NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 6.   NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2016 (dollars in thousands):

	Notes Payable			Accrued Interest		Total Debt
Apartments	$	553,509		$	1,500	$	555,009
Apartment under construction		16,576			—		16,576
Commercial		108,725			528		109,253
Land held for development		39,765			116		39,881
Real estate subject to sales contract		5,142			470		5,612
Mezzanine financing		119,923			—		119,923
Other		24,071			—		24,071
Total		867,711			2,614		870,325
Unamortized deferred borrowing costs		(19,230	)		—		(19,230	)
Total	$	848,481		$	2,614	$	851,095

The following table summarizes our contractual obligations for principal payments as of December 31, 2016 (dollars in thousands):

Year	Amount
2017	$	140,115
2018		56,255
2019		70,135
2020		51,616
2021		15,830
Thereafter		533,760
Total	$	867,711

Interest payable at December 31, 2016, was $2.6 million. Interest accrues at rates ranging from 2.5% to 12.0% per annum, and mature between 2017 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $901 million.

During the year, the Company refinanced or modified five loans with a total principal balance of $78.9 million. The refinancing resulted in lower interest rates and the extension of the term of the loan.  The modifications resulted in lower interest rates.  The transactions provide for lower monthly payments over the term of the loans.

There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.

In conjunction with the development of various apartment projects and other developments, we drew down $13 million in construction loans during the year ended December 31, 2016.