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STRUCTURED FINANCINGS, NET | 6 Months Ended
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Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract] |
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET | STRUCTURED FINANCINGS, NET As of June 30, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $168.9 million. These investments 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 |  | Notes |  | Effective interest rate (1) |  | First Priority liens |  | Net Carrying Amounts of Structured Financing Investments as of June 30, 2015 |  | Net Carrying Amounts of Structured Financing Investments as of December 31, 2014 |  | Maturity date |  | Extension Options
First Mortgage Loan |  |  |  | 7.7% |  |  |  | $ | 12,000 |  |  | $ | 12,000 |  |  | 7/15/2015 |  |
Mezzanine Loan |  |  |  | 12.7% |  | 18,900 |  |  | 8,000 |  |  | 8,000 |  |  | 10/3/2015 |  |
First Mortgage Loan |  |  |  | 8.8% |  |  |  | 7,500 |  |  | 7,500 |  |  | 10/31/2015 |  | 1 x 12 Months
Zero Coupon Loan |  | (2) (3) |  | 24.0% |  | 166,200 |  |  | — |  |  | 4,986 |  |  | 1/3/2016 |  |
First Mortgage Loan |  |  |  | 5.5% |  |  |  | 4,000 |  |  | 4,000 |  |  | 4/1/2016 |  | 1 x 6 Months
First Mortgage Loan |  | (4) |  | 6.0% |  |  |  | 15,000 |  |  | — |  |  | 5/1/2016 |  | 1 x 12 Months
Preferred Equity |  |  |  | 13.5% |  |  |  | 4,000 |  |  | 4,000 |  |  | 5/9/2016 |  |
Other |  | (5) |  | 17.0% |  |  |  | 6,500 |  |  | — |  |  | 6/1/2016 |  |
Other |  |  |  | 18.0% |  |  |  | 3,607 |  |  | 3,307 |  |  | 7/1/2017 |  |
Preferred Equity |  |  |  | 8.1% |  | 20,855 |  |  | 13,000 |  |  | 13,000 |  |  | 9/1/2017 |  |
First Mortgage Loan |  | (6) |  | LIBOR + 7.1% |  |  |  | 26,000 |  |  | — |  |  | 6/25/2018 |  | 1 x 12 Months
Zero Coupon Loan |  | (2) (7) |  | 2.5% |  |  |  | 29,793 |  |  | — |  |  | 5/31/2020 |  |
Mezzanine Loan |  |  |  | 15.0% |  |  |  | 30,879 |  |  | 30,879 |  |  | 11/9/2020 |  |
Other |  |  |  | LIBOR + 2.5% |  |  |  | — |  |  | 4,000 |  |  | 12/30/2020 |  |
Mezzanine Loan |  | (8) |  | 10.0% |  | 87,477 |  |  | 7,983 |  |  | 7,983 |  |  | Demand |  |
Individually less than 3% |  | (9) (10) (11) |  | 11.6% |  |  |  | 669 |  |  | 2,631 |  |  | 12/31/2015 |  |
Total |  |  |  |  |  |  |  | $ | 168,931 |  |  | $ | 102,286 |  |  |  |  |
Notes: (1) Includes origination and exit fees (2) The principal balance for this accrual-only loan is increased by the interest accrued. (3) During April 2015, the Company converted a $5.6 million loan into an equity interest in a shopping center (Note 4). (4) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016. (5) During June 2015, the Company made a $6.5 million loan, which bears interest at 17.0% and matures June 1, 2016. (6) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property, bears interest at LIBOR + 7.1% and matures June 25, 2018.
6. | STRUCTURED FINANCINGS, NET (continued)
(7) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 4), which is collateralized by the purchaser's interest of the property. The loan bears interest at 2.5% and matures May 31, 2020. (8) Comprised of three cross-collateralized loans from one borrower, which are non-performing. Subsequent to June 30, 2015, these notes were repaid in full (Note 13). (9) Consists of one loan as of June 30, 2015. (10) During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property. (11) During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street (Note 4). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of June 30, 2015, the Company held three non-performing notes.

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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=27047687&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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