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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2013
Mortgage Loans On Real Estate [Abstract]  
Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

December 31, 2013

(Dollar amounts in thousands)

 

Description

  

Interest Rate

  

Final
Maturity
Date

  

Periodic

Payment Terms

   Prior
Liens (1)		     Face Amount of
Mortgages		     Carrying Amount of
Mortgages (2)		     Principal
Amount of
Loans
subject to
delinquent
principal
or interest		  

SENIOR LOANS

              

Retail

              

Borrower A

   5.73%   Sep-17   Interest and principal, monthly   $ —      $ 33,000      $ 28,949      $ —   

MEZZANINE LOANS

              

Multi-family

              

Borrower B

   LIBOR+6.0%, Floor 11%   Feb-17   Interest monthly, principal at maturity     26,000        5,868        5,923        —   

Retail

              

Borrower C

   10.00%   Nov-22   Interest monthly, principal at maturity     59,000        4,500        4,539        —   

Borrower D

   9.50%   May-16   Interest monthly, principal at maturity     53,400        21,000        19,740        —   

Borrower E

   9.00%   Jun-23   Interest monthly, principal at maturity     20,500        7,500        7,541        —   

Borrower F

   LIBOR+8.0%, Floor 12%   on demand (loan in default)   Interest monthly, principal at maturity     12,816        10,806        —        10,806   

Mixed Use

              

Borrower G

   LIBOR+10.0%, Floor 14%   on demand (loan in default)   Interest monthly, principal at maturity     —        12,816        5,526        9,343   
       

 

 

    

 

 

    

 

 

    

 

 

  
          171,716        95,490        72,218        20,149   

INVESTMENTS IN AND ADVANCES TO JOINT VENTURES

              

Borrower H

   LIBOR+7.0%, Floor 12%   on demand (loan in default)   Interest monthly, principal at maturity     —        66,846        —        66,846   

Borrower I

   10.00%   Jun-19   Interest quarterly (partial payment), principal and unpaid interest at maturity     110,745        40,000        41,008        —   

Borrower J

   9.00%   Aug-20   Interest quarterly (partial payment), principal and unpaid interest at maturity     234,206        30,080        30,763        —   
       

 

 

    

 

 

    

 

 

    

 

 

  
        $ 516,667      $ 232,416      $ 143,989      $ 86,995   
       

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The first mortgage loans on certain properties are not held by the Company. Accordingly, the amounts of the prior liens for those properties at December 31, 2013 are estimated.

 

(2) Carrying amount includes all applicable accrued interest and accretion of discount to date, net of amounts reserved for impairment.

 

     Year Ended December 31,  
     2013     2012     2011  

Balance at beginning of period

    $ 246,907      $ 84,541      $ 103,705   

Additions during period:

       

New mortgage loans

      67,508        160,995        10,000   

Interest

      4,853        4,949        811   

Accretion of discount

      874        826        780   

Deductions during period:

       

Provision for loan loss reserve

      —        (4,300 )      (5,000 ) 

Collections of principal and interest

      (176,153 )      (104 )      (25,755 ) 
  

 

 

    

 

 

    

 

 

  

Balance at close of period

    $ 143,989      $ 246,907      $ 84,541