DEBT, NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2016

At June 30, 2016 and December 31, 2015, our notes payable and special assessment obligations consisted of the following (in thousands):



	June 30, 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 June 30, 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
$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 June 30, 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 $2.4 million at June 30, 2016, 4% annual interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019	7,730			7,385
$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
Notes Payable and Special Assessment Obligations, Assets Held for Sale
$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% (4.40% at June 30, 2016 and 4.36 % at December 31, 2015), matures October 20, 2017, reported as Notes Payable, Net at December 31, 2015	20,935			16,861
$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, reported as Special Assessment Obligations at December 31, 2015	3,067			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, reported as Special Assessment Obligations at December 31, 2015	851			927
$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%, matures December 31, 2016. Expected to be forgiven upon completion of Gabella project, subject to various requirements, reported as Notes Payable, Net at December 31, 2015	762			762
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 September 19, 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, original maturity of June 23, 2016, extended to September 23, 2016	2,500			—
Total debt, notes payable and special assessment obligations	96,785			95,482
Deferred financing costs, net	(1,120		)	(1,365		)
Total debt, notes payable and special assessment obligations, net	$	95,665		$	94,117

Contractual Obligation Fiscal Year Maturity Schedule

Our debt, notes payable and special assessment obligations have the following scheduled maturities as of June 30, 2016 (in thousands):



Year	Amount
2016	$	8,339
2017	21,235
2018	50,306
2019	13,985
2020	315
Thereafter	2,605
Total	$	96,785