rit-10q_20180930.htm

$ 1,271,797

$ 201,001

Prepaid expenses and other assets

^[1]

18,000,000

Due from related party

5,000

20,651

Total assets

19,297,448

201,001

Accounts payable and accrued expenses

17,100,000

22,384

Distributions payable

3,842

Preferred stock, $0.01 par value per share, 50,000,000 and 0 shares authorized, and 0 issued and outstanding at September 30, 2018 and December 31, 2017, respectively

138,949

Other liabilities

2,275

Total liabilities

17,267,450

Stockholder's equity

Additional paid-in capital

2,179,341

199,919

Accumulated deficit and cumulative distributions

(151,225)

Total controlling interest

2,028,998

200,001

Non-controlling interests in subsidiaries

1,000

Total stockholder's equity

2,029,998

201,001

Total liabilities and stockholder's equity

19,297,448

201,001

Class A Common Stock

Stockholder's equity

Common stock

Total stockholder's equity

$ 82

Class I Common Stock

Stockholder's equity

Common stock

800

Total stockholder's equity

$ 800

[1]	Includes Loan participation sold related to the Delshah Loan, as the participation interest sold was not treated as a sale under U.S. GAAP.

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	410,000,000
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	160,000,000	300,000
Common stock, shares issued	8,180	8,180
Common stock, shares outstanding	8,180	8,180
Class T Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class I Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	0
Common stock, shares issued	80,000	0
Common stock, shares outstanding	80,000	0

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Income:
Interest income	$ 40,950		$ 40,950
Less: Interest income related to loan participation sold	(38,902)		(38,902)
Total interest income, net	2,048		2,048
Operating expenses:
General and administrative expenses	29,447		149,118
Management fees	313		313
Total operating expenses	29,760		149,431
Net income (loss)	$ (27,712)		$ (147,383)
Weighted average shares outstanding	88,180	8,180	36,025	8,180
Net income (loss) per common share - basic and diluted	$ (0.31)		$ (4.09)

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)	Total	Class A Common Stock	Class I Common Stock	Additional Paid-In Capital	Accumulated Deficit and Cumulative Distributions	Non-controlling Interest
Beginning balance at Dec. 31, 2016	$ 201,001	$ 82		$ 199,919		$ 1,000
Beginning balance, shares at Dec. 31, 2016		8,180
Common stock issued, shares	0
Ending balance at Dec. 31, 2017	$ 201,001	$ 82		199,919		1,000
Ending balance, shares at Dec. 31, 2017		8,180	0
Common stock issued	$ 2,000,000		$ 800	1,999,200
Common stock issued, shares	80,000		80,000
Offering costs	$ (19,778)			(19,778)
Net income (loss)	(147,383)				$ (147,383)
Distributions declared on common stock	(3,842)				(3,842)
Ending balance at Sep. 30, 2018	$ 2,029,998	$ 82	$ 800	$ 2,179,341	$ (151,225)	$ 1,000
Ending balance, shares at Sep. 30, 2018		8,180	80,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)
Cash flows from operating activities:
Net income (loss)	$ (147,383)
Changes in assets and liabilities:
(Increase) in prepaid expenses and other assets	(20,651)
(Increase) in due from related party	(5,000)
Increase in accounts payable and accrued expenses	22,384
Increase/(decrease) in due to related party	118,949	$ (3,999)
Increase in other liabilities	2,275
Net cash used in operating activities	(29,426)	(3,999)
Cash flows from investing activities:
Origination of commercial mortgage loan, held for investment	(18,000,000)
Loan participation sold to related party	17,100,000
Cash used in investing activities	(900,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,000,222
Cash provided by financing activities	2,000,222
Net increase/(decrease) in cash and cash equivalents	1,070,796	(3,999)
Cash and cash equivalents, at beginning of period	201,001	205,000
Cash and cash equivalents, at end of period	1,271,797	$ 201,001
Non-cash financing activities:
Distributions payable	$ 3,842

