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NOTES RECEIVABLE | 3 Months Ended
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Mar. 31, 2013
Mortgage Loans on Real Estate [Abstract] |
NOTES RECEIVABLE | NOTES RECEIVABLE As of March 31, 2013, the Company’s notes receivable, net, aggregated $105.4 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:
Note description | Effective interest rate (1) | Maturity date | First Priority liens | Net Carrying Amounts of Notes Receivable | Extension Options
(dollars in thousands) |  |  |  |  |  |  |
First Mortgage Loan | 9.0% | 6/1/2013 | $ | — |  | $ | 12,204 |  | 1 x 6 months |
First Mortgage Loan | 6.0% | 12/31/2013 | — |  | 10,250 |  | — |
First Mortgage Loan | 8.0% | 12/31/2013 | — |  | 8,000 |  | — |
Mezzanine Loan | 10.0% | 12/31/2013 | 85,835 |  | 9,089 |  | — |
First Mortgage Loan | 11.0% | 1/1/2014 | — |  | 25,000 |  | 1 x 6 months |
Zero Coupon Loan | 24.0% | 1/3/2016 | 166,200 |  | 4,078 |  | — |
Mezzanine Loan | 15.0% | 11/9/2020 | — |  | 30,879 |  | — |
Mezzanine Loan | 15.0% | Upon Capital Event | 13,265 |  | 3,834 |  | — |
Individually less than 3% | 11.00% to 17.50% | 12/31/13 to Capital Event | 37,623 |  | 2,033 |  | — |
Total |  |  |  | $ | 105,367 |  |  |
Note: (1) The effective interest rate includes points and exit fees. During January 2013, Fund III received a payment of $2.5 million, representing the full principal and interest amount on a note that had been previously written off. During February 2013, Fund III, in conjunction with its acquisition of Nostrand Place (Note 4), received repayment on a portion of its first mortgage loan of $18.5 million and contributed the remaining unliquidated balance to a joint venture.
6. | NOTES RECEIVABLE (continued)
During March 2013, the Company received a payment of $5.4 million, representing full payment on a construction loan. The Company has provided allowances against two notes receivable with interest payments in arrears that have an aggregate outstanding gross carrying balance of $5.6 million. The following table reconciles the allowance for notes receivable from December 31, 2012 to March 31, 2013:
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2012 | $ | 3,681 |
Change in allowance, net | 39 |
Balance at March 31, 2013 | $ | 3,720 |

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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 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 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 + Details
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