DEBT, NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2016

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



	September 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 rate of 7.31% at September 30, 2016 and 7.25% at 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 September 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 September 30, 2016, 4% annual interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019.	7,915			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% (4.60% at September 30, 2016 and 4.36 % at December 31, 2015), matures October 20, 2017. Reported as Notes Payable, Net at December 31, 2015.	22,073			16,861
$3.7 million community facility district bonds dated 2005, secured by residential land located in Buckeye, Arizona, annual interest rates 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. Principal and accrued interest forgiven on September 22, 2016. Reported as Notes Payable, Net at December 31, 2015.	—			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 December 22, 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 December 22, 2016.	4,000			—
Total debt, notes payable and special assessment obligations	98,846			95,482
Deferred financing costs, net	(1,087		)	(1,365		)
Total debt, notes payable and special assessment obligations, net	$	97,759		$	94,117

Contractual Obligation Fiscal Year Maturity Schedule

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



Year	Amount
2016	$	9,076
2017	22,374
2018	50,306
2019	14,169
2020	315
Thereafter	2,606
Total	$	98,846