NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. NOTES RECEIVABLE transforming camden 81 In December 2004, two loans totaling $9.3 million were repaid. These loans had rates from 13% to 16%. In connection  with these repayments, we recognized $2.0 million in prepayment penalties, which are included in other revenues in  our Consolidated Statements of Operations. In December 2003, in connection with a joint venture transaction discussed in Note 6, we provided mezzanine  financing to the joint venture, in which we own a 20% interest. As of December 31, 2004 and 2003, the balance of the  note receivable totaled $10.4 million and $9.0 million, respectively. This note accrues interest at 14% per year and will  mature in 2006.  We have reviewed the terms and conditions underlying each note and management believes that none of these  notes qualify for consolidation. Management believes that these notes are collectable, and no impairment existed at  December 31, 2004. The following is a summary of our notes receivable under this program excluding notes receivable from affiliates: We have a mezzanine financing program under which we provided secured financing to owners of real estate  properties. We had $44.5 million and $41.4 million in secured notes receivable outstanding as of December 31, 2004  and 2003, respectively. These notes, which mature through 2008, accrue interest at rates ranging from 6% to 16%,  which was recognized as earned.  During 2004, we recorded cost overruns of $1.0 million, compared with $2.0 million for 2003, on fixed fee projects,  which represented the estimate of our remaining costs to complete the projects. These cost overruns are first applied  against revenues earned on the project during the period and any excess are included in fee and asset management  expenses in our consolidated statements of operations. $ in millions APARTMENT DECEMBER 31,  LOCATION PROPERTY TYPE (S) STATUS HOMES 2004 2003 Dallas/Fort Worth, Texas Multifamily Stabilized 1,314 $ 17.9 $ 11.4 Las Vegas, Nevada Multifamily Stabilized/Development 560 7.9 7.4 Reno, Nevada Multifamily Stabilized - - 5.4 Tampa, Florida Multifamily Stabilized 370 5.0 - Houston, Texas Multifamily/Commercial Predevelopment/Development - 4.7 4.7 San Jose, California Multifamily Stabilized - - 3.6 Denver, Colorado Multifamily Stabilized 279 3.5 3.5 Atlanta, Georgia Multifamily Stabilized 360 3.0 3.0 Austin, Texas Multifamily Stabilized 296 2.5 2.4 Total 3,179 $ 44.5 $ 41.4