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NOTES AND INTEREST PAYABLE | 12 Months Ended
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Dec. 31, 2014
NOTES AND INTEREST PAYABLE |
NOTES AND INTEREST PAYABLE | NOTE 5. NOTES AND INTEREST PAYABLE The following table lists the mortgage notes payable as of December 31, 2014 (dollars in thousands):
Lender |  | Maturity |  | Principal Balance |
Realty Advisors, Inc.* |  | 12/30/16 |  | $ | 10,236 |
Propel Financial Services |  | 06/01/20 |  | $ | 4 |
Accrued interest |  |  |  |  | - |
|  |  |  | $ | 10,240 |
The following table shows the principal payments due on our notes payable through the next five years and thereafter (dollars in thousands):
| Year |  |  | Amount |
| 2015 |  |  | $ 1,054 |
| 2016 |  |  | 9,184 |
| 2017 |  |  | 1 |
| 2018 |  |  | 1 |
| 2019 |  |  | - |
| Thereafter |  |  | - |
| Total |  |  | $ 10,240 |
*On December 30, 2013, Realty Advisors, Inc. (“RAI”), a related party, obtained a $20 million mortgage to a lender on the Company’s behalf, secured by Mercer/Travelers land owned by the Company and 100.05 acres of land owned by its parent TCI. The Company and TCI have executed a promissory note to RAI for the same terms as the lender’s loan with a maturity of December 30, 2016, and a variable interest rate of prime plus 1.5% with an interest rate floor of 6%. On May 28, 2014, a $1.5 million principal payment was made and two additional land parcels, including 8.0 acres of Ladue land owned by TCI and 16.75 acres of Valwood land owned by ARL, were substituted as collateral under the note in exchange for a release of a $4 million deposit account. The principal balance is allocated based on the land valuation. There is a property tax loan in the amount of $3,712 that accrues interest at 12.50% and matures on June 1, 2020.

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