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NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES
 12 Months Ended
Dec. 31, 2012
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES  
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

 

 NOTE 3.        NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

 

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 2012 and 2011, we had junior mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $25.2 million and $29.8 million, respectively. The loans mature at various dates through December 2027 and have interest rates at 5.25%, increasing in the future to 12.00%.

 

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. Our mortgage notes receivable consist of junior mortgage loans (dollars in thousands):

 

 

 

Maturity

 

 

Interest

 

 

Borrower

 

Date

 

 

Rate

 

 

Amount

 

Security

Performing loans:

 

 

 

 

 

 

 

 

 

 

Unified Housing Foundation, Inc. (Echo Station)

 

 

12/27

 

 

 

5.25

%

 

 

1,481

 

100% Interest in Unified Housing of Temple, LLC

Unified Housing Foundation, Inc. (Lakeshore Villas)

 

 

12/27

 

 

 

5.25

%

 

 

2,000

 

Unsecured

Unified Housing Foundation, Inc. (Lakeshore Villas)

 

 

12/27

 

 

 

5.25

%

 

 

6,363

 

Membership interest in Housing for Seniors of Humble, LLC

Unified Housing Foundation, Inc. (Limestone Canyon)

 

 

12/27

 

 

 

5.25

%

 

 

3,057

 

100% Interest in Unified Housing of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Ranch)

 

 

12/27

 

 

 

5.25

%

 

 

2,250

 

100% Interest in Unified Housing of Vista Ridge, LLC

Unified Housing Foundation, Inc. (Parkside Crossing)

 

 

12/27

 

 

 

5.25

%

 

 

1,936

 

100% Interest in Unified Housing of Parkside Crossing, LLC

Unified Housing Foundation, Inc. (Sendero Ridge)

 

 

12/27

 

 

 

5.25

%

 

 

5,174

 

100% Interest in Unified Housing of Sendero Ridge, LLC

Unified Housing Foundation, Inc. (Timbers of Terrell)

 

 

12/27

 

 

 

5.25

%

 

 

1,323

 

100% Interest in Unified Housing of Terrell, LLC

Unified Housing Foundation, Inc. (Tivoli)

 

 

12/27

 

 

 

5.25

%

 

 

1,826

 

100% Interest in Unified Housing of Tivoli, LLC

Accrued interest

 

 

 

 

 

 

 

 

 

 

1,592

 

 

Total Performing

 

 

 

 

 

 

 

 

 

$

27,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for estimated losses

 

 

 

 

 

 

 

 

 

 

(1,826

)

 

Total

 

 

 

 

 

 

 

 

 

$

25,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All are related party notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On February 29, 2012, we received $3.3 million from UHF as payoff for the $3.0 note receivable due from UHF, related to Cliffs of El Dorado and $0.3 million in accrued interest.