XML 104 R91.htm IDEA: XBRL DOCUMENT v3.8.0.1
Agreements and Transactions with Related Parties, Other (Details)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
USD ($)
shares
Jul. 14, 2016
USD ($)
shares
Aug. 31, 2017
USD ($)
Jul. 31, 2017
USD ($)
May 31, 2017
USD ($)
Jan. 31, 2017
USD ($)
Nov. 30, 2016
USD ($)
item
Sep. 30, 2016
USD ($)
property
Jan. 31, 2016
USD ($)
property
Sep. 30, 2017
USD ($)
shares
Sep. 30, 2016
USD ($)
property
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Sep. 30, 2017
USD ($)
shares
Sep. 30, 2016
USD ($)
property
Dec. 31, 2015
USD ($)
loan
Dec. 31, 2014
USD ($)
item
loan
Mar. 31, 2017
USD ($)
item
Dec. 31, 2016
USD ($)
Agreements and transactions with related parties                                      
Due from related party $ 12,613,313                 $ 12,613,313       $ 12,613,313         $ 1,464,732
Due to related party                                     6,038,707
Related party financing 50,000,000                 50,000,000       50,000,000         50,000,000
Income from equity affiliates                   995,312 $ 4,929,375     1,755,145 $ 11,193,918        
Investments in equity affiliates 31,330,740                 31,330,740       31,330,740         33,948,853
ACM Acquisition                                      
Agreements and transactions with related parties                                      
Acquisition purchase price   $ 292,500,000                                  
Preferred equity investments                                      
Agreements and transactions with related parties                                      
Principal amount           $ 15,000,000                         5,000,000
Commitment to fund additional investment           $ 5,000,000                          
Interest income recorded                   200,000       500,000          
Fixed rate of interest (as a percent)           11.00%                          
Mezzanine loans                                      
Agreements and transactions with related parties                                      
Interest income recorded                   100,000 100,000     300,000 300,000        
Fixed rate of interest (as a percent)                               12.50%      
Amount of loan to related party                               $ 3,000,000      
Maturity Date of October 2018, extended from October 2017 | Bridge loans                                      
Agreements and transactions with related parties                                      
Base spread (as a percent)                               5.00%      
LIBOR floor (as a percentage)                               0.25%      
Interest income recorded                   300,000 300,000     800,000 800,000        
Number of mortgage loans secured by property purchased from related party | loan                               2      
Loan due from related party                               $ 16,700,000      
Maturity date of November 2018 | Bridge loans                                      
Agreements and transactions with related parties                                      
Principal amount             $ 14,800,000                        
Base spread (as a percent)             5.25%                        
LIBOR floor (as a percentage)             0.50%                        
Interest income recorded                   300,000       800,000          
Number of bridge loans originated | item             2                        
ACM / Our "Former Manager"                                      
Agreements and transactions with related parties                                      
Due from related party $ 12,600,000                 12,600,000       12,600,000         1,500,000
Due to related party                                     6,000,000
ACM / Our "Former Manager" | Residential Mortgage Banking Company                                      
Agreements and transactions with related parties                                      
Noncontrolling interest in equity method investment acquired (as a percent)                               50.00%      
Indirect ownership percentage                               22.5%      
Acquisition purchase price                               $ 9,600,000      
Income from equity affiliates                   $ (1,200,000) 4,200,000     $ (1,800,000) 8,900,000        
ACM / Our "Former Manager" | ACM Acquisition                                      
Agreements and transactions with related parties                                      
Number of shares held by related party | shares 5,349,053                 5,349,053       5,349,053          
OP units issued as part of acquisition | shares   21,230,769                                  
Percentage of voting power held by related party   32.00%                                  
ACM / Our "Former Manager" | Non-qualified Residential Mortgages | Residential Mortgage Banking Company                                      
Agreements and transactions with related parties                                      
Additional investment made by the company along with a consortium of independent outside investors                           $ 600,000   16,100,000      
Distributions received                           900,000   14,000,000      
ACM / Our "Former Manager" | Mortgage loans                                      
Agreements and transactions with related parties                                      
Amount of mortgage loan secured by property, purchased by related party                               $ 47,000,000      
ACM / Our "Former Manager" | Preferred equity interest financing agreement                                      
Agreements and transactions with related parties                                      
Related party financing $ 50,000,000                 $ 50,000,000       50,000,000         50,000,000
Interest expense on related party loan                   1,000,000 800,000     2,900,000 800,000        
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans                                      
Agreements and transactions with related parties                                      
Base spread (as a percent)                                 4.80%    
Interest income recorded                   200,000 200,000     700,000 700,000        
Number of mortgage loans secured by property purchased from related party | loan                                 2    
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | First mortgage                                      
