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NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable | As of March 31, 2014, the Company’s notes receivable, net, aggregated $119.6 million, and were collateralized either by the underlying properties, 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:
(dollars in thousands) |  |  |
Note description | Effective interest rate (1) | First Priority liens | Net Carrying Amounts of Notes Receivable as of March 31, 2014 |  | Net Carrying Amounts of Notes Receivable as of December 31, 2013 | Maturity date
First Mortgage Loan | 8.0% | — |  | $ | — |  |  | $ | 6,400 |  | Demand
Mezzanine Loan 2 | 10.0% | 89,566 |  | 9,089 |  |  | 9,089 |  | Demand
First Mortgage Loan | 11.0% | — |  | 42,000 |  |  | 42,000 |  | Demand
Zero Coupon Loan 3 | 24.0% | 166,200 |  | 4,570 |  |  | 4,431 |  | 1/3/2016
Mezzanine Loan | 15.0% | — |  | 30,879 |  |  | 30,879 |  | 11/9/2020
Mezzanine Loan 4 | 15.0% | 17,298 |  | 3,834 |  |  | 3,834 |  | Upon Capital Event
Mezzanine Loan | 8.1% | — |  | 13,000 |  |  | 13,000 |  | 9/1/2017
Construction Loan | 7.0% | — |  | 12,000 |  |  | 12,000 |  | 1/1/2015
Individually less than 3% 5 | 2.8% to 12.0% | 20,855 |  | 4,267 |  |  | 5,023 |  | 12/31/14 to Capital Event
Total |  |  | $ | 119,639 |  |  | $ | 126,656 |  |
Notes: (1) The effective interest rate includes origination and exit fees (2) Comprised of three cross-collateralized loans from one borrower, which are non-performing (3) The principal balance for this accrual only loan is increased by the interest accrued (4) Non-performing loan (5) Consists of three loans, one of which is non-performing with a face value of $3.0 million, of which $2.0 million has been reserved
Allowance for Notes Receivable |
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2013 | $ | 3,681 |
Additional reserves | — |
Recoveries | (1,688 | )
Charge-offs and reclassifications | — |
Balance at March 31, 2014 | $ | 1,993 |

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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=28368275&loc=SL6953423-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 + Details
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