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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET (Tables) | 9 Months Ended
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Sep. 30, 2014
Mortgage Loans on Real Estate [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable | As of September 30, 2014, the Company’s notes receivable and preferred equity investments, net, aggregated $94.4 million, and were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
(dollars in thousands) |  |  |
Description | Effective interest rate (1) | First Priority liens | Net Carrying Amounts of Notes Receivable as of September 30, 2014 |  | Net Carrying Amounts of Notes Receivable as of December 31, 2013 | Maturity date
First Mortgage Loan | 6.0% | — |  | $ | — |  |  | $ | 6,400 |  | Demand
Mezzanine Loan (2) | 10.0% | 83,686 |  | 7,895 |  |  | 9,089 |  | Demand
First Mortgage Loan | 5.5% | — |  | 4,000 |  |  | 42,000 |  | 4/1/2016
Zero Coupon Loan (3) | 24.0% | 166,200 |  | 4,847 |  |  | 4,431 |  | 1/3/2016
Mezzanine Loan | 15.0% | — |  | 30,879 |  |  | 30,879 |  | 11/9/2020
Mezzanine Loan | 15.0% | — |  | — |  |  | 3,834 |  | Upon Capital Event
Preferred Equity | 8.1% | 20,855 |  | 13,000 |  |  | 13,000 |  | 9/1/2017
Construction Loan | 7.7% | — |  | 12,000 |  |  | 12,000 |  | 1/1/2015
Mezzanine Loan | 12.7% | 18,900 |  | 8,000 |  |  | — |  | 10/3/2015
Preferred Equity | 13.5% | — |  | 4,000 |  |  | — |  | 5/9/2016
Other | LIBOR + 2.5% | — |  | 4,000 |  |  | 3,000 |  | 12/30/2020
Other | 18.0% | — |  | 3,157 |  |  | — |  | 7/1/2017
Individually less than 3% (4) | 2.7% to 11.6% | — |  | 2,631 |  |  | 2,023 |  | 12/31/20 to 5/1/2024
Total |  |  | $ | 94,409 |  |  | $ | 126,656 |  |
Notes: (1) 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) Consists of three loans as of September 30, 2014
Allowance for Notes Receivable | The following table reconciles the allowance for notes receivable from December 31, 2013 to September 30, 2014:
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2013 | $ | 3,681 |
Additional reserves | 88 |
Recoveries | (3,681 | )
Charge-offs and reclassifications | — |
Balance at September 30, 2014 | $ | 88 |

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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=35738203&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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