Agreements and transactions with related parties                                      
Amount of mortgage loan secured by property, purchased by related party                                 $ 14,600,000    
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | Second mortgage                                      
Agreements and transactions with related parties                                      
Proceeds from repayment in full                         $ 5,100,000            
Amount of mortgage loan secured by property, purchased by related party                                 5,100,000    
ACM / Our "Former Manager" | Maturity date of March 2017 | Mortgage loans | First mortgage                                      
Agreements and transactions with related parties                                      
Amount of mortgage loan secured by property, purchased by related party                         $ 14,600,000            
Consortium of investors including an immediate family member of Mr. Kaufman | Fannie Mae loan on a multifamily property                                      
Agreements and transactions with related parties                                      
Percentage of maximum loss-sharing obligation unpaid principal balance         40.00%                            
Principal amount         $ 46,900,000                            
Percentage of ownership interest of related party in the entity         17.20%                            
Certain officers, including Mr. Kaufman and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties                                      
Agreements and transactions with related parties                                      
Principal amount               $ 48,000,000     $ 48,000,000       $ 48,000,000        
Number of properties owned | property               6     6       6        
Base spread (as a percent)               4.50%     4.50%       4.50%        
LIBOR floor (as a percentage)               0.25%                      
Interest income recorded                   700,000 $ 100,000     2,100,000 $ 100,000        
Proceeds from repayment in full     $ 6,800,000                                
Certain officers, including Mr. Kaufman and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Minimum                                      
Agreements and transactions with related parties                                      
Percentage of ownership interest of related party in the entity               7.80%                      
Certain officers, including Mr. Kaufman and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Maximum                                      
Agreements and transactions with related parties                                      
Percentage of ownership interest of related party in the entity               9.00%                      
Certain officers, including Mr. Kaufman and our Former Manager | Maturity date of April 2018 | Bridge loans                                      
Agreements and transactions with related parties                                      
Percentage of ownership interest of related party in the entity                               90.00%      
Base spread (as a percent)                               4.50%      
LIBOR floor (as a percentage)                               0.25%      
Interest income recorded                     100,000       200,000        
Amount of mortgage loan secured by property, purchased by related party                               $ 6,300,000      
Certain Officers | Preferred equity investments                                      
Agreements and transactions with related parties                                      
Amount of ownership interest of related party in the entity       $ 5,000,000                              
Certain Officers | Maturity date of July 2020 | Bridge loan, one multifamily property                                      
Agreements and transactions with related parties                                      
Principal amount       $ 36,000,000                              
Percentage of ownership interest of related party in the entity       41.00%                              
Base spread (as a percent)       4.50%                              
LIBOR floor (as a percentage)       1.00%                              
Interest income recorded                   400,000       400,000          
Certain Officers | Maturity date of January 2019 | Bridge loan, two multifamily properties                                      
Agreements and transactions with related parties                                      
Principal amount                 $ 12,700,000                    
Percentage of ownership interest of related party in the entity                 50.00%                    
Base spread (as a percent)                 4.50%                    
LIBOR floor (as a percentage)                 0.25%                    
Interest income recorded                   300,000 300,000     900,000 900,000        
Certain Officers | Maturity date of January 2019 | Bridge loan, one multifamily property                                      
Agreements and transactions with related parties                                      
Principal amount                 $ 19,000,000                    
Percentage of ownership interest of related party in the entity                 7.50%                    
Base spread (as a percent)                 4.50%                    
LIBOR floor (as a percentage)                 0.25%                    
Interest income recorded                   300,000 300,000     800,000 700,000        
Certain Officers | Maturity date of November 2016, extended from April 2016 | Preferred equity investments | Multifamily                                      
Agreements and transactions with related parties                                      
Equity investment                 $ 5,200,000                    
Fixed rate of interest (as a percent)                 10.00%                    
Certain Officers | Maturity date of November 2016, extended from April 2016 | Bridge loan, two multifamily properties                                      
Agreements and transactions with related parties                                      
Number of properties owned | property                 2                    
Certain Officers | Maturity date of November 2018 | Bridge loans                                      