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization and Business Purpose	9 Months Ended
Organization and Business Purpose	Sep. 30, 2018
Accounting Policies [Abstract]
Organization and Business Purpose	Note 1 – Organization and Business Purpose Rodin Income Trust, Inc. (the “Company”) was formed on January 19, 2016 as a Maryland corporation that intends to qualify as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. At September 30, 2018, the Company was 100% owned by the Company’s sponsor, Cantor Fitzgerald Investors, LLC (“CFI”). The Company’s consolidated financial statements include Rodin Income Trust Operating Partnership, L.P. (the “Operating Partnership”) and RIT Lending, Inc. (“RIT Lending”). Substantially all of the Company’s business is expected to be conducted through the Operating Partnership, a Delaware partnership formed on January 19, 2016. The Company is the sole general and limited partner of the Operating Partnership. Unless the context otherwise requires, the “Company” refers to the Company and the Operating Partnership. On January 19, 2016, the Company was capitalized with a $200,001 investment by CFI, through the purchase of 8,180 Class A shares of common stock. In addition, an indirect wholly owned subsidiary of CFI, Rodin Income Trust Op Holdings, LLC (the “Special Unit Holder”), has invested $1,000 in the Operating Partnership and has been issued a special class of limited partnership units, which is recorded as a non-controlling interest on the consolidated balance sheets as of September 30, 2018 and December 31, 2017, respectively. On June 28, 2018, the Company satisfied the minimum offering requirement for the Offering (the “Minimum Offering Requirement”) as a result of CFI’s purchase of $2.0 million in Class I shares. The Company intends to focus on originating mortgage loans secured primarily by commercial real estate located primarily in the U.S., United Kingdom, and other European Countries. The Company may also invest in commercial real estate securities and properties. Commercial real estate investments may include mortgage loans, subordinated mortgage and non-mortgage interests, including preferred equity investments and mezzanine loans, and participations in such instruments. Commercial real estate securities may include commercial mortgage-backed securities (“CMBS”), unsecured debt of publicly traded REITs, debt or equity securities of publicly traded real estate companies and structured notes. As of September 30, 2018, the Company had originated, through RIT Lending, an $18 million fixed rate mezzanine loan (the “Delshah Loan”) to DS Brooklyn Portfolio Mezz LLC (the “Mezzanine Borrower”), an affiliate of Delshah Capital Limited (“Delshah”) for the acquisition of a 28-property multifamily portfolio by Delshah located in Brooklyn and Manhattan, NY (each a “Property” and collectively the “Portfolio”). RIT Lending originated the Delshah Loan with (i) cash from the Offering (as defined below) equivalent to a 5% participation interest in the amount of $900,000 in the Delshah Loan and (ii) proceeds from the sale to CFI of a 95% participation interest in the amount of $17,100,000 in the Delshah Loan (See Note 3). The Company is externally managed by Rodin Income Advisors, LLC (the “Advisor”), a Delaware limited liability company and a wholly owned subsidiary of CFI. CFI is a wholly owned subsidiary of CFIM Holdings, LLC, which is a wholly owned subsidiary of Cantor Fitzgerald, L.P. (“CFLP”).

