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Real Estate Owned and Held-For-Sale (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate Owned and Held-For-Sale

Schedule of real estate owned

		June 30, 2015									December 31, 2014
		Multifamily Portfolio			Hotel Portfolio			Total			Multifamily Portfolio			Hotel Portfolio			Total
Land		$	5,538,844		$	7,093,651		$	12,632,495		$	5,538,844		$	9,393,651		$	14,932,495
Building and intangible assets		31,922,974			46,994,766			78,917,740			31,249,869			58,818,891			90,068,760
Less: accumulated depreciation and amortization		(8,420,932		)	(11,241,254		)	(19,662,186		)	(7,414,267		)	(12,661,347		)	(20,075,614		)

Real estate owned, net		$	29,040,886		$	42,847,163		$	71,888,049		$	29,374,446		$	55,551,195		$	84,925,641

Schedule of results of operations for properties classified as held-for-sale

		Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
Revenue:
Property operating income		$	1,367,641		$	2,297,277		$	3,349,979		$	4,932,057

Expenses:
Property operating expense		1,016,112			1,747,434			2,323,404			3,512,305
Depreciation		212,020			440,710			436,326			873,168

Net income		$	139,509		$	109,133		$	590,249		$	546,584