Agreements and transactions with related parties                                      
Percentage of ownership interest of related party in the entity                               7.50%      
Base spread (as a percent)                               4.50%      
LIBOR floor (as a percentage)                               0.25%      
Interest income recorded                   $ 100,000 100,000     $ 300,000 300,000        
Loan due from related party                               $ 7,100,000      
Chief executive officer | Minimum                                      
Agreements and transactions with related parties                                      
Ownership interest allowed under company charter (as a percent) 5.00%                 5.00%       5.00%          
Chief executive officer | Maturity date of February 2018 | Preferred equity investments                                      
Agreements and transactions with related parties                                      
Principal amount                               $ 23,000,000 $ 18,000,000    
Interest income recorded                             1,000,000        
Fixed rate of interest (as a percent)                               10.00%      
Amount of ownership interest of related party in the entity                               $ 2,000,000      
Proceeds from repayment in full                       $ 1,000,000              
Chief executive officer | Maturity date of September 2016, extended from March 2016 | Bridge loan, two multifamily properties                                      
Agreements and transactions with related parties                                      
Number of properties owned | item                                 2    
Percentage of ownership interest of related party in the entity                                 95.00%    
Base spread (as a percent)                                 5.50%    
Interest income recorded                   $ 100,000 100,000     $ 100,000 200,000        
Proceeds from repayment in full                     3,300,000                
Investments in equity affiliates                                 $ 100,000    
Ownership interest (as a percent)                                 5.00%    
Number of bridge loans originated | item                                 2    
Amount of mortgage loan secured by property, purchased by related party                                 $ 5,000,000    
Chief executive officer | Maturity date of August 2017 | Bridge loans                                      
Agreements and transactions with related parties                                      
Percentage of ownership interest of related party in the entity                                 24.00%    
Amount of mortgage loan secured by property, purchased by related party                                 $ 30,400,000    
Chief executive officer | Maturity date of August 2020 | Bridge loans                                      
Agreements and transactions with related parties                                      
Base spread (as a percent)     4.00%                                
LIBOR floor (as a percentage)     1.23%                                
Amount of mortgage loan secured by property, purchased by related party     $ 43,200,000                                
Mr. Ivan Kaufman and his affiliates | Maturity date of August 2017 | Mezzanine loans                                      
Agreements and transactions with related parties                                      
Interest income recorded                   $ 800,000 900,000     $ 2,400,000 2,600,000        
Fixed rate of interest (as a percent)                 12.00%                    
Amount of mortgage loan secured by property, purchased by related party                 $ 4,600,000                    
Kaufman Entities                                      
Agreements and transactions with related parties                                      
Percentage of our Former Manager's outstanding membership interest of related party in another related party 70.00%                 70.00%       70.00%          
Affiliate of Mr. Ivan Kaufman                                      
Agreements and transactions with related parties                                      
Contract period with the new entity                           7 years 6 months          
Fees as a percentage of gross revenues of the underlying properties                           4.75%          
Lexford Portfolio                                      
Agreements and transactions with related parties                                      
Aggregate outstanding balance of related party debt $ 845,800,000                 $ 845,800,000       $ 845,800,000          
Lexford Portfolio | Preferred equity investments                                      
Agreements and transactions with related parties                                      
Income from equity affiliates                   700,000 700,000     2,000,000 2,100,000        
Ginkgo | Fannie Mae                                      
Agreements and transactions with related parties                                      
Loan purchased a multifamily apartment complex which assumed           $ 8,300,000                          
Percentage of maximum loss-sharing obligation unpaid principal balance           20.00%                          
Percentage of loan assumption fee           1.00%                          
Percentage of ownership after transaction 3.60%                                    
Lexford Portfolio                                      
Agreements and transactions with related parties                                      
Income from equity affiliates                   700,000 $ 700,000     2,000,000 $ 2,100,000        
Investments in equity affiliates $ 100                 $ 100       $ 100         $ 100
Two portfolios of multifamily properties | Consortium of Investors, including Mr. Kaufman and our Former Manager                                      
Agreements and transactions with related parties                                      
Amount invested                                   $ 2,000,000  
Ownership interest (as a percent)                                   26.10%  
Number of portfolios of multifamily properties | item                                   2  
Ginkgo | Director                                      
Agreements and transactions with related parties                                      
Percentage of managing member           33.00%