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with U.S. GAAP. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet. Management believes that the estimates utilized in preparing the consolidated financial statements are reasonable. As such, actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries in accordance with U.S. GAAP. The Company consolidates Variable Interest Entities (“VIE”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All intercompany balances are eliminated in consolidation. Variable Interest Entities The Company determines if an entity is a VIE in accordance with U.S. GAAP. For an entity in which the Company has acquired an interest, the entity will be considered a VIE if both of the following characteristics are not met: (i) the equity investors in the entity have the characteristics of a controlling financial interest and (ii) the equity investors’ total investment at risk is sufficient to finance the entity’s activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. A qualitative analysis is generally based on a review of the design of the entity, including its control structure and decision-making abilities, and also its financial structure. In a quantitative analysis, the Company would incorporate various estimates, including estimated future cash flows, assumed hold periods and capitalization or discount rates. If an entity is determined to be a VIE, the Company then determines whether to consolidate the entity as the primary beneficiary. The primary beneficiary has both (i) the authority to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive economic benefits from the VIE that could potentially be significant to the VIE and, in the event of economic losses, the obligation to absorb the losses. The Company evaluates all of its investments in real estate-related assets to determine if they are VIEs utilizing judgments and estimates that are inherently subjective. If different judgments or estimates were used for these evaluations, it could result in differing conclusions as to whether or not an entity is a VIE and whether or not to consolidate such entity. Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company will not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. The Company will perform on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Commercial Mortgage Loan, Held for Investment Commercial mortgage loans are generally intended to be held for investment and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Commercial mortgage loans, held for investment that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate. Commercial mortgage loans where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. As of September 30, 2018, the Company has originated one mezzanine loan. Mezzanine Loan The Company has originated a mezzanine loan to an entity that is a member of a commercial real estate property owner. The mezzanine loan is secured by a pledge against the borrower’s equity in the property owner and is subordinate to senior debt. The mezzanine loan is senior to any preferred equity or common equity in the property owner. In connection with the origination of the Delshah Loan, RIT Lending entered into a participation agreement (the “Delshah Loan Participation Agreement”) with CFI. RIT Lending originated the Delshah Loan with (i) cash from the Offering (as defined below) equivalent to a 5% participation interest in the Delshah Loan and (ii) proceeds from the sale to CFI of a 95% participation interest in the Delshah Loan. The Delshah Loan Participation Agreement provides that participation certificates sold to CFI represent an undivided beneficial ownership interest in the Delshah Loan. Loan Participation Sold In regard to the Delshah Loan, the Company has partially financed its Commercial mortgage loan, held for investment through the sale of participating mezzanine loan interest to CFI. To the extent that U.S. GAAP does not recognize a sale resulting from the loan participation interests sold, the Company does not derecognize the participation in the loan that it sold. Instead, the Company recognizes a loan participation sold liability in an amount equal to the principal of the loan participation sold. The Company continues to recognize interest income on the entire loan, including the interest attributable to the loan participation sold (see Note 3 for further information on the Delshah Loan). Revenue Recognition Interest income is recognized when earned and accrued based on the outstanding accrual balance and any related premium, discount, origination costs and fees are amortized over the term of the loan on a straight-line basis, which approximates the effective interest method. The amortization is reflected as an adjustment to interest income in earnings. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. Credit Losses and Impairment on Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of September 30, 2018, no impairment has been identified. Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions. Organization and Offering Costs The Advisor has agreed to pay, on behalf of the Company, all organizational and offering costs (including legal, accounting, and other costs attributable to the Company’s organization and offering, but excluding upfront selling commissions, dealer manager fees and distribution fees) (“O&O Costs”) through the first anniversary of the date (the “Escrow Break Anniversary”) on which the Company satisfied the Minimum Offering Requirement. After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the O&O Costs, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company will be obligated to reimburse the Advisor subject to the 1% Cap (as defined below). Following the Escrow Break Anniversary, the Company will reimburse the Advisor for payment of the O&O Costs ratably over a 36-month period; provided, however, that the Company shall not be obligated to pay any amounts that as a result of such payment would cause the aggregate payments for O&O Costs (less selling commissions, dealer manager fees and distribution fees) paid to the Advisor to exceed 1% of gross proceeds (the “1% Cap”) of the Offering (as defined in Note 4), as of such payment date. Any amounts not reimbursed in any period shall be included in determining any reimbursement liability for a subsequent period. As of September 30, 2018 and December 31, 2017, the Advisor has incurred O&O Costs on the Company’s behalf of $4,357,350 and $2,874,210, respectively. As of September 30, 2018 and December 31, 2017, the Company is obligated to reimburse the Advisor for O&O Costs in the amount of $20,000 and $0, respectively, which is included within Due to related party in the accompanying consolidated balance sheets. As of September 30, 2018 and December 31, 2017, organizational costs of $222 and $0 were expensed and offering costs of $19,778 and $0 were charged to stockholder’s equity. The Company’s reimbursement liability for these amounts will be paid ratably over 36-months beginning on the Escrow Break Anniversary. Due from Related Party Due from related party at September 30, 2018 and December 31, 2017 was $5,000 and $0, respectively, and is comprised of amounts owed to the Company by CFI related to the Company’s origination of the Delshah Loan. The outstanding amounts due from CFI were received by the Company during October 2018. Prepaid Expenses and Other Assets Prepaid expenses and other assets at September 30, 2018 and December 31, 2017 was $20,651 and $0, respectively. Prepaid expenses and other assets as of September 30, 2018 consists of $16,651 of prepaid insurance and $4,000 funded by the Company at the closing of the Delshah Loan due from the Mezzanine Borrower. The outstanding amounts due from the Mezzanine Borrower were received by the Company during November 2018. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses is comprised of amounts owed by the Company for compensation to the Company’s independent board of directors relating to pro-rated annual compensation as well as attendance at a meeting of the board of directors, which at September 30, 2018 and December 31, 2017 was $22,384 and $0, respectively. Due to Related Party Due to related party is comprised of amounts contractually owed by the Company for various services provided to the Company from a related party, which at September 30, 2018 and December 31, 2017 was $138,949 and $0, respectively. Other Liabilities Other liabilities is comprised of unearned interest income received by the Company from the Mezzanine Borrower, which, at September 30, 2018 and December 31, 2017, was $2,275 and $0, respectively. Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have little or no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state, local and franchise taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. Earnings Per Share Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income (loss) at the same rate per share. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies are required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company has evaluated the overall impact that ASU 2014-09 has on the Company’s financial statements. The Company has adopted the standard using the modified retrospective transition method. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements as of September 30, 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. The guidance is effective beginning January 1, 2019, with early adoption permitted. The Company plans to adopt the standard on its required effective date. Management is continuing to evaluate the impact of the new guidance on the Company’s unaudited condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact this pronouncement will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” which addresses the definition of a business and provides a framework to determine if an asset or group of assets to be acquired is not a business. The standard clarifies that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements as of September 30, 2018.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Commercial Mortgage Loan, Held for Investment

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Commercial Mortgage Loan, Held for Investment

Note 3 – Commercial Mortgage Loan, Held for Investment

NYC Multi-family Portfolio Mezzanine Loan

The Portfolio is comprised of 207 residential units and 19 commercial units that encompass 167,499 square feet.

