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Subsequent Events | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Dividends. On July 28, 2014, the Company declared a dividend of $0.40 per share of common stock, which is payable on October 15, 2014 to common stockholders of record on September 30, 2014. Investment Activity. During July 2014, the Company closed a $20,000 floating-rate mezzanine loan secured by the equity interest in a 280-key hotel in the Chelsea neighborhood of New York City. The mezzanine loan has a two-year initial term and three one-year extension options and an appraised loan-to-value ("LTV") of 61%. The mezzanine loan was underwritten to generate an IRR of approximately 12%. During July 2014, the Company closed a $34,500 ($30,000 of which was funded at closing) floating-rate, first mortgage loan secured by a newly constructed, Class-A, 63-unit multifamily property located in Brooklyn, New York, which also includes approximately 7,300 square feet of retail space and 31 parking spaces. The first mortgage loan has a two-year initial term with three one-year extension options and an appraised LTV of 70% on a fully funded basis. The Company anticipates financing the loan, and on a levered basis, the loan was underwritten to generate an IRR of approximately 12%. During the third quarter of 2014, the Company deployed $6,369 of equity to acquire legacy CMBS with an aggregate purchase price of $31,844. The Company financed the CMBS utilizing $25,475 of borrowings under the DB Facility. The CMBS have a weighted average life of 2.1 years and have been underwritten to generate an IRR of 16%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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