XML 28 R18.htm IDEA: XBRL DOCUMENT v3.25.1
Mortgages and Other Notes Payable
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
The following table summarizes our mortgages and other notes payable as of March 31, 2025 and December 31, 2024:
Carrying ValueInterest
Rate		Maturity
Date
Property/ EntityMarch 31, 2025December 31, 2024
770 South Post Oak(1)$10,872 $10,939 4.36 %6/1/2025
Alera(2)12,020 8,554 7.41 %3/15/2026
Bandera Ridge(3)5,348 — 7.41 %12/15/2028
Blue Lake Villas9,282 9,327 3.15 %11/1/2055
Blue Lake Villas Phase II3,252 3,271 2.85 %6/1/2052
Chelsea7,831 7,878 3.36 %12/1/2050
EQK Portage3,350 3,350 5.00 %11/13/2029
Forest Grove(4)6,426 6,421 6.56 %8/1/2031
Landing on Bayou Cane14,090 14,162 3.52 %9/1/2053
Legacy at Pleasant Grove12,295 12,381 3.55 %4/1/2048
Merano(5)8,317 — 7.75 %11/6/2028
Northside on Travis11,056 11,125 2.50 %2/1/2053
Parc at Denham Springs15,958 16,048 3.75 %4/1/2051
Parc at Denham Springs Phase II15,371 15,419 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2029
Residences at Holland Lake10,167 10,219 3.60 %3/1/2053
Villas at Bon Secour18,692 18,798 3.08 %9/1/2031
Villas of Park West I8,933 8,983 3.04 %3/1/2053
Villas of Park West II8,113 8,158 3.18 %3/1/2053
Vista Ridge9,299 9,342 4.00 %8/1/2053
Windmill Farms(6)2,395 2,395 7.50 %2/28/2026
$198,153 $181,856 

(1)    We expect to repay the loan at maturity with cash on hand.
(2)    The construction loan allows borrowings up to $33,000 to finance the development of Alera (See Note 7 - Real Estate Activity), bears interest at SOFR plus 3% and matures on March 15, 2026, with two one-year extension options.
(3)    The construction loan allows borrowings up to $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity), bears interest at SOFR plus 3% and matures on December 15, 2028.
(4)    The loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031.
(5)    The construction loan allows borrowings up to $25,407 to finance the development of Merano (See Note 7 - Real Estate Activity), bears interest at prime plus 0.25% and matures on November 6, 2028.
(6)    On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%.
We have a construction loan to build Mountain Creek (See Note 7 - Real Estate Activity) that allows for borrowings of up to $27,500, bears interest at SOFR plus 3.45% and matures on March 15, 2029. As of March 31, 2025, we have not borrowed on the loan.
As of March 31, 2025, 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 covenant for a period of two consecutive quarters.
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.