The following table provides certain information about the Delshah Loan:

Loan Type

Loan Amount

Loan Term

Coupon

Amortization

Loan-to-Value

Mezzanine Loan

18,000,000

10 years

9.10% subject to a potential increase in year six

Interest only

83%

Concentration of Credit Risk

The following table presents the geography and property type of collateral underlying the Company’s Commercial mortgage loan, held for investment as a percentage of the loan’s carrying value:

Geography	Collateral Property Type	September 30, 2018
New York	Multifamily	100%

As of December 31, 2017, the Company had not originated any loans.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Loan Participation Sold	9 Months Ended
Loan Participation Sold	Sep. 30, 2018
Debt Disclosure [Abstract]
Loan Participation Sold	Note 4 – Loan Participation Sold Delshah Loan Participation Agreement In connection with the origination of the Delshah Loan, the Lender entered into the Delshah Loan Participation Agreement with CFI. The Company, through the Lender, originated the Delshah Loan with (i) cash from the Offering (as defined below) equivalent to a 5% participation interest in the amount of $900,000 in the Delshah Loan and (ii) proceeds from the sale to CFI of a 95% participation interest in the amount of $17,100,000 in the Delshah Loan. The Company intends, but is not obligated, to repurchase the remaining 95% of the participation interest in the Delshah Loan from CFI at a purchase price equivalent to the amount paid for the participation interest by CFI. The Delshah Loan Participation Agreement provides that participation certificates sold to CFI represent an undivided beneficial ownership interest in the Delshah Loan. The Delshah Loan Participation Agreement also specifies the parties’ respective rights with respect to the Delshah Loan. The transactions with CFI were approved by the Company’s board of directors, including by the majority of its independent directors. The financing of the Delshah Loan by the sale of $17,100,000 of mezzanine interest to CFI through the Delshah Loan Participation Agreement does not qualify as a sale under GAAP. Therefore, the Company presents the whole Delshah Loan as an asset and the Loan participation sold as a liability on the consolidated balance sheet. The gross presentation of Loan participation sold does not impact stockholder’s equity or net income.

