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Mortgages and Other Notes Payable | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Property/ Entity |  | September 30, 2024 |  | December 31, 2023 |  |
770 South Post Oak |  | $ | 11,002 |  |  | $ | 11,187 |  |  | 4.40 | % |  | 6/1/2025
Alera(1) |  | 4,148 |  |  | — |  |  | 8.20 | % |  | 3/15/2026
Blue Lake Villas |  | 9,371 |  |  | 9,503 |  |  | 3.15 | % |  | 11/1/2055
Blue Lake Villas Phase II |  | 3,291 |  |  | 3,349 |  |  | 2.85 | % |  | 6/1/2052
Chelsea |  | 7,925 |  |  | 8,064 |  |  | 3.40 | % |  | 12/1/2050
EQK Portage |  | 3,350 |  |  | 3,350 |  |  | 5.00 | % |  | 11/13/2029
Forest Grove(2) |  | 6,415 |  |  | 6,988 |  |  | 7.50 | % |  | 8/1/2031
Landing on Bayou Cane |  | 14,233 |  |  | 14,442 |  |  | 3.50 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 12,466 |  |  | 12,716 |  |  | 3.60 | % |  | 4/1/2048
New Concept Energy(5) |  | 3,542 |  |  | 3,542 |  |  | 5.33 | % |  | 9/30/2027
Northside on Travis |  | 11,193 |  |  | 11,394 |  |  | 2.50 | % |  | 2/1/2053
Parc at Denham Springs |  | 16,137 |  |  | 16,399 |  |  | 3.75 | % |  | 4/1/2051
Parc at Denham Springs Phase II |  | 15,467 |  |  | 15,608 |  |  | 4.05 | % |  | 2/1/2060
RCM HC Enterprises |  | 5,086 |  |  | 5,086 |  |  | 5.00 | % |  | 12/31/2024
Residences at Holland Lake |  | 10,271 |  |  | 10,424 |  |  | 3.60 | % |  | 3/1/2053
Villas at Bon Secour |  | 18,902 |  |  | 19,205 |  |  | 3.08 | % |  | 9/1/2031
Villas of Park West I(3) |  | 9,033 |  |  | 9,181 |  |  | 3.04 | % |  | 3/1/2053
Villas of Park West II(3) |  | 8,203 |  |  | 8,334 |  |  | 3.18 | % |  | 3/1/2053
Vista Ridge |  | 9,386 |  |  | 9,512 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(4) |  | 4,393 |  |  | 4,399 |  |  | 7.50 | % |  | 2/28/2026
|  | $ | 183,814 |  |  | $ | 182,683 |  |  |  |  |
(1) On March 15, 2023, we entered into a $33,000 construction loan to finance the development of Alera (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. (2) On July 10, 2024, we replaced the existing loan on the property with a $6,558 loan that bears interest at SOFR plus 1.85% and matures on August 1, 2031. (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 10 - Investment in Unconsolidated Joint Ventures). (4) On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%. (5) On June 6, 2024, we extended the maturity of the loan to September 30, 2027 with an interest rate at SOFR. As of September 30, 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 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 September 30, 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 September 30, 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 Alera, Bandera Ridge, Merano, Villas at Bon Secour and Windmill Farms.

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