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Subordinate Loans (Tables) (Subordinate Loans [Member]) | 3 Months Ended
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Mar. 31, 2014
Subordinate Loans [Member] |
Mortgage Loans on Real Estate [Line Items] |
Schedule of Mortgage Loans on Real Estate | The Company’s subordinate loan portfolio was comprised of the following at March 31, 2014:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,849 |  |  | $ | 8,849 |  |  | Fixed |
Ski Resort - California | Apr-11 |  | May-17 |  | 40,000 |  |  | 40,000 |  |  | 39,632 |  |  | 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 |  |  | 9,814 |  |  | 9,814 |  |  | Fixed |
Hotel Portfolio – Various (1) | Nov-12 |  | Nov-15 |  | 50,000 |  |  | 48,271 |  |  | 48,277 |  |  | Floating |
Condo Conversion – NY, NY (2) | Dec-12 |  | Jan-15 |  | 35,000 |  |  | 35,000 |  |  | 34,878 |  |  | Floating |
Condo Construction – NY, NY (1) | Jan-13 |  | Jul-17 |  | 60,000 |  |  | 69,035 |  |  | 68,565 |  |  | Fixed |
Multifamily Conversion – NY, NY (1) | Jan-13 |  | Dec-14 |  | 18,000 |  |  | 18,000 |  |  | 17,932 |  |  | Floating |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,696 |  |  | 24,696 |  |  | Fixed |
Warehouse Portfolio - Various | May-13 |  | May-23 |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |
Multifamily Conversion – NY, NY (3) | May-13 |  | Jun-14 |  | 44,000 |  |  | 44,000 |  |  | 43,937 |  |  | Floating |
Office Condo - NY, NY | Jul-13 |  | Jul-22 |  | 14,000 |  |  | 14,000 |  |  | 13,572 |  |  | Fixed |
Condo Conversion – NY, NY (4) | Aug-13 |  | Sept-15 |  | 294 |  |  | 297 |  |  | 1 |  |  | Floating |
Mixed Use - Pittsburgh, PA (1) | Aug-13 |  | Aug-16 |  | 22,500 |  |  | 22,500 |  |  | 22,378 |  |  | Floating |
Healthcare Portfolio - Various | Oct-13 |  | Jun-14 |  | 47,000 |  |  | 47,000 |  |  | 47,000 |  |  | Floating |
Mixed Use - Florida (2) | Nov-13 |  | Oct-18 |  | 50,000 |  |  | 50,000 |  |  | 49,611 |  |  | Floating |
Mixed Use - Various (2) | Dec-13 |  | Dec-18 |  | 17,000 |  |  | 17,500 |  |  | 17,312 |  |  | Fixed |
Total/Weighted Average |  |  |  |  | $ | 480,319 |  |  | $ | 487,487 |  |  | $ | 484,979 |  |  | 11.60 | %
(1) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(2) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
(3) | Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of March 31, 2014, the Company had $29,106 of unfunded loan commitments related to this loan.
The Company’s subordinate loan portfolio was comprised of the following at December 31, 2013:
Description | Date of Investment |  | Maturity Date |  | Original Face Amount |  | Current Face Amount |  | Carrying Value |  | Coupon
Office - Michigan | May-10 |  | Jun-20 |  | $ | 9,000 |  |  | $ | 8,866 |  |  | $ | 8,866 |  |  | Fixed |
Ski Resort - California | Apr-11 |  | May-17 |  | 40,000 |  |  | 40,000 |  |  | 39,781 |  |  | Fixed |
Hotel– New York (1) | Jan-12 |  | Feb-14 |  | 15,000 |  |  | 15,000 |  |  | 15,207 |  |  | 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 |  |  | 9,849 |  |  | 9,849 |  |  | Fixed |
Hotel Portfolio – Various (1) | Nov-12 |  | Nov-15 |  | 50,000 |  |  | 48,431 |  |  | 48,397 |  |  | Floating |
Condo Conversion – NY, NY (2) | Dec-12 |  | Jan-15 |  | 35,000 |  |  | 35,000 |  |  | 34,734 |  |  | Floating |
Condo Construction – NY, NY (1) | Jan-13 |  | Jul-17 |  | 60,000 |  |  | 66,800 |  |  | 66,340 |  |  | Fixed |
Multifamily Conversion – NY, NY (1) | Jan-13 |  | Dec-14 |  | 18,000 |  |  | 18,000 |  |  | 17,906 |  |  | Floating |
Hotel Portfolio – Rochester, MN | Jan-13 |  | Feb-18 |  | 25,000 |  |  | 24,771 |  |  | 24,771 |  |  | Fixed |
Warehouse Portfolio - Various | May-13 |  | May-23 |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | Fixed |
Multifamily Conversion – NY, NY (3) | May-13 |  | Jun-14 |  | 44,000 |  |  | 44,000 |  |  | 43,859 |  |  | Floating |
Office Condo - NY, NY | Jul-13 |  | Jul-22 |  | 14,000 |  |  | 14,000 |  |  | 13,565 |  |  | Fixed |
Condo Conversion – NY, NY (4) | Aug-13 |  | Sept-15 |  | 294 |  |  | 295 |  |  | 2 |  |  | Floating |
Mixed Use - Pittsburgh, PA (1) | Aug-13 |  | Aug-16 |  | 22,500 |  |  | 22,500 |  |  | 22,342 |  |  | Floating |
Healthcare Portfolio - Various | Oct-13 |  | Jun-14 |  | 47,000 |  |  | 47,000 |  |  | 47,000 |  |  | Floating |
Mixed Use - Florida (2) | Nov-13 |  | Oct-18 |  | 50,000 |  |  | 50,000 |  |  | 49,535 |  |  | Floating |
Mixed Use - Various (2) | Dec-13 |  | Dec-18 |  | 17,000 |  |  | 17,000 |  |  | 16,805 |  |  | Fixed |
Total/Weighted Average |  |  |  |  | $ | 495,319 |  |  | $ | 500,037 |  |  | $ | 497,484 |  |  | 11.60 | %
(1) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(2) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
(3) | Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.

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