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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 12. SUBSEQUENT EVENTS

 

On October 11, 2013, the Company refinanced the existing mortgage on 600 Las Colinas, a 510,173 square foot commercial building located in Irving, Texas, for a new mortgage of $41.0 million.  TCI paid off the existing mortgage of $31.0 million and $5.3 million in closing costs and escrows.  The note accrues interest at 5.31% and payments of interest and principal are due monthly based upon a 30-year amortization schedule, maturing on November 1, 2023.

 

On October 15, 2013, the Company recorded the transfer of ownership of Ergon, a 26,000 square foot commercial building, located in Jackson, Mississippi, and 7.95 acres of land known as the Jackson Capital City Center land, located in Jackson, Mississippi, to the existing lender for a settlement price of $3.7 million.  The proceeds of the sale were used to pay down stock secured loans with Armed Forces Bank.