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Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net | 3 Months Ended
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Mar. 31, 2020
Guarantor Subsidiaries |
Condensed Financial Statements Captions [Line Items] |
Mortgage Notes Payable, Net | Note 6 – Mortgage Notes Payable, Net Mortgage notes payable, net, consisted of the following:
|  | Interest Rate (1) |  |  | Maturity Date |  | March 31, 2020 |  |  | December 31, 2019 |
Property |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greenbrier Mall (2) |  | 5.41% |  |  | Dec-19 |  | $ | 64,501 |  |  | $ | 64,801 |
Park Plaza |  | 5.28% |  |  | Apr-21 |  |  | 77,577 |  |  |  | 78,339 |
Arbor Place |  | 5.10% |  |  | May-22 |  |  | 106,239 |  |  |  | 106,851 |
Total mortgage notes payable |  | 5.23% |  |  |  |  |  | 248,317 |  |  |  | 249,991 |
Unamortized deferred financing costs |  |  |  |  |  |  |  |  | ( 94 | ) |  |  | ( 112 | )
Total mortgage notes payable, net |  |  |  |  |  |  |  | $ | 248,223 |  |  | $ | 249,879 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.
( 2 ) | The non-recourse loan is in default. The default interest rate is an additional 3.00% above the stated interest rate.
Scheduled Principal Payments As of March 31, 2020, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable, excluding extensions available at the Combined Guarantor Subsidiaries' option, are as follows:
2020 (1) |  | $ | 4,200 |
2021 |  |  | 77,844 |
2022 |  |  | 101,772 |
|  |  | 183,816 |
Unamortized deferred financing costs |  |  | ( 94 | )
Principal balance of loan secured by Greenbrier Mall |  |  | 64,501 |
Total mortgage notes payable, net |  | $ | 248,223 |
(1) | Reflects payments for the fiscal period April 1, 2020 through December 31, 2020.
The Combined Guarantor Subsidiaries' mortgage notes payable had a weighted-average maturity of 1.1 years as of March 31, 2020 and 1.4 years as of December 31, 2019. Financial Covenants and Restrictions Each of the mortgage notes payable are subject to certain financial covenants under the respective loan agreements. The applicable Guarantor Properties were in compliance with all financial covenants as of March 31, 2020, except as it relates to Park Plaza and Greenbrier Mall. Park Plaza has failed to meet the required minimum net operating income, as defined in the agreement, and as a result, the lender retains excess cash flow until such time the required minimum net operating income is met for two consecutive calendar quarters. Greenbrier Mall failed to retire its mortgage note payable at the scheduled maturity date and the lender has placed the loan in default.

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