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Mortgages and Other Notes Payable
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:
Carrying ValueInterest
Rate		Maturity
Date
Property/ EntityMarch 31, 2024December 31, 2023
770 South Post Oak$11,126 $11,187 4.40 %6/1/2025
Blue Lake Villas9,459 9,503 3.15 %11/1/2055
Blue Lake Villas Phase II3,329 3,349 2.85 %6/1/2052
Chelsea8,018 8,064 3.40 %12/1/2050
EQK Portage3,350 3,350 10.00 %11/13/2024
Forest Grove6,951 6,988 3.75 %5/5/2024
Landing on Bayou Cane14,373 14,442 3.50 %9/1/2053
Legacy at Pleasant Grove12,633 12,716 3.60 %4/1/2048
New Concept Energy3,542 3,542 6.00 %9/30/2025
Northside on Travis11,327 11,394 2.50 %2/1/2053
Parc at Denham Springs16,312 16,399 3.75 %4/1/2051
Parc at Denham Springs Phase II15,562 15,608 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2024
Residences at Holland Lake10,373 10,424 3.60 %3/1/2053
Villas at Bon Secour19,104 19,205 3.08 %9/1/2031
Villas of Park West I(1)9,132 9,181 3.04 %3/1/2053
Villas of Park West II(1)8,290 8,334 3.18 %3/1/2053
Vista Ridge9,470 9,512 4.00 %8/1/2053
Windmill Farms(2)4,390 4,399 7.50 %2/28/2026
$181,827 $182,683 
(1)    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 10 - Investment in Unconsolidated Joint Ventures).
(2)    On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%.
As of March 31, 2024, 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.
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 SOFR plus 3% and matures on March 15, 2026, with two one-year extension options. As of March 31, 2024, no advances have been drawn on the loan.
On November 6, 2023, we entered into a $25,407 construction loan to finance the development of Merano (See Note 7 - Real Estate Activity) that bears interest at prime plus 0.25% and matures on November 6, 2028. As of March 31, 2024, no advances have been drawn on the loan.
On December 15, 2023, we entered into a $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on December 15, 2028. As of March 31, 2024, no advances have been drawn on the loan.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Bandera Ridge, Forest Grove, Lake Wales, Merano, Villas at Bon Secour and Windmill Farms.