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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2013
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS On October 11, 2013, the Company refinanced the existing mortgage on 600 Las Colinas, a 510,173 square foot commercial building located in Irving, Texas, for a new mortgage of $41.0 million. TCI paid off the existing mortgage of $31.0 million and $5.3 million in closing costs and escrows. The note accrues interest at 5.31% and payments of interest and principal are due monthly based upon a 30-year amortization schedule, maturing on November 1, 2023. On October 15, 2013, the Company recorded the transfer of ownership of Ergon, a 26,000 square foot commercial building, located in Jackson, Mississippi, and 7.95 acres of land known as the Jackson Capital City Center land, located in Jackson, Mississippi, to the existing lender for a settlement price of $3.7 million. The proceeds of the sale were used to pay down stock secured loans with Armed Forces Bank.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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