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Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Investment Activity. During October 2015, the Company closed a $55,000 mezzanine loan for the acquisition and predevelopment of an existing building into a condominium and multifamily property on the Upper West Side neighborhood of New York City. The mezzanine loan is part of a $93,750 financing, comprised of a $38,750 first mortgage loan and the Company’s mezzanine loan. The floating rate loan has a three-year initial term with one six-month extension option and an appraised LTV of 81%. The loan has been underwritten to generate an IRR of approximately 13%.
During October 2015, the Company funded $50,502 related to previously closed loans.