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NOTES RECEIVABLE | 3 Months Ended
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Mar. 31, 2012
Mortgage Loans on Real Estate [Abstract] |
Notes Receivable | NOTES RECEIVABLE As of March 31, 2012, the Company’s notes receivable, net, aggregated $77.2 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
Description | Effective Interest Rate | Maturity Date | First Priority Liens | Net Carrying amount of Notes Receivable | Extension Options
(dollars in thousands) |  |  |  |  |
Zero Coupon Loan | 24.0% | 1/3/2016 | $ | 166,200 |  | $ | 3,662 |  | —
Mezzanine Loan | 10.0% | 12/31/2013 | 85,835 |  | 9,089 |  | —
Mezzanine Loan | 15.0% | Upon Capital Event | 11,925 |  | 3,834 |  | —
First Mortgage Loan | 12.0% | 12/5/2012 | — |  | 21,500 |  | —
First Mortgage Loan | 9.2% | 3/30/2013 | — |  | 3,000 |  | —
First Mortgage Loan | 10.8% | Demand | — |  | 10,000 |  | —
First Mortgage Loan | 7.0% | Demand | — |  | 4,000 |  | —
First Mortgage Loan | 6.0% | 12/1/2012 | — |  | 12,609 |  | 2 x 6 months
Construction Loan | 20.5% | 10/1/2012 | — |  | 5,400 |  | —
Individually less than 3.0% | 6.0% to 12.0% | 12/31/13 to 2/3/17 | 37,623 |  | 4,086 |  | —
Total |  |  |  |  | $ | 77,180 |  |
During March 2012, the Company acquired a 49% interest in a $2.2 million note. The loan matures in February 2017 and is collateralized by a property located in Miami, Florida. The loan bears interest at 6% for years one and two, 7.5% for years three and four, and 8% for year five. During March 2012, the Company made a $3.0 million loan, which is collateralized by a property located in Chicago, Illinois. The loan matures in March 2013 and bears interest at 9.2%. During December 2011, the Company made an $8.5 million loan, which is collateralized by five properties located in Chicago, Illinois. The loan matures in December 2012 and bears interest at 12%. During March 2012, this loan was increased to $21.5 million. Allowances for real estate notes receivable are established based upon management's quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. The activity in the allowance for notes receivable for the three months ended March 31, 2012 is as follows:
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2011 | $ | 3,276 |
Provision for losses on notes receivable | 29 |
Balance at March 31, 2012 | $ | 3,305 |

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=6882300&loc=d3e5864-122674 + Details
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