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Notes And Interest Receivable
9 Months Ended
Sep. 30, 2011
Notes And Interest Receivable [Abstract] 
Notes And Interest Receivable

NOTE 3. NOTES AND INTEREST RECEIVABLE

A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. Our mortgage notes receivable consist of first, wraparound and junior mortgage loans (dollars in thousands):

 

                         

Borrower

   

  Maturity  
Date

      Interest  
Rate		         Amount         

Security

Performing loans:

                           

Garden Centura, L.P. (1)

    N/A      7.00 %      $ 3,967        Excess cash flow from partnership

Miscellaneous non-related party notes

    Various      Various        4,325        Various security interests

Miscellaneous related party notes (1)

    Various      Various        2,827        Various security interests

Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1)

    12/27      5.25 %      5,459        100% Interest in UH of McKinney, LLC

Unified Housing Foundation, Inc. (Echo Station) (1)

    12/27      5.25 %      1,481        100% Interest in UH of Temple, LLC

Unified Housing Foundation, Inc. (Inwood on the Park) (1)

    12/27      5.25 %      5,059        100% Interest in Unified Housing Inwood, LLC

Unified Housing Foundation, Inc. (Kensington Park) (1)

    12/27      5.25 %      3,936        100% Interest in Unified Housing Kensington, LLC

Unified Housing Foundation, Inc. (Lakeshore Villas) (1)

    12/27      5.25 %      2,000        Unsecured

Unified Housing Foundation, Inc. (Lakeshore Villas) (1)

    12/27      5.25 %      9,096        Membership interest in Housing for Seniors of Humble, LLC

Unified Housing Foundation, Inc. (Limestone Canyon) (1)

    07/15      5.25 %      3,057        100% Interest in Unified Housing of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Canyon) (1)

    12/27      5.25 %      4,663        100% Interest in Unified Housing of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Ranch) (1)

    07/15      5.25 %      2,250        100% Interest in Unified Housing of Vista Ridge, LLC

Unified Housing Foundation, Inc. (Limestone Ranch) (1)

    12/27      5.25 %      6,000        100% Interest in Unified Housing of Vista Ridge, LLC

Unified Housing Foundation, Inc. (Parkside Crossing) (1)

    12/27      5.25 %      2,272        100% Interest in Unified Housing of Parkside Crossing, LLC

Unified Housing Foundation, Inc. (Sendero Ridge) (1)

    07/15      5.25 %      5,175        100% Interest in Unified Housing of Sendero Ridge, LLC

Unified Housing Foundation, Inc. (Sendero Ridge) (1)

    12/27      5.25 %      4,812        100% Interest in Unified Housing of Sendero Ridge, LLC

Unified Housing Foundation, Inc. (Timbers of Terrell) (1)

    12/27      5.25 %      1,323        100% Interest in Unified Housing of Terrell, LLC

Unified Housing Foundation, Inc.
(Tivoli) (1)

    12/27      5.25 %      7,966        100% Interest in Unified Housing of Tivoli, LLC

Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1)

    12/27      5.25 %      2,524        100% Interest in Unified Housing of Harvest Hill I, LLC

Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1)

    12/27      5.25 %      2,555        100% Interest in Unified Housing of Harvest Hill, LLC

Unified Housing Foundation, Inc. (Trails at White Rock) (1)

    12/27      5.25 %      3,815        100% Interest in Unified Housing of Harvest Hill III, LLC

Accrued interest

                   751         
                 

 

 

       

Total Performing

                 $     85,313         
         

Non-Performing loans:

                           

130 Windmill Farms, L.P.

    10/11      7.00 %      507       Unsecured

Dallas Fund XVII L.P. (2)

    10/09      9.00 %      1,432       Assignment of partnership interests

Leman Development, Ltd.

    07/11      7.00 %      1,500       Unsecured

Tracy Suttles

    12/11      0.00 %      1,077       Unsecured

Accrued interest

                   66        
                 

 

 

       

Total Non-Performing

                 $       4,582        

Allowance for estimated losses

                   (13,384)        
                 

 

 

       

Total

                 $     76,511        

 

(1)

Related party notes

(2)

Note matured and an allowance was taken for estimated losses at full value of note