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Subordinate Loans | 9 Months Ended
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Sep. 30, 2013
Mortgage Loans on Real Estate [Abstract] |
Subordinate Loans | Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following at September 30, 2013:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,879 |  |  | $ | 8,879 |  |  | Fixed |
Ski Resort - California | Apr-11 |  | May-17 |  | 40,000 |  |  | 40,000 |  |  | 39,812 |  |  | Fixed |
Hotel Portfolio – New York (1) | Aug-11 |  | July-14 |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | Floating |
Retail Center – Virginia (2) | Oct-11 |  | Oct-14 |  | 25,000 |  |  | 22,216 |  |  | 22,216 |  |  | Fixed |
Hotel– New York (3) | Jan-12 |  | Feb-14 |  | 15,000 |  |  | 15,000 |  |  | 15,156 |  |  | Fixed |
Mixed Use – North Carolina | Jul-12 |  | Jul-22 |  | 6,525 |  |  | 6,525 |  |  | 6,525 |  |  | Fixed |
Office Complex - Missouri | Sept-12 |  | Oct-22 |  | 10,000 |  |  | 9,883 |  |  | 9,883 |  |  | Fixed |
Hotel Portfolio – Various (3) | Nov-12 |  | Nov-15 |  | 50,000 |  |  | 48,697 |  |  | 48,616 |  |  | Floating |
Condo Conversion – NY, NY (4) | Dec-12 |  | Jan-15 |  | 350 |  |  | 350 |  |  | — |  |  | Floating |
Condo Construction – NY, NY (3) | Jan-13 |  | Jul-17 |  | 60,000 |  |  | 64,612 |  |  | 64,094 |  |  | Fixed |
Multifamily Conversion – NY, NY (3) | Jan-13 |  | Dec-14 |  | 18,000 |  |  | 18,000 |  |  | 17,889 |  |  | Floating |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,840 |  |  | 24,840 |  |  | Fixed |
Warehouse Portfolio - Various | May-13 |  | May-23 |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |
Multifamily Conversion – NY, NY (5) | May-13 |  | Jun-14 |  | 44,000 |  |  | 44,000 |  |  | 43,781 |  |  | Floating |
Office Condo - NY, NY | Jul-13 |  | Jul-22 |  | 14,000 |  |  | 14,000 |  |  | 13,557 |  |  | Fixed |
Condo Conversion – NY, NY (6) | Aug-13 |  | Sept-15 |  | 294 |  |  | 294 |  |  | — |  |  | Floating |
Mixed Use - Pittsburgh, PA (7) | Aug-13 |  | Aug-16 |  | 22,500 |  |  | 22,500 |  |  | 22,306 |  |  | Floating |
Total/Weighted Average |  |  |  |  | $ | 396,669 |  |  | $ | 396,796 |  |  | $ | 394,554 |  |  | 12.04 | %
(1) | Includes two one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.
(2) | Includes two one-year extension options subject to certain conditions.
(3) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of September 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan.
(5) | Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
(6) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of September 30, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.
(7) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
In February 2013, the Company received principal repayment on two mezzanine loans totaling $50,000 secured by a portfolio of retail shopping centers located throughout the United States. In connection with the repayment, the Company received a yield maintenance payment totaling $2,500. With the yield maintenance payment, the Company realized a 15% IRR on its mezzanine loan investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition and Results of Operations – Investments”. In June 2013, the Company received the repayment of a $15,000 mezzanine loan secured by a hotel in New York City. In connection with the repayment, the Company received a yield maintenance payment totaling $1,233. With the yield maintenance payment, the Company realized a 19% IRR on its mezzanine loan investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition and Results of Operations – Investments”. 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
Senior Mezz - Retail - Various | Dec-09 |  | Dec-19 |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  | Fixed |
Junior Mezz - Retail - Various | Dec-09 |  | Dec-19 |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | Fixed |
Office - Michigan | May-10 |  | Jun-20 |  | 9,000 |  |  | 8,912 |  |  | 8,912 |  |  | Fixed |
Ski Resort - California | Apr-11 |  | May-17 |  | 40,000 |  |  | 40,000 |  |  | 39,831 |  |  | Fixed |
Hotel Portfolio – New York (1) | Aug-11 |  | July-13 |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | Floating |
Retail Center – Virginia (2) | Oct-11 |  | Oct-14 |  | 25,000 |  |  | 26,243 |  |  | 26,243 |  |  | Fixed |
Hotel– New York (3) | Jan-12 |  | Feb-14 |  | 15,000 |  |  | 15,000 |  |  | 15,013 |  |  | Fixed |
Hotel– New York (4) | Mar-12 |  | Mar-14 |  | 15,000 |  |  | 15,000 |  |  | 15,000 |  |  | Floating |
Mixed Use – North Carolina | Jul-12 |  | Jul-22 |  | 6,525 |  |  | 6,525 |  |  | 6,525 |  |  | Fixed |
Office Complex - Missouri | Sept-12 |  | Oct-22 |  | 10,000 |  |  | 9,979 |  |  | 9,979 |  |  | Fixed |
Hotel Portfolio - Various (5) | Nov-12 |  | Nov-15 |  | 50,000 |  |  | 49,950 |  |  | 49,743 |  |  | Floating |
Condo Conversion – NY, NY (6) | Dec-12 |  | Jan-15 |  | 350 |  |  | 350 |  |  | — |  |  | Floating |
Total/Weighted Average |  |  |  |  | $ | 245,875 |  |  | $ | 246,959 |  |  | $ | 246,246 |  |  | 12.46 | %
(1) | Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.
(2) | Includes two one-year extension options subject to certain conditions.
(3) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension.
(5) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(6) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan.
The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at September 30, 2013 and December 31, 2012.

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