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Mortgages and Other Notes Payable | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable The following table summarizes our mortgages and other notes payable as of September 30, 2021 and December 31, 2020:
|  | Carrying value |  |  |  |
Property / Entity |  | September 30, 2021 |  | December 31, 2020 |  | Effective Interest Rate |  | Maturity Date
600 Las Colinas(1) |  | $ | — |  |  | $ | 35,589 |  |  | 5.30 | % |  | 11/1/2023
770 South Post Oak |  | 11,709 |  |  | 11,871 |  |  | 4.40 | % |  | 6/1/2025
Parc at Athens(2) |  | 1,155 |  |  | 1,155 |  |  | 5.90 | % |  | 8/28/2022
Chelsea |  | 8,077 |  |  | 8,194 |  |  | 3.40 | % |  | 12/1/2050
EQK Portage - Land |  | 3,350 |  |  | 3,350 |  |  | 10.00 | % |  | 11/13/2024
HSW Partners |  | — |  |  | 17,790 |  |  | 9.50 | % |  | 6/17/2021
Forest Grove(3) |  | 7,295 |  |  | 7,333 |  |  | 3.75 | % |  | 5/5/2024
Landing Bayou |  | 14,467 |  |  | 14,643 |  |  | 3.50 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 13,428 |  |  | 13,653 |  |  | 3.60 | % |  | 4/1/2048
McKinney 36 Land |  | 705 |  |  | 820 |  |  | 8.00 | % |  | 6/30/2022
New Concept Energy |  | 3,542 |  |  | 3,542 |  |  | 6.00 | % |  | 9/30/2022
Overlook at Allensville Phase II(4) |  | — |  |  | 15,621 |  |  | 3.80 | % |  | 5/1/2059
Parc at Denham Springs Phase II |  | 16,004 |  |  | 16,128 |  |  | 4.10 | % |  | 2/1/2060
RCM HC Enterprises(5) |  | 5,086 |  |  | — |  |  | 9.50 | % |  | 12/17/2026
Stanford Center |  | 39,044 |  |  | 39,093 |  |  | 6.00 | % |  | 2/26/2022
Sugar Mill Phase III |  | 9,237 |  |  | 9,298 |  |  | 4.50 | % |  | 2/1/2060
Toulon |  | 13,786 |  |  | 13,975 |  |  | 3.20 | % |  | 12/1/2051
Villas at Bon Secour(6) |  | 19,495 |  |  | 10,280 |  |  | 4.00 | % |  | 8/25/2028
Vista Ridge |  | 9,868 |  |  | 9,979 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(7) |  | 8,756 |  |  | 10,397 |  |  | 6.00 | % |  | 2/28/2023
|  | $ | 185,004 |  |  | $ | 242,711 |  |  |  |  |
(1) On August 26, 2021, we paid off the loan in connection with the sale of the underlying property (See 7 - Real Estate Activity). (2) On March 2, 2021, the loan was extended to August 28, 2022. (3) The loan bears interest at prime rate plus 0.5%. (4) On March 30, 2021, the loan was assumed by VAA in connection with our contribution of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures). (5) On June 4, 2021, the lender assumed the remaining $1,986 balance from our loan from HSW Partners and extended the maturity to December 17, 2026. (6) On August 25, 2021, we replaced the existing loan on the property with a new $20,015 loan that bears interest at 3.08% and matures on August 25, 2028. (7) On March 4, 2021, the loan was extended to February 28, 2023 at an interest rate of 5%. Int erest payable at September 30, 2021 and December 31, 2020, was $1,328 and $1,212, respectively. We capitalized interest of $3,112 and $267 during the three months ended September 30, 2021 and 2020, respectively, and $7,263 and $852 during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender may require us to lock the surplus cash flow of the property (“Cash Trap”) into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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