XML 21 R11.htm IDEA: XBRL DOCUMENT

Stockholder's Equity	9 Months Ended
Stockholder's Equity	Sep. 30, 2018
Equity [Abstract]
Stockholder's Equity	Note 5 – Stockholder’s Equity Initial Public Offering On November 30, 2017, the Company filed a registration statement with the SEC on Form S-11 in connection with the initial public offering of up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in its primary offering (the “Primary Offering”) and up to $250 million in shares pursuant to its distribution reinvestment plan (the “DRP”, and together with the Primary Offering, the “Offering”). The registration statement was subsequently declared effective by the SEC on May 2, 2018. In addition, on June 28, 2018, the Company satisfied the Minimum Offering Requirement for the Offering as a result of CFI’s purchase of $2.0 million in Class I shares. The Company determines its net asset value as of the end of each quarter. Net asset value (“NAV”), as defined, is calculated consistent with the procedures set forth in the Company’s prospectus and excludes any O&O costs, with such costs to be reflected in the Company’s NAV to the extent the Company reimburses the Advisor for these costs. As of September 30, 2018, the per share purchase price for shares of common stock in the Primary Offering was $24.85 per Class A share, $24.09 per Class T share and $23.61 per Class I share. The price for each class of shares of common stock in the Company’s DRP was $23.61. The Company’s board of directors adjusts the offering prices of each class of shares such that the purchase price per share for each class equals the NAV per share as of the most recent valuation date, as determined on a quarterly basis, plus applicable upfront selling commissions and dealer manager fees, less applicable support from CFI of a portion of selling commissions and dealer manager fees (as described below). The Company’s shares of common stock consist of Class A shares, Class T shares and Class I shares, all of which are collectively referred to herein as shares of common stock. As of September 30, 2018, the Company’s total number of authorized shares of common stock was 410,000,000 consisting of 160,000,000 of Class A authorized common shares, 200,000,000 of Class T authorized common shares and 50,000,000 of Class I authorized common shares. The Company has the right to reallocate the shares of common stock offered between the Primary Offering and the DRP. The Class A shares, Class T shares and Class I shares have identical rights and privileges, including identical voting rights, but have different upfront selling commissions and dealer manager fees and the Class T shares have an ongoing distribution fee. The per share amount of distributions on Class T shares will be lower than the per share amount of distributions on Class A shares and Class I shares because of the on-going distribution fee that is payable with respect to Class T shares sold in the Primary Offering. CFI pays a portion of selling commissions and all of the dealer manager fees (“Sponsor Support”), up to a total of 4.0% of gross offering proceeds from the sale of Class A shares and Class T shares, and up to a total of 1.5% of gross offering proceeds from the sale of Class I shares, incurred in connection with the Offering. Selling commissions and dealer manager fees are presented net of Sponsor Support on the Company’s consolidated statements of stockholder’s equity. The Company will reimburse Sponsor Support (i) immediately prior to or upon the occurrence of a liquidity event, including (A) the listing of the Company’s common stock on a national securities exchange or (B) a merger, consolidation or a sale of substantially all of the Company’s assets or any similar transaction or any transaction pursuant to which a majority of the Company’s board of directors then in office are replaced or removed, or (ii) upon the termination of the Advisory Agreement (as defined below) by the Company or by the Advisor. In each such case, the Company will only reimburse CFI after the Company has fully invested the proceeds from the Offering and the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.5% cumulative, non-compounded annual pre-tax return on such invested capital. Pursuant to the terms of the dealer manager agreement between the Company and Cantor Fitzgerald & Co. (the “Dealer Manager”), a related party, the Dealer Manager provides dealer manager services in connection with the Offering. The Offering is a best efforts offering, which means that the Dealer Manager will not be required to sell any specific number or dollar amount of shares of common stock in the Offering, but will use its best efforts to sell the shares of common stock. The Offering is a continuous offering that will end no later than two years after the effective date of the Offering, or May 2, 2020, unless extended by the Company’s board of directors for up to an additional one year or beyond, as permitted by the SEC. The Company may continue to offer shares through the DRP after the primary offering terminates until the Company has sold $250 million in shares through the reinvestment of distributions. The Company also has 50 million shares of preferred stock, $0.01 par value, authorized. No shares of preferred stock are issued or outstanding. As of September 30, 2018, the Company had sold 80,000 shares of its common stock (consisting of 80,000 Class I shares) in the Offering to CFI for aggregate net proceeds of $2,000,000. As of December 31, 2017, the Company had not sold any shares of its common stock in the Offering. Distributions On September 20, 2018, the Company’s board of directors authorized, and the Company declared, distributions for the period from September 21, 2018 to November 14, 2018 in an amount equal to $0.004357260 per day per share of Class A common stock, Class I common stock and Class T common stock, less, for holders of the shares of Class T common stock, the distribution fees that are payable with respect to shares of Class T common stock. The distributions are payable by the 5th business day following each month end to stockholders of record at the close of business each day during the prior month. The amount of distributions payable to the Company’s stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, the Company’s financial condition, capital expenditure requirements, requirements of Maryland law and annual distribution requirements needed to qualify and maintain its status as a REIT. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and, therefore, distribution payments are not assured. To ensure that the Company has sufficient funds to cover cash distributions authorized and declared during the Offering, the Company and CFI entered into a distribution support agreement. The terms of the agreement provide that in the event that cash distributions exceed the Company’s defined modified funds from operations (“MFFO”), a supplemental measure to reflect the operating performance of a non-traded REIT, for any calendar quarter through May 2, 2020, CFI shall purchase Class I shares from the Company in an amount equal to the distribution shortfall, up to $5 million (less the amount from any shares purchased by CFI in order to satisfy the Minimum Offering Requirement). As of September 30, 2018 and December 31, 2017, the Company has declared distributions of $3,842 and $0, respectively, of which $3,842 and $0, respectively, was payable and has been recorded as distributions payable on the accompanying consolidated balance sheets. All of the unpaid distributions as of September 30, 2018 were paid during October 2018. As of September 30, 2018, no distributions have been reinvested pursuant to the Company’s DRP. Redemptions After stockholders have held their shares for at least one year, stockholders may be able to have their shares repurchased by the Company pursuant to the share repurchase program. The Company will repurchase shares at a price equal to, or at a discount from, NAV per share of the share class being repurchased subject to certain holding period requirements which effect the repurchase price as a percentage of NAV. The share repurchase program includes numerous restrictions that limit stockholders’ ability to have their shares repurchased. Unless the Company’s board of directors determines otherwise, the funds available for repurchases in each quarter will be limited to the funds received from the DRP in the prior quarter. The board of directors has complete discretion to determine whether all of such funds from the prior quarter’s DRP will be applied to repurchases in the following quarter, whether such funds are needed for other purposes or whether additional funds from other sources may be used for repurchases. Further, during any calendar year, the Company may repurchase no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. The Company also has no obligation to repurchase shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. The Company may amend, suspend or terminate the share repurchase program for any reason upon 10 business days’ notice. The Company has not received any requests to repurchase any shares of its common stock as of September 30, 2018. Non-controlling Interest The Special Unit Holder has invested $1,000 in the Operating Partnership and has been issued a special class of limited partnership units as part of the overall consideration for the services to be provided by the Advisor. This investment has been recorded as non-controlling interest on the consolidated balance sheets as of September 30, 2018 and December 31, 2017, respectively.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions

Note 6 – Related Party Transactions

Delshah Loan Participation Agreement

Fees and Expenses

As of September 30, 2018, the Company had not sold any Class T shares in the Offering, and as such, had not incurred any distribution fees.

Selling Commissions and Dealer Manager Fees

As of September 30, 2018, no selling commissions or dealer manager fees were incurred or paid by the Company under the agreements as outlined above.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the nine months ended September 30, 2018:


		Due to related party as of		Nine months ended September 30, 2018				Due to related party as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2017		Incurred		Paid		September 30, 2018
Management Fees
Asset management fees	Management fees	$	—	$	313	$	—	$	313
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		—		101,985		—		101,985
Operating expenses⁽¹⁾	Prepaid expenses and other assets		—		16,651		—		16,651
Organization expenses⁽²⁾	General and administrative expenses		—		222		—		222
Offering costs⁽²⁾	Additional paid-in capital		—		19,778		—		19,778
Total		$	—	$	138,949	$	—	$	138,949

Note:

(2) As of September 30, 2018, the Advisor has incurred, on behalf of the Company, a total of $20,000 of O&O Costs, pursuant to the 1% Cap.

