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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) (USD $)
3 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Mar. 31, 2014
Limited liability company
Mar. 31, 2014
LCRIP I
loan
Mar. 31, 2013
LCRIP I
loan
Dec. 31, 2013
LCRIP I
Mar. 31, 2014
LCRIP I
Limited partner
Apr. 15, 2011
LCRIP I
Limited partner
Apr. 30, 2012
Grace Lake JV, LLC.
Mar. 31, 2014
Grace Lake JV, LLC.
Dec. 31, 2013
Grace Lake JV, LLC.
Mar. 31, 2014
Grace Lake JV, LLC.
Limited partner
Mar. 22, 2013
Grace Lake JV, LLC.
Limited partner
Mar. 31, 2014
Grace Lake JV, LLC.
Limited liability company
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES                              
Investment in equity method joint ventures $ 7,311,247   $ 9,262,762   $ 5,168,349   $ 7,119,864       $ 2,142,898 $ 2,142,898      
Ownership interest (as a percent)       25.00%       10.00% 10.00%       25.00% 25.00% 25.00%
Minimum average net equity partnership investment as a basis for management fee reduction         100,000,000                    
Percentage of investment of operating partner                     75.00%        
Financial position                              
Total assets 154,533,364   190,415,719                        
Total liabilities 102,380,310   112,808,701                        
Partners'/members' capital 52,153,054   77,607,018                        
Unconsolidated joint ventures                              
Total revenues 7,112,612 9,894,877                          
Total expenses 2,591,047 3,078,030                          
Net income 4,521,565 6,816,847                          
Allocated earnings based on its ownership interests 348,175 393,980     123,175 393,980         225,000        
Management fee 2,308,872 1,438,501     134,460 242,480                  
Number of loans sold to a related party         0 1                  
Cost of mortgages sold to a related party 783,762,354 947,119,454       17,200,000                  
Gain on sale of loan           $ 139,901                  
Gain on sale of loans deferred (as a percent)         10.00%                    
Maximum additional distribution percentage if return thresholds are met         25.00%                    
Percentage of equity kicker received with right to convert upon capital event                   25.00%          
Preferred return used to determine distribution of excess cash flow (as a percent)                     8.25%        
Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner                     25.00%