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NOTES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of March 31, 2020 and December 31, 2019, the Company’s notes payable consisted of the following (dollars in thousands):
 Book Value as of
March 31,
2020		Book Value as of
December 31, 2019
Contractual Interest Rate as of
March 31,
2020 (1)
Effective Interest Rate 
as of
March 31,
2020 (1)
Payment Type
Maturity Date (2)
Corporate Technology Centre Mortgage Loan (3)
$—  $40,564  
(3)
(3)
(3)
(3)
Portfolio Loan Facility (4)
145,170  281,293  
One-month LIBOR + 1.45%
3.0%Interest Only03/29/2021
Granite Tower Mortgage Loan (5)
95,350  95,350  
One-month LIBOR + 1.65%
3.2%
(5)
09/01/2023
Total notes payable principal outstanding$240,520  $417,207  
Deferred financing costs, net (6)
—  (600) 
Total notes payable, net$240,520  $416,607  
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2020. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2020, using interest rate indices as of March 31, 2020, where applicable.
(2) Represents the initial maturity date or the maturity date as extended as of March 31, 2020; subject to certain conditions, the maturity dates of certain loans may be extended beyond the maturity date shown.
(3) On January 23, 2020, the Company repaid the outstanding principal and accrued interest due under the Corporate Technology Centre Mortgage Loan.
(4) As of March 31, 2020, the Portfolio Loan Facility was secured by Willow Oaks Corporate Center, Union Bank Plaza and Fountainhead Plaza. As of March 31, 2020, $145.2 million of term debt of the Portfolio Loan Facility was outstanding and $48.4 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan documents. As of March 31, 2020, there is a one-year extension option remaining under the Portfolio Loan Facility.
(5) As of March 31, 2020, $95.4 million had been disbursed to the Company with the remaining loan balance of $49.6 million available for future disbursements, subject to certain conditions set forth in the loan agreement. Monthly payments are initially interest-only. Beginning on January 1, 2022, monthly payments for the Granite Tower Mortgage Loan will begin to include principal and interest with principal payments calculated using an amortization schedule of 30 years for the balance of the loan term, with the remaining principal balance, all accrued and unpaid interest and any other amounts due at maturity.
(6) As described in Note 3, “Summary of Significant Accounting Policies - Principles of Consolidation and Basis of Presentation,” on February 1, 2020, the Company adopted the liquidation basis of accounting which requires the Company to record notes payable at their contractual amounts.