Investment by CFI

Sponsor Support

XML 23 R13.htm IDEA: XBRL DOCUMENT

Economic Dependency	9 Months Ended
Economic Dependency	Sep. 30, 2018
Economic Dependency [Abstract]
Economic Dependency	Note 7 – Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of capital stock, acquisition and disposition decisions and certain other responsibilities. In the event that the Advisor is unable or unwilling to provide such services, the Company would be required to find alternative service providers.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies As of September 30, 2018 and December 31, 2017, the Company was not subject to litigation nor was the Company aware of any material litigation pending against it.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 9 – Fair Value Measurements

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 measurement — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 measurement — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:

The following table details the principal balance, carrying value, and fair value of the Company’s financial assets and liabilities as of September 30, 2018:

					Fair Value
	Principal Balance		Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	1,271,797	$	1,271,797	$	1,271,797	$	—	$	—	$	1,271,797
Commercial mortgage loan, held for investment⁽¹⁾		18,000,000		18,000,000		—		—		18,000,000		18,000,000

Liabilities
Loan participation sold	$	17,100,000	$	17,100,000	$	—	$	—	$	17,100,000	$	17,100,000

Note:

(1) Includes Loan participation sold related to the Delshah Loan, as the participation interest sold was not treated as a sale under U.S. GAAP.

As of December 31, 2017, the Company had no liabilities, and the Company’s only asset was Cash and cash equivalents, which was valued using Level 1 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 26 R16.htm IDEA: XBRL DOCUMENT

