XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.5.0.2

NOTES PAYABLE | 6 Months Ended
--- | ---
Jun. 30, 2016
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTE 5. NOTES PAYABLE Below is a summary of our notes and interest payable as of June 30, 2016 (dollars in thousands):
|  | Notes Payable |  |  | Accrued Interest |  |  | Total Debt |
Apartments |  | $ | 546,718 |  |  | $ | 1,503 |  |  | $ | 548,221 |
Commercial |  |  | 109,423 |  |  |  | 501 |  |  |  | 109,924 |
Land |  |  | 41,896 |  |  |  | 117 |  |  |  | 42,013 |
Real estate held for sale |  |  | 376 |  |  |  | — |  |  |  | 376 |
Real estate subject to sales contract |  |  | 5,602 |  |  |  | 470 |  |  |  | 6,072 |
Mezzanine and Medley financing |  |  | 121,900 |  |  |  | (401 | ) |  |  | 121,499 |
Other |  |  | 17,741 |  |  |  | 572 |  |  |  | 18,313 |
Total |  | $ | 843,656 |  |  | $ | 2,762 |  |  | $ | 846,418 |
Unamortized deferred borrowing costs |  |  | (19,049 | ) |  |  | — |  |  |  | (19,049 | )
Total |  | $ | 824,607 |  |  | $ | 2,762 |  |  | $ | 827,369 |
The segment labeled as “Other” consists of unsecured or stock-secured notes payable. With respect to the additional notes payable due to the acquisition of properties or refinancing of existing mortgages, a summary of some of the more significant transactions is discussed below: During the year the Company refinanced or modified two loans with a total principal balance of $37.2 million. The transactions provided for lower monthly payments over the term of the loans due to lower interest rates and the extension of maturity dates of the loans. There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing loan agreement or subsequent modification. In conjunction with the development of various apartment projects and other developments, we drew down $11.4 million in construction loans during the six months ended June 30, 2016. The properties that we have sold to a related party and have deferred the recognition of the sale are treated as “subject to sales contract” on the Consolidated Balance Sheets. These properties were sold to a related party in order to help facilitate an appropriate debt or organizational restructure and may or may not be transferred back to the seller upon resolution. These properties have mortgages that are secured by the property and many have corporate guarantees. According to the loan documents, the maker is currently in default on these mortgages primarily due to lack of payment and is actively involved in discussions with every lender in order to settle or cure the default situation. We have reviewed each asset and taken impairment to the extent we feel the value of the property was less than our current basis.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration