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Mortgages and Other Notes Payable | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Property/ Entity |  | September 30, 2023 |  | December 31, 2022 |  |
770 South Post Oak |  | $ | 11,248 |  |  | $ | 11,406 |  |  | 4.40 | % |  | 6/1/2025
Athens(1) |  | — |  |  | 1,155 |  |  | 4.00 | % |  | 8/28/2023
Blue Lake Villas(2) |  | 9,546 |  |  | 9,673 |  |  | 3.15 | % |  | 11/1/2055
Blue Lake Villas Phase II(2) |  | 3,368 |  |  | 3,424 |  |  | 2.85 | % |  | 6/1/2052
Chelsea |  | 7,749 |  |  | 7,875 |  |  | 3.40 | % |  | 12/1/2050
EQK Portage |  | 3,350 |  |  | 3,350 |  |  | 10.00 | % |  | 11/13/2024
Forest Grove |  | 7,023 |  |  | 7,128 |  |  | 3.75 | % |  | 5/5/2024
Landing Bayou |  | 13,971 |  |  | 14,161 |  |  | 3.50 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 12,798 |  |  | 13,039 |  |  | 3.60 | % |  | 4/1/2048
New Concept Energy |  | 3,542 |  |  | 3,542 |  |  | 6.00 | % |  | 9/30/2025
Northside on Travis(2) |  | 11,460 |  |  | 11,656 |  |  | 2.50 | % |  | 2/1/2053
Parc at Denham Springs(2) |  | 16,484 |  |  | 16,737 |  |  | 3.75 | % |  | 4/1/2051
Parc at Denham Springs Phase II |  | 15,654 |  |  | 15,789 |  |  | 4.05 | % |  | 2/1/2060
RCM HC Enterprises |  | 5,086 |  |  | 5,086 |  |  | 5.00 | % |  | 12/31/2024
Residences at Holland Lake(3) |  | 10,474 |  |  | 10,622 |  |  | 3.60 | % |  | 3/1/2053
Villas at Bon Secour |  | 19,119 |  |  | 19,410 |  |  | 3.08 | % |  | 9/1/2031
Villas of Park West I(2) |  | 9,230 |  |  | 9,373 |  |  | 3.04 | % |  | 3/1/2053
Villas of Park West II(2) |  | 8,377 |  |  | 8,504 |  |  | 3.18 | % |  | 3/1/2053
Vista Ridge |  | 9,553 |  |  | 9,674 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(4) |  | 4,396 |  |  | 6,400 |  |  | 7.75 | % |  | 2/28/2024
|  | $ | 182,428 |  |  | $ | 188,004 |  |  |  |  |
(1) On August 28, 2023, we paid off the loan. (2) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and are in the process of obtaining lender approval of the assumption. (3) On October 16, 2023, we received approval from the lender to assume the loan on the property that we acquired from our joint venture (See Note 11 - Acquisitions). (4) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 and an interest rate of 7.75%. Int erest payable at September 30, 2023 and December 31, 2022, was $2,480 and $2,004, respectively. We capitalized interest of $0 and $1,048 during the three months ended September 30, 2023 and 2022, respectively, and $642 and $2,651 during the nine months ended September 30, 2023 and 2022, respectively. On March 15, 2023, we entered into a $33,000 construction loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026, with two one-year extension options. As of September 30, 2023, no advances have been drawn on the loan. As of September 30, 2023, 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 Forest Grove, Villas at Bon Secour and Windmill Farms.

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