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NOTES AND INTEREST RECEIVABLE FROM AFFILIATES
 12 Months Ended
Dec. 31, 2011
NOTES AND INTEREST RECEIVABLE FROM AFFILIATES  
NOTES AND INTEREST RECEIVABLE FROM AFFILIATES

NOTE 3.   NOTES AND INTEREST RECEIVABLE FROM AFFILIATES

 

Junior Mortgage Loans.    Junior mortgage loans are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower.

 

At December 2011 and 2010, we had junior mortgage loans and accrued interest receivable from affiliates, net of allowances, totaling $29.8 million and $36.6 million, respectively. The loans mature at various dates through December 2027 and have interest rates ranging from 5.25% to 15%.

 

Payments are due from surplus cash flow or sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from the sale or refinance of any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. See Schedule IV to the financial statements—Mortgage Loans on Real Estate.

 

 

Borrower

 

Maturity

Principal

Balance

Interest

Rate

 

 

Security

 

 

Unified Housing Foundation, Inc. (Cliffs of El Dorado)

09/15/10

          2,990

15.00%

 

100% Interest in Unified Housing of McKinney, LLC

Unified Housing Foundation, Inc. (Echo Station)

12/31/27

          1,481

5.25%

 

100% Interest in Unified Housing of Temple, LLC

Unified Housing Foundation, Inc. (Lakeshore Villas)

12/31/27

          2,000

5.25%

 

Unsecured

 

 

Unified Housing Foundation, Inc. (Lakeshore Villas)

12/31/27

          6,363

5.25%

 

Membership interest in Housing for Seniors of Humble, LLC

Unified Housing Foundation, Inc. (Limestone Canyon)

07/10/15

          3,057

5.25%

 

100% Interest in Unified Housing of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Ranch)

12/31/27

          2,250

5.25%

 

100% Interest in Unified Housing of Vista Ridge, LLC

Unified Housing Foundation, Inc. (Parkside Crossing)

12/31/27

          1,936

5.25%

 

100% Interest in Unified Housing of Parkside Crossing, LLC

Unified Housing Foundation, Inc. (Sendero Ridge)

12/31/27

          5,174

5.25%

 

100% Interest in Unified Housing of Sendero Ridge, LLC

Unified Housing Foundation, Inc. (Timbers of Terrell)

12/31/27

          1,323

5.25%

 

100% Interest in Unified Housing of Terrell, LLC

Unified Housing Foundation, Inc. (Tivoli)

12/31/27

          1,826

5.25%

 

100% Interest in Unified Housing of Tivoli, LLC

Accrued interest

 

          3,212

 

 

 

 

 

Less: purchase allowance

 

        (1,826)

 

 

 

 

 

 

 

 $     29,786

 

 

 

 

 

All are related party notes.