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events Purchase of Additional Participation Interests in the Delshah Loan On October 10, 2018, the Company repurchased additional participation interests in the Delshah Loan from CFI in the amount of $400,000. As of November 14, 2018, the Company’s total interest in the Delshah Loan was 7.22%. 533 East 12^th Street Mezzanine Loan On November 1, 2018, the Company, through RIT Lending, originated an $8,990,000 floating rate, mezzanine loan (the “East 12^th Street Loan”) to DS 531 E. 12th Mezz LLC (the “East 12^th Street Mezzanine Borrower”), an affiliate of Delshah, for the acquisition of a multifamily property by Delshah located in Manhattan, NY (the “East 12^th Street Property”). The fee simple interest in the East 12^th Street Property is held by DS 531 E. 12th Owner LLC, a single purpose limited liability company (the “East 12^th Street Senior Borrower”) of which the East 12^th Street Mezzanine Borrower owns 100% of the membership interests. The interest rate for the East 12^th Street Loan is LIBOR plus 9.25%. The East 12^th Street Loan is secured by a pledge of 100% of the equity interests in the East 12^th Street Senior Borrower. The East 12^th Street Loan may be prepaid in its entirety or in part in connection with sales of condominium units, subject in each case to RIT Lending’s receipt of eighteen months of minimum interest. The term of the East 12^th Street Loan is three years, with two 1-year options to extend. $6,830,000 of the East 12^th Street Loan was funded at closing. $1,660,000 of the East 12^th Street Loan was held back and will be advanced to the extent the East 12^th Street Property generates sufficient cash flow to fully cover payment of interest on the East 12^th Street Loan. The remaining portion of the East 12^th Street Loan, $500,000, shall remain unfunded and will be advanced to pay for capital expenditure and marketing costs associated with the East 12^th Street Property and approved by RIT Lending. The Company, through RIT Lending, originated the East 12^th Street Loan with (i) cash from the Offering equivalent to a 20.2% participation interest in the East 12^th Street Loan and (ii) proceeds from the sale to CFI of a 79.8% participation interest in the East 12^th Street Loan. On November 14, 2018, the Company purchased additional participation interests in the East 12^th Street Loan from CFI in the amount of $725,000. As of November 14, 2018, the Company’s total interest in the East 12^th Street Loan was 30.8%. Status of the Offering As of November 13, 2018, the Company had sold an aggregate of 134,830 shares of its common stock (consisting of 54,270 Class A shares, 0 Class T shares, and 80,560 Class I shares) in the Offering resulting in net proceeds of $3,390,275 to the Company as payment for such shares. Distributions On November 12, 2018, the Company’s board of directors authorized, and the Company declared, distributions for the period from November 15, 2018 to February 14, 2019, in an amount equal to $0.004357260 per day per share of Class A common stock, Class I common stock and Class T common stock, less, for holders of the shares of Class T common stock, the distribution fees that are payable with respect to shares of Class T common stock. The distributions are payable by the 5^th business day following each month end to stockholders of record at the close of business each day during the prior month.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with U.S. GAAP.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet. Management believes that the estimates utilized in preparing the consolidated financial statements are reasonable. As such, actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries in accordance with U.S. GAAP. The Company consolidates Variable Interest Entities (“VIE”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All intercompany balances are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities The Company determines if an entity is a VIE in accordance with U.S. GAAP. For an entity in which the Company has acquired an interest, the entity will be considered a VIE if both of the following characteristics are not met: (i) the equity investors in the entity have the characteristics of a controlling financial interest and (ii) the equity investors’ total investment at risk is sufficient to finance the entity’s activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. A qualitative analysis is generally based on a review of the design of the entity, including its control structure and decision-making abilities, and also its financial structure. In a quantitative analysis, the Company would incorporate various estimates, including estimated future cash flows, assumed hold periods and capitalization or discount rates. If an entity is determined to be a VIE, the Company then determines whether to consolidate the entity as the primary beneficiary. The primary beneficiary has both (i) the authority to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive economic benefits from the VIE that could potentially be significant to the VIE and, in the event of economic losses, the obligation to absorb the losses. The Company evaluates all of its investments in real estate-related assets to determine if they are VIEs utilizing judgments and estimates that are inherently subjective. If different judgments or estimates were used for these evaluations, it could result in differing conclusions as to whether or not an entity is a VIE and whether or not to consolidate such entity.
Voting Interest Entities	Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company will not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. The Company will perform on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less.
Commercial Mortgage Loan, Held for Investment	Commercial Mortgage Loan, Held for Investment Commercial mortgage loans are generally intended to be held for investment and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. Commercial mortgage loans, held for investment that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate. Commercial mortgage loans where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. As of September 30, 2018, the Company has originated one mezzanine loan. Mezzanine Loan The Company has originated a mezzanine loan to an entity that is a member of a commercial real estate property owner. The mezzanine loan is secured by a pledge against the borrower’s equity in the property owner and is subordinate to senior debt. The mezzanine loan is senior to any preferred equity or common equity in the property owner. In connection with the origination of the Delshah Loan, RIT Lending entered into a participation agreement (the “Delshah Loan Participation Agreement”) with CFI. RIT Lending originated the Delshah Loan with (i) cash from the Offering (as defined below) equivalent to a 5% participation interest in the Delshah Loan and (ii) proceeds from the sale to CFI of a 95% participation interest in the Delshah Loan. The Delshah Loan Participation Agreement provides that participation certificates sold to CFI represent an undivided beneficial ownership interest in the Delshah Loan.
Loan Participation Sold	Loan Participation Sold In regard to the Delshah Loan, the Company has partially financed its Commercial mortgage loan, held for investment through the sale of participating mezzanine loan interest to CFI. To the extent that U.S. GAAP does not recognize a sale resulting from the loan participation interests sold, the Company does not derecognize the participation in the loan that it sold. Instead, the Company recognizes a loan participation sold liability in an amount equal to the principal of the loan participation sold. The Company continues to recognize interest income on the entire loan, including the interest attributable to the loan participation sold (see Note 3 for further information on the Delshah Loan).
Revenue Recognition	Revenue Recognition Interest income is recognized when earned and accrued based on the outstanding accrual balance and any related premium, discount, origination costs and fees are amortized over the term of the loan on a straight-line basis, which approximates the effective interest method. The amortization is reflected as an adjustment to interest income in earnings. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
Credit Losses and Impairment on Investments	Credit Losses and Impairment on Investments Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of September 30, 2018, no impairment has been identified.
Risks and Uncertainties	Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions.
Organization And Offering Costs	Organization and Offering Costs The Advisor has agreed to pay, on behalf of the Company, all organizational and offering costs (including legal, accounting, and other costs attributable to the Company’s organization and offering, but excluding upfront selling commissions, dealer manager fees and distribution fees) (“O&O Costs”) through the first anniversary of the date (the “Escrow Break Anniversary”) on which the Company satisfied the Minimum Offering Requirement. After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the O&O Costs, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company will be obligated to reimburse the Advisor subject to the 1% Cap (as defined below). Following the Escrow Break Anniversary, the Company will reimburse the Advisor for payment of the O&O Costs ratably over a 36-month period; provided, however, that the Company shall not be obligated to pay any amounts that as a result of such payment would cause the aggregate payments for O&O Costs (less selling commissions, dealer manager fees and distribution fees) paid to the Advisor to exceed 1% of gross proceeds (the “1% Cap”) of the Offering (as defined in Note 4), as of such payment date. Any amounts not reimbursed in any period shall be included in determining any reimbursement liability for a subsequent period. As of September 30, 2018 and December 31, 2017, the Advisor has incurred O&O Costs on the Company’s behalf of $4,357,350 and $2,874,210, respectively. As of September 30, 2018 and December 31, 2017, the Company is obligated to reimburse the Advisor for O&O Costs in the amount of $20,000 and $0, respectively, which is included within Due to related party in the accompanying consolidated balance sheets. As of September 30, 2018 and December 31, 2017, organizational costs of $222 and $0 were expensed and offering costs of $19,778 and $0 were charged to stockholder’s equity. The Company’s reimbursement liability for these amounts will be paid ratably over 36-months beginning on the Escrow Break Anniversary.
Due From Related Party	Due from Related Party Due from related party at September 30, 2018 and December 31, 2017 was $5,000 and $0, respectively, and is comprised of amounts owed to the Company by CFI related to the Company’s origination of the Delshah Loan. The outstanding amounts due from CFI were received by the Company during October 2018.
Prepaid Expense and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets at September 30, 2018 and December 31, 2017 was $20,651 and $0, respectively. Prepaid expenses and other assets as of September 30, 2018 consists of $16,651 of prepaid insurance and $4,000 funded by the Company at the closing of the Delshah Loan due from the Mezzanine Borrower. The outstanding amounts due from the Mezzanine Borrower were received by the Company during November 2018.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses is comprised of amounts owed by the Company for compensation to the Company’s independent board of directors relating to pro-rated annual compensation as well as attendance at a meeting of the board of directors, which at September 30, 2018 and December 31, 2017 was $22,384 and $0, respectively.
Due To Related Party	Due to Related Party Due to related party is comprised of amounts contractually owed by the Company for various services provided to the Company from a related party, which at September 30, 2018 and December 31, 2017 was $138,949 and $0, respectively.
Other Liabilities	Other Liabilities Other liabilities is comprised of unearned interest income received by the Company from the Mezzanine Borrower, which, at September 30, 2018 and December 31, 2017, was $2,275 and $0, respectively.
Income Taxes	Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have little or no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state, local and franchise taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders.
Earnings Per Share	Earnings Per Share Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income (loss) at the same rate per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies are required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company has evaluated the overall impact that ASU 2014-09 has on the Company’s financial statements. The Company has adopted the standard using the modified retrospective transition method. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements as of September 30, 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. The guidance is effective beginning January 1, 2019, with early adoption permitted. The Company plans to adopt the standard on its required effective date. Management is continuing to evaluate the impact of the new guidance on the Company’s unaudited condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact this pronouncement will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” which addresses the definition of a business and provides a framework to determine if an asset or group of assets to be acquired is not a business. The standard clarifies that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements as of September 30, 2018.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Commercial Mortgage Loan, Held for Investment (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Schedule of Information of Loan

