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Senior Secured Loan
6 Months Ended
Jun. 30, 2018
Senior Secured Loan [Abstract]  
Senior Secured Loan

Note 6.  Senior Secured Loan



On May 7, 2018, the Company made a Senior Secured Loan of $55.0 million with a two-year term that bears interest at a fixed annual interest rate of 8.0% and matures in May 2020. The Senior Secured Loan is secured by a portfolio of nine improved land parcels primarily located in Newark and Kearny, New Jersey. One of the properties securing the Senior Secured Loan may be put to the Company as partial repayment of the Senior Secured Loan. This property, and two of the other properties, may be called by the Company as partial or full repayment of the Senior Secured Loan. As of June 30, 2018 and December 31, 2017, there was approximately $54.2 million and $0, respectively, net of deferred loan fees of approximately $0.8 million and $0, respectively, outstanding on the Senior Secured Loan and approximately $0.4 million and $0, respectively, of interest receivable outstanding on the Senior Secured Loan. Interest receivable is included as a component of other assets in the accompanying consolidated balance sheets.