NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2019

As of June 30, 2019 and December 31, 2018, our notes payable and special assessment obligations consisted of the following (in thousands):



	June 30,			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 (2.40% and 2.50% at June 30, 2019 and December 31, 2018, respectively) plus 3.54% to 3.75% depending on compensating balances and meeting certain financial thresholds and terms (5.94% and 5.84% effective rate at June 30, 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.	$	32,589		$	20,669
$11.0 million note payable to JPMorgan Chase Funding Inc. (a related party), is secured by the $13.2 million first mortgage note on the property known as Broadway Tower, bears interest at one month LIBOR plus 3.81%, requires interest only payments and a balloon payment of unpaid principal and interest upon maturity. The initial maturity date is May 22, 2020 with the potential to extend to May 2021 if, among other conditions, certain debt yield and occupancy percentages are achieved.	11,000			—
$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 June 30, 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 $30 thousand and $0.3 million at June 30, 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.	—			9,899
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).	75			90
Total notes payable	49,604			36,598
Less: deferred financing costs of notes payable	(346		)	(284		)
Total notes payable	$	49,258		$	36,314

Contractual Obligation Fiscal Year Maturity Schedule

Our notes payable and special assessment obligations have the following scheduled maturities as of June 30, 2019 (in thousands):



Year	Amount
2019	$	16,954
2020	32,616
2021	26
2022	8
Less: deferred financing costs of notes payable	(346		)
Total	$	49,258