NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2018

As of December 31, 2018 and 2017, our notes payable and special assessment obligations consisted of the following (in thousands):



	December 31,
	2018			2017
$32.3 million note payable to MidFirst Bank secured by a first lien on an operating hotel property, interest-only payments due monthly at the 30-day Libor (2.50% and 1.56% at December 31, 2018 and 2017, respectively) plus 3.34% to 3.75% depending on compensating balances and meeting certain financial thresholds and terms (5.84% and 5.31% effective rate at December 31, 2018 and December 31, 2017, respectively), matures October 1, 2020 with two one-year extension options, with construction completion and repayment guarantees provided by the Company	$	20,669		$	19,557
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rates of prime plus 2.0% through December 31, 2017, and prime plus 3.0% thereafter (8.25% and 5.75% at December 31, 2018 and December 31, 2017, respectively), matures December 31, 2019	5,940			5,940
Unsecured note payable under class action settlement, face amount of $10.2 million, net of discount of $0.3 million and $1.2 million at December 31, 2018 and December 31, 2017, respectively, 4% annual coupon interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019	9,899			8,938
$2.3 million special assessment bonds dated between 2002 and 2007, secured by the residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022 (classified as held for sale as of March 31, 2018)	90			116
Total notes payable	36,598			34,551
Less: deferred financing costs of notes payable	(284		)	(446		)
Total notes payable	$	36,314		$	34,105

Contractual Obligation Fiscal Year Maturity Schedule

Our notes payable and special assessment obligations have the following scheduled maturities as of December 31, 2018 (in thousands):



Year	Amount
2019	$	16,140
2020	20,696
2021	26
2022	8
Less: deferred financing costs of notes payable	(556		)
Total	$	36,314