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Commercial Mortgage Loans (Tables)
 3 Months Ended
Mar. 31, 2013
Text Block [Abstract]  
Commercial Mortgage Loan Portfolio

The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2013:

 

Description

   Date of
Investment		     Maturity
Date		     Original
Face
Amount		     Current
Face
Amount		     Carrying
Value		     Coupon     Property Size  

Hotel - NY, NY

     Jan-10        Feb-15      $ 32,000      $ 31,501      $ 31,501        Fixed        151 rooms   

Office Condo (Headquarters) - NY, NY

     Feb-10        Feb-15        28,000        27,351        27,351        Fixed        73,419 sq. ft.   

Hotel - Silver Spring, MD

     Mar-10        Apr-15        26,000        25,186        24,935        Fixed        263 rooms   

Mixed Use – South Boston, MA (1)

     Apr-12        Dec-13        23,844        16,890        14,444        Floating        20 acres   

Condo Conversion – NY, NY (2)

     Dec-12        Jan-15        45,000        45,000        44,602        Floating        119,000 sq. ft.   
     

 

 

    

 

 

    

 

 

    

 

 

    

Total/Weighted Average

       $ 154,844      $ 145,928      $ 142,833        7.84 %   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

(1) This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option subject upon repayment of $33,000 of the entire first mortgage (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage.
(2) This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.

 

The Company’s commercial mortgage 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     Property Size  

Hotel - NY, NY

     Jan-10        Feb-15      $ 32,000      $ 31,571      $ 31,571        Fixed        151 rooms   

Office Condo (Headquarters) - NY, NY

     Feb-10        Feb-15        28,000        27,419        27,419        Fixed        73,419 sq. ft.   

Hotel - Silver Spring, MD

     Mar-10        Apr-15        26,000        25,273        25,273        Fixed        263 rooms   

Mixed Use – South Boston, MA (1)

     Apr-12        Dec-13        23,844        17,287        14,105        Floating        20 acres   

Condo Conversion – NY, NY (2)

     Dec-12        Jan-15        45,000        45,000        44,553        Fixed        119,000 sq. ft.   
     

 

 

    

 

 

    

 

 

    

 

 

    

Total/Weighted Average

       $ 154,844      $ 146,550      $ 142,921        7.82 %   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

(1) This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option subject upon repayment of $33,000 of the entire first mortgage (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage
(2) This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.