NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2019

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



	September 30,			December 31,
	2019			2018
$37.0 million note payable, as amended, to MidFirst Bank secured by a first lien on MacArthur Place, interest-only payments due monthly at the 30-day LIBOR (2.00% and 2.50% at September 30, 2019 and December 31, 2018, respectively) plus between 3.54% - 3.75% depending on compensating balances and meeting certain financial thresholds and terms (5.54% and 6.04% effective rate at September 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.	$	35,455		$	20,669
$11.0 million note payable to JPMorgan Chase Funding Inc. secured by the $13.2 million first mortgage note on the property known as Broadway Tower, bearing interest at one month LIBOR plus 3.81% (5.81% as of September 30, 2019), requires interest only payments and a balloon payment of unpaid principal and interest upon maturity. The initial maturity date is May 22, 2020. The Company has the option to extend the maturity date for one year if, among other conditions, certain debt yield and Broadway Tower occupancy rates are achieved.	11,000			—
$5.9 million note payable to Southwest Lending, LLC, secured by real estate in New Mexico, annual interest only payments based on prime plus 3.0% through maturity date of December 31, 2019. (8.0 % and 8.25% as of September 30, 2019 and December 31, 2018, respectively.)	5,940			5,940
Unsecured note payable under class action settlement, face amount of $10.2 million, 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	52,470			36,598
Less: deferred financing fees	(306		)	(284		)
Notes payable, net of deferred financing fees	$	52,164		$	36,314

Contractual Obligation Fiscal Year Maturity Schedule

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



Year	Amount
2019	$	5,955
2020	46,481
2021	26
2022	8
Less: deferred financing costs of notes payable	(306		)
Total	$	52,164