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Mortgages and Other Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
Below is a summary of our notes and interest payable as of December 31, 2024 and 2023:
Carrying ValueInterest
Rate		Maturity
Date
Property/ Entity20242023
770 South Post Oak$10,939 $11,187 4.36 %6/1/2025
Alera(1)8,554 — 7.55 %3/15/2026
Blue Lake Villas9,327 9,503 3.15 %11/1/2055
Blue Lake Villas Phase II3,271 3,349 2.85 %6/1/2052
Chelsea7,878 8,064 3.36 %12/1/2050
EQK Portage3,350 3,350 5.00 %11/13/2029
Forest Grove(2)6,421 6,988 7.50 %8/1/2031
Landing on Bayou Cane14,162 14,442 3.52 %9/1/2053
Legacy at Pleasant Grove12,381 12,716 3.55 %4/1/2048
Northside on Travis11,125 11,394 2.50 %2/1/2053
Parc at Denham Springs16,048 16,399 3.75 %4/1/2051
Parc at Denham Springs Phase II15,419 15,608 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2029
Residences at Holland Lake10,219 10,424 3.60 %3/1/2053
Villas at Bon Secour18,798 19,205 3.08 %9/1/2031
Villas of Park West I(3)8,983 9,181 3.04 %3/1/2053
Villas of Park West II(3)8,158 8,334 3.18 %3/1/2053
Vista Ridge9,342 9,512 4.00 %8/1/2053
Windmill Farms(4)2,395 4,399 7.50 %2/28/2026
$181,856 $179,141 
(1)    On March 15, 2023, we entered into a $33,000 construction loan to finance the development of Alera (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on March 15, 2026, with two one-year extension options.
(2)    On July 10, 2024, we replaced the existing loan on the property with a $6,558 loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031.
(3)    On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 10 - Investment in Unconsolidated Joint Ventures) and obtained final lender approval of the assumption in 2024.
(4)    On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%.
As of December 31, 2024, we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters.
On November 6, 2023, we entered into a $25,407 construction loan to finance the development of Merano (See Note 7 - Real Estate Activity) that bears interest at prime plus 0.25% and matures on November 6, 2028. As of December 31, 2024, no advances have been drawn on the loan.
On December 15, 2023, we entered into a $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on December 15, 2028. As of December 31, 2024, no advances have been drawn on the loan.
On October 21, 2024, we entered into a $27,500 construction loan to finance the development Mountain Creek (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3.45% and matures on March 15, 2029. As of December 31, 2024, no advances have been drawn on the loan.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Alera, Bandera Ridge, Merano, Mountain Creek, Villas at Bon Secour and Windmill Farms.
Future principal payments due on our mortgages and other notes payable at December 31, 2024 are as follows:
YearAmount
2025$14,338 
202612,124 
20273,422 
20283,488 
20293,611 
Thereafter145,785 
182,768 
Deferred finance cost(912)
$181,856