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NOTES AND INTEREST PAYABLE | 6 Months Ended
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Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (dollars in thousands):
|  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Apartments |  | $ | 135,655 |  |  | $ | 120,024 |
Apartments under Construction |  |  | 4,505 |  |  |  | 9,017 |
Commercial |  |  | 91,973 |  |  |  | 92,838 |
Land |  |  | 17,115 |  |  |  | 19,128 |
Corporate and other notes |  |  | 19,858 |  |  |  | 20,429 |
Total notes payable |  | $ | 269,106 |  |  | $ | 261,436 |
Less: unamortized deferred borrowing costs |  |  | (6,917 | ) |  |  | (7,342 | )
Total outstanding notes payable, net |  | $ | 262,189 |  |  | $ | 254,094 |
Accrued Interest |  |  | 1,136 |  |  |  | 779 |
Total notes payable, net and accrued interest |  | $ | 263,325 |  |  | $ | 254,873 |
During the six months ended June 30, 2020, the Company drew down $7.4 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest rate of 10% and a maturity date of November 13, 2024.

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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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