The following table provides certain information about the Delshah Loan:

Loan Type

Loan Amount

Loan Term

Coupon

Amortization

Loan-to-Value

Mezzanine Loan

18,000,000

10 years

9.10% subject to a potential increase in year six

Interest only

83%

Schedule of Concentration of Credit Risk

The following table presents the geography and property type of collateral underlying the Company’s Commercial mortgage loan, held for investment as a percentage of the loan’s carrying value:

Geography	Collateral Property Type	September 30, 2018
New York	Multifamily	100%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 29 R19.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2018

Summary of Fees and Expenses Incurred

The following table summarizes the above mentioned fees and expenses incurred by the Company for the nine months ended September 30, 2018:


		Due to related party as of		Nine months ended September 30, 2018				Due to related party as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2017		Incurred		Paid		September 30, 2018
Management Fees
Asset management fees	Management fees	$	—	$	313	$	—	$	313
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		—		101,985		—		101,985
Operating expenses⁽¹⁾	Prepaid expenses and other assets		—		16,651		—		16,651
Organization expenses⁽²⁾	General and administrative expenses		—		222		—		222
Offering costs⁽²⁾	Additional paid-in capital		—		19,778		—		19,778
Total		$	—	$	138,949	$	—	$	138,949

Note:

(2) As of September 30, 2018, the Advisor has incurred, on behalf of the Company, a total of $20,000 of O&O Costs, pursuant to the 1% Cap.

XML 30 R20.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Principal Balance, Carrying Value, and Fair Value of Company's Financial Assets and Liabilities

The following table details the principal balance, carrying value, and fair value of the Company’s financial assets and liabilities as of September 30, 2018:

					Fair Value
	Principal Balance		Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents	$	1,271,797	$	1,271,797	$	1,271,797	$	—	$	—	$	1,271,797
Commercial mortgage loan, held for investment⁽¹⁾		18,000,000		18,000,000		—		—		18,000,000		18,000,000

Liabilities
Loan participation sold	$	17,100,000	$	17,100,000	$	—	$	—	$	17,100,000	$	17,100,000

Note:

(1) Includes Loan participation sold related to the Delshah Loan, as the participation interest sold was not treated as a sale under U.S. GAAP.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Organization and Business Purpose - Additional Information (Details)				9 Months Ended	12 Months Ended
	Sep. 21, 2018 USD ($)	Jun. 28, 2018 USD ($)	Jan. 19, 2016 USD ($) shares	Sep. 30, 2018 USD ($) ResidentialUnit shares	Dec. 31, 2017 USD ($) shares
Schedule Of Organization And Basis Of Presentation [Line Items]
Date of incorporation				Jan. 19, 2016
State of incorporation				Maryland
Stock issued during period, new issues, value				$ 2,000,000
Stock issued during period, new issues, shares \| shares