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Subsequent Events
6 Months Ended
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%.