NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 7. NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2018 (dollars in thousands): 

	Notes Payable			Accrued Interest		Total Debt
Apartments	$	94,759		$	270	$	95,029
Apartments under Construction		14,402			—		14,402
Commercial		136,327			450		136,777
Land		27,520			124		27,644
Other		22,527			17		22,544
Total	$	295,535		$	861	$	296,396
Unamortized deferred borrowing costs		(9,428	)		—		(9,428	)
	$	286,107		$	861	$	286,968

The following table summarizes our contractual obligations for principal payments as of December 31, 2018 (dollars in thousands):

Year	Amount
2019	$	47,427
2020		8,822
2021		43,202
2022		43,304
2023		37,259
Thereafter		115,521
Total	$	295,535

Interest payable at December 31, 2018, was approximately $0.9 million. Interest accrues at rates ranging from 2.5% to 9.75% per annum, and mature between 2019 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of approximately $459 million.

During the year ended, the Company refinanced or modified one loan with a total principal balance of $40 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 $81.4 million in construction loans during the year ended December 31, 2018.