1,738

Village Square
 
Mar 2015
 
4.50%
 
1,719

 
4.50%
 
2,600

Other
 
Dec 2016 -
Jan 2047
 
2.65% - 9.50%
 
5,697

 
2.67% - 9.50%
 
5,782

 
 
 
 
 
 
9,025

 
 
 
19,120

Other Notes Receivable:
 
 
 
 
 
 
 
 
 
 
Horizon Group - The Outlet Shoppes at Atlanta (2)
 
May 2015
 
7.00%
 
—

 
7.00%
 
816

Lakeshore Mall (3)
 
Aug 2014
 
5.00%
 
—

 
—%
 
—

RED Development Inc.
 
Nov 2023
 
5.00%
 
7,429

 
5.00%
 
7,429

Woodstock land (4)
 
Nov 2014
 
10.00%
 
3,059

 
10.00%
 
3,059

 
 
 
 
 
 
10,488

 
 
 
11,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
19,513

 
 
 
$
30,424

(1)
In July 2014, the subordinated notes were paid off in conjunction with the refinancing of the loan, secured by Coastal Grand-Myrtle Beach. See Note 5 for additional information.
(2)
The note was paid off in July 2014.
(3)
In May 2014, the Company received a $10,000 promissory note as short-term financing from the buyer of Lakeshore Mall. See Note 4 for additional information on the sale. This note was paid off in July 2014.
(4)
The note receivable was extended from May 2014 to November 2014 in the second quarter of 2014.