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Mortgages and Other Notes Payable
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
Below is a summary of our notes and interest payable as of December 31, 2022 and 2021:
Carrying ValueInterest
Rate		Maturity
Date
Property/ Entity20222021
770 South Post Oak$11,406 $11,635 4.40 %6/1/2025
Athens1,155 1,155 4.00 %8/28/2023
Blue Lake Villas(1)9,673 — 3.15 %11/1/2055
Blue Lake Villas Phase II(1)3,424 — 2.85 %6/1/2052
Chelsea7,875 8,037 3.40 %12/1/2050
EQK Portage3,350 3,350 10.00 %11/13/2024
Forest Grove7,128 7,263 3.75 %5/5/2024
Landing Bayou14,161 14,407 3.50 %9/1/2053
Legacy at Pleasant Grove13,039 13,352 3.60 %4/1/2048
New Concept Energy3,542 3,542 6.00 %9/30/2023
Northside on Travis(1)11,656 — 2.50 %2/1/2053
Parc at Denham Springs(1)16,737 — 3.75 %4/1/2051
Parc at Denham Springs Phase II15,789 15,962 4.05 %2/1/2060
RCM HC Enterprises(5)5,086 5,086 5.00 %12/31/2022
Residences at Holland Lake(1)10,622 — 3.60 %3/1/2053
Stanford Center(2)— 38,979 6.00 %2/26/2023
Sugar Mill Phase III(3)— 9,216 4.50 %2/1/2060
Toulon(4)— 13,697 3.20 %12/1/2051
Villas at Bon Secour19,410 19,492 3.08 %9/1/2031
Villas of Park West I(1)9,373 — 3.04 %3/1/2053
Villas of Park West II(1)8,504 — 3.18 %3/1/2053
Vista Ridge9,674 9,830 4.00 %8/1/2053
Windmill Farms(5)6,400 8,389 5.00 %2/28/2023
$188,004 $183,392 
(1)    On November 1, 2022, we assumed the mortgage note payable in connection with the acquisition of the underlying property (See Note 11 - Acquisitions).
(2)    On October 21, 2022, we paid off the loan, which resulted in a loss on early extinguishment of debt of $1,639.
(3)     On September 16, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity), which resulted in a loss on early extinguishment of debt of $1,166.
(4)    On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).
(5)    We are currently negotiating an extension of the loan with the lender.
Interest payable at December 31, 2022 and 2021, was $2,004 and $1,522, respectively. We capitalized interest of $3,417 and $3,733 during the years ended December 31, 2022 and 2021, respectively.
As of December 31, 2022, 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 requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Athens, Forest Grove and Villas at Bon Secour.
Future principal payments due on our notes payable at December 31, 2022 are as follows:
YearAmount
2023$14,454 
202418,899 
202514,080 
20263,265 
20273,377 
Thereafter136,056 
190,131 
Deferred finance cost(2,127)
$188,004