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NOTES AND INTEREST PAYABLE | 9 Months Ended
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Sep. 30, 2019
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 September 30, 2019 (dollars in thousands):
|  | September 30, 2019 |  |  | December 31, 2018 |
Apartments |  | $ | 105,437 |  |  | $ | 94,759 |
Apartments under Construction |  |  | 17,682 |  |  |  | 14,402 |
Commercial |  |  | 93,658 |  |  |  | 136,327 |
Land |  |  | 19,622 |  |  |  | 27,520 |
Corporate and other notes |  |  | 20,827 |  |  |  | 22,527 |
Total notes payable |  | $ | 257,226 |  |  | $ | 295,535 |
Less: unamortized deferred borrowing costs |  |  | (7,503 | ) |  |  | (9,428 | )
Total outstanding notes payable, net |  | $ | 249,723 |  |  | $ | 286,107 |
Accrued Interest |  |  | 1,002 |  |  |  | 861 |
Total notes payable, net and accrued interest |  | $ | 250,725 |  |  | $ | 286,968 |
On July 28, 2019, simultaneously with the issuance of the Series C bonds, the Company paid off the mortgage debt of $41.5 million for one of its commercial properties. As a result of the retirement of this debt, the Company recorded a loss on extinguishment of approximately $5.2 million, which consisted of debt borrowing costs write-off of $1.4 million and a prepayment penalty of approximately $3.9 million. In conjunction with the development of various apartment projects and land developments, we drew down $13.8 million in construction loans during the nine months ended September 30, 2019.

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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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