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NOTES AND INTEREST PAYABLE | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
NOTES AND INTEREST PAYABLE |
NOTE 7. | NOTES AND INTEREST PAYABLE
Below is a summary of our notes and interest payable as of December 31, 2018 (dollars in thousands):
|  | Notes Payable |  |  | Accrued Interest |  |  | Total Debt |
Apartments |  | $ | 94,759 |  |  | $ | 270 |  |  | $ | 95,029 |
Apartments under Construction |  |  | 14,402 |  |  |  | — |  |  |  | 14,402 |
Commercial |  |  | 136,327 |  |  |  | 450 |  |  |  | 136,777 |
Land |  |  | 27,520 |  |  |  | 124 |  |  |  | 27,644 |
Other |  |  | 22,527 |  |  |  | 17 |  |  |  | 22,544 |
Total |  | $ | 295,535 |  |  | $ | 861 |  |  | $ | 296,396 |
Unamortized deferred borrowing costs |  |  | (9,428 | ) |  |  | — |  |  |  | (9,428 | )
|  | $ | 286,107 |  |  | $ | 861 |  |  | $ | 286,968 |
The following table summarizes our contractual obligations for principal payments as of December 31, 2018 (dollars in thousands):
Year |  |  | Amount |
2019 |  |  | $ | 47,427 |
2020 |  |  |  | 8,822 |
2021 |  |  |  | 43,202 |
2022 |  |  |  | 43,304 |
2023 |  |  |  | 37,259 |
Thereafter |  |  |  | 115,521 |
Total |  |  | $ | 295,535 |
Interest payable at December 31, 2018, was approximately $0.9 million. Interest accrues at rates ranging from 2.5% to 9.75% per annum, and mature between 2019 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of approximately $459 million. During the year ended, the Company refinanced or modified one loan with a total principal balance of $40 million. The refinancing resulted in lower interest rates and the extension of the term of the loan. The modifications resulted in lower interest rates. The transactions provide for lower monthly payments over the term 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 agreement or subsequent modification. In conjunction with the development of various apartment projects and other developments, we drew down $81.4 million in construction loans during the year ended December 31, 2018.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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