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Subordinate Loans (Tables) | 12 Months Ended
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Dec. 31, 2012
Company's Subordinate Loan Portfolio | The Company’s subordinate loan portfolio was comprised of the following at December 31, 2012:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Carrying Value |  |  | Coupon |  |  | Amortization Schedule
Senior Mezz – Retail – Various |  |  | Dec-09 |  |  |  | Dec-19 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  |  | 12.24 | % |  | Interest only (1)
Junior Mezz – Retail – Various |  |  | Dec-09 |  |  |  | Dec-19 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 14.00 |  |  | Interest only (1)
Office – Michigan |  |  | May-10 |  |  |  | Jun-20 |  |  |  | 9,000 |  |  |  | 8,912 |  |  |  | 8,912 |  |  |  | 13.00 |  |  | 25 year
Ski Resort – California |  |  | Apr-11 |  |  |  | May-17 |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 39,831 |  |  |  | 14.00 |  |  | Interest only (2)
Hotel Portfolio – New York (3) |  |  | Aug-11 |  |  |  | July-13 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | 11.49 |  |  | Interest only (4)
Retail Center – Virginia (5) |  |  | Oct-11 |  |  |  | Oct-14 |  |  |  | 25,000 |  |  |  | 26,243 |  |  |  | 26,243 |  |  |  | 14.00 |  |  | Interest only (5)
Hotel– New York (6) |  |  | Jan-12 |  |  |  | Feb-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,013 |  |  |  | 12.00 |  |  | Interest only (6)
Hotel– New York (7) |  |  | Mar-12 |  |  |  | Mar-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 11.50 |  |  | Interest only (7)
Mixed Use – North Carolina |  |  | Jul-12 |  |  |  | Jul-22 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | 11.10 |  |  | Interest only
Office Complex – Missouri |  |  | Sept-12 |  |  |  | Oct-22 |  |  |  | 10,000 |  |  |  | 9,979 |  |  |  | 9,979 |  |  |  | 11.75 |  |  | 30 year
Hotel Portfolio – Various (8) |  |  | Nov-12 |  |  |  | Nov-15 |  |  |  | 50,000 |  |  |  | 49,950 |  |  |  | 49,743 |  |  |  | 11.11 |  |  | 30 year
Condo Conversion – NY, NY (9) |  |  | Dec-12 |  |  |  | Jan-15 |  |  |  | 350 |  |  |  | 350 |  |  |  | — |  |  |  | 9.00 |  |  | Interest only
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 245,875 |  |  | $ | 246,959 |  |  | $ | 246,246 |  |  |  | 12.46 | % |  |
(1) | Prepayments are prohibited prior to the fourth year of the loan and any prepayments thereafter are subject to prepayment penalties ranging from 5% to 1%.
(2) | Prepayments are prohibited prior to the third year of the loan and any prepayments thereafter are subject to prepayment penalties ranging from 5% to 1%.
(3) | Includes a LIBOR floor of 1% and three one-year extension options subject to certain conditions and the payment of a 0.25% fee for the fourth and fifth year extensions.
(4) | Prepayments are prohibited prior to February 2013 and any prepayments thereafter are subject to spread maintenance premiums.
(5) | Interest rate of 14.0% includes a 10.0% current payment with a 4.0% accrual. There are two one-year extension options subject to certain conditions.
(6) | Includes a 1.00% origination fee, a one-year extension option subject to certain conditions and a 0.50% extension fee as well as a 1.50% exit fee.
(7) | Includes a LIBOR floor of 0.50%, two one-year extension options subject to certain conditions and the payment of a 0.50% fee for the second extension.
(8) | Includes a 0.50% origination fee, a one-year extension option subject to certain conditions and a 0.25% extension fee.
(9) | Includes a 1.00% origination fee on the entire balance of the loan (funded and unfunded), a LIBOR floor of 0.50%, two one-year extension options subject to certain conditions and the payment of a 0.50% fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan.
The Company’s subordinate loan portfolio was comprised of the following at December 31, 2011:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Coupon |  |  | Amortization Schedule
Senior Mezz – Retail – Various |  |  | Dec - 09 |  |  |  | Dec - 19 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  |  | 12.24 | % |  | Interest only (1)
Junior Mezz – Retail – Various |  |  | Dec - 09 |  |  |  | Dec - 19 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 14.00 |  |  | Interest only (1)
Office – Michigan |  |  | May -10 |  |  |  | Jun - 20 |  |  |  | 9,000 |  |  |  | 8,950 |  |  |  | 13.00 |  |  | 25 year
Ski Resort – California |  |  | Apr - 11 |  |  |  | May -17 |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 13.25 |  |  | Interest only (1)
Hotel Portfolio – New York (2) |  |  | Aug - 11 |  |  |  | July - 13 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | 11.49 |  |  | Interest only (3)
Retail Center – Virginia (4) |  |  | Oct - 11 |  |  |  | Oct - 14 |  |  |  | 25,000 |  |  |  | 25,136 |  |  |  | 14.00 |  |  | Interest only (4)
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 149,000 |  |  | $ | 149,086 |  |  |  | 13.00 | % |  |
(1) | Prepayments are prohibited prior to the third year of the loan and any prepayments thereafter are subject to prepayment penalties ranging from 5% to 0%.
(2) | Includes a LIBOR floor of 1% and three one-year extension options subject to certain conditions.
(3) | Prepayments are prohibited prior to February 2013 and any prepayments thereafter are subject to spread maintenance premiums.
(4) | Interest rate of 14.0% includes a 10.0% current payment with a 4.0% accrual. There are two one-year extension options subject to certain conditions.
The Company’s subordinate loan portfolio was comprised of the following at December 31, 2011:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Coupon |  |  | Amortization Schedule
Senior Mezz – Retail – Various |  |  | Dec - 09 |  |  |  | Dec - 19 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  |  | 12.24 | % |  | Interest only (1)
Junior Mezz – Retail – Various |  |  | Dec - 09 |  |  |  | Dec - 19 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 14.00 |  |  | Interest only (1)
Office – Troy, MI |  |  | May - 10 |  |  |  | Jun - 20 |  |  |  | 9,000 |  |  |  | 8,985 |  |  |  | 13.00 |  |  | 25 year
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 59,000 |  |  | $ | 58,985 |  |  |  | 12.95 | % |  |
(1) | Prepayments are prohibited prior to the third year of the loan and any prepayments thereafter are subject to prepayment penalties ranging from 5% to 0%.

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- Definition Company's subordinate loan portfolio. + References No definition available. + Details
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