DEBT, NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2016

At March 31, 2016 and December 31, 2015, our notes payable and special assessment obligations consisted of the following (in thousands):



	March 31, 2016			December 31, 2015
Notes Payable, Net of Discount
$50.0 million non-recourse note payable secured by first liens on operating hotel properties and related assets, bears annual interest at the greater of a) 7.25% or b) LIBOR plus 6.75%, actual interest at minimum rate of 7.25% at March 31, 2016 and December 31, 2015, matures February 1, 2018, interest only payable monthly, principal due at maturity, subject to a carve-out guarantee by the Company	$	50,000		$	50,000
$24.0 million construction note payable to a bank dated October 2014 for the construction of Gabella, secured by real property and improvements, bears annual interest of LIBOR plus 3.75%, with a floor of 4.25% (4.38% at March 31, 2016 and 4.36 % at December 31, 2015), matures October 20, 2017	18,506			16,861
$5.4 million note payable secured by a mortgage receivable totaling $7.2 million at December 31, 2015, monthly interest only payments based on annual interest rate of 4.5%, scheduled maturity on April 30, 2016 (repaid in full in February 2016)	—			5,400
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rate of prime plus 2.0% for the first two years, and prime plus 3.0% thereafter (5.5% at March 31, 2016 and December 31, 2015), matures December 31, 2019	5,940			5,940
Unsecured note payable under class action settlement, face value of $10.2 million, net of discount of $2.6 million at March 31, 2016, 4% annual interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019	7,554			7,385
$1.1 million development assistance note payable to Apple Valley Economic Development Authority, dated March 29, 2013, secured by developmental real estate, annual interest rate 6%, maturing December 31, 2016. Expected to be forgiven upon completion of Gabella project, subject to various requirements	762			762
Special Assessment Obligations
$3.7 million community facility district bonds dated 2005, secured by residential land located in Buckeye, Arizona, annual interest rate ranging from 5%-6%, maturing various dates through April 30, 2030	3,207			3,207
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022	928			927
Notes Payable to Related Party
$5.0 million unsecured note payable to an affiliate of a director and shareholder dated December 31, 2014, bears interest at 16% per annum, all amounts due and payable upon maturity, original maturity of April 24, 2015 extended to June 21, 2016	5,000			5,000
$4.0 million line of credit from an affiliate of a director and shareholder dated March 23, 2016, secured by residential land, bears interest at 5% per annum, all amounts due and payable upon maturity on June 23, 2016	—			—
Total debt, notes payable and special assessment obligations	91,897			95,482
Deferred financing costs, net	(1,383		)	(1,365		)
Total debt, notes payable and special assessment obligations, net	$	90,514		$	94,117

Contractual Obligation Fiscal Year Maturity Schedule

Our debt, notes payable and special assessment obligations have the following scheduled maturities as of March 31, 2016 (in thousands):



Year	Amount
2016	$	6,055
2017	18,807
2018	50,306
2019	13,809
2020	315
Thereafter	2,605
Total	$	91,897