NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2019

As of March 31, 2019 and December 31, 2018, our notes payable and special assessment obligations consisted of the following (in thousands):



	March 31,			December 31,
	2019			2018
$37.0 million note payable, as amended, to MidFirst Bank secured by a first lien on an operating hotel property, interest-only payments due monthly at the 30-day Libor (2.49% and 2.50% at March 31, 2019 and December 31, 2018, respectively) plus 3.34% to 3.75% depending on compensating balances and meeting certain financial thresholds and terms (6.24% and 5.84% effective rate at March 31, 2019 and December 31, 2018, respectively), matures October 1, 2020 with two one-year extension options, with construction completion and repayment guarantees provided by the Company	$	28,453		$	20,669
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rates of prime plus 3.0% through maturity date of December 31, 2019. 8.5% and 8.25% as of March 31, 2019 and December 31, 2018, respectively.	5,940			5,940
Unsecured note payable under class action settlement, face amount of $10.2 million, net of discount of $0.1 million and $0.3 million at March 31, 2019 and December 31, 2018, respectively, 4% annual coupon interest rate (14.6% effective yield), interest payable quarterly, matured and paid in full on April 28, 2019.	10,159			9,899
$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)	89			90
Total notes payable	44,640			36,598
Less: deferred financing costs of notes payable	(243		)	(284		)
Total notes payable	$	44,397		$	36,314

Contractual Obligation Fiscal Year Maturity Schedule

Our notes payable and special assessment obligations have the following scheduled maturities as of March 31, 2019 (in thousands):



Year	Amount
2019	$	16,127
2020	28,479
2021	26
2022	8
Less: deferred financing costs of notes payable	(243		)
Total	$	44,397