Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of notes payable on consolidated properties, including debt obligations of properties

The following table sets forth our notes payable on our consolidated properties at December 31, 2015 and 2014 ($ in thousands):

	Notes Payable as of
Description	December 31, 2015			December 31, 2014			Interest Rate	Maturity Date
Northborough Tower	$	18,516		$	19,071		5.67%	1/11/2016
Royal Island	13,872			13,872			15.00%	10/10/2016
Northpoint Central	11,720		(1)	15,574			5.15%	5/9/2017
Las Colinas Commons	N/A		(1)	11,484			5.15%	5/9/2017
Chase Park Plaza Hotel and Chase—The Private Residences	62,182			62,500			4.95%	8/11/2017
BHFS II, LLC	6,856			6,962			30-day LIBOR + 3%(2)	2/1/2018
BHFS III, LLC	6,154			6,250			30-day LIBOR + 3%(2)	2/1/2018
BHFS IV, LLC	12,783			12,983			30-day LIBOR + 3%(2)	2/1/2018
BHFS Theatre, LLC	4,785			4,860			30-day LIBOR + 3%(2)	2/1/2018
The Ablon at Frisco Square	18,679			—			30-day LIBOR + 2.5%(2)	8/26/2017
	$	155,547		$	153,556
Notes payable included with Obligations related to real estate held for sale:
Las Colinas Commons	14,900		(1)	n/a		(1)	5.15%	5/9/2017
Total notes payable obligations	$	170,447		$	153,556

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(1) Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million. Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015.

(2) 30-day LIBOR was 0.43% at December 31, 2015.

Schedule of aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale

The following table summarizes our aggregate contractual obligations for principal payments as of December 31, 2015 (in thousands):

Principal Payments Due:	Amount(1)
2016	$	35,557
2017	71,839
2018	29,456
2019	18,680
2020	—
Thereafter	—
Total contractual obligations	155,532
Unamortized premium	15
Total	$	155,547

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(1) Our office building, Las Colinas Commons, was classified as real estate held for sale on our consolidated balance sheet as of December 31, 2015. Total contractual obligations does not include $14.9 million of debt that is classified as obligations related to real estate held for sale as of December 31, 2015.

We are subject to customary affirmative, negative, and financial covenants and representations, warranties, and borrowing

conditions, all as set forth in our loan agreements, including, among other things, maintaining minimum debt service coverage

ratios, loan to value ratios and liquidity. As of December 31, 2015, we believe we were in compliance with the covenants under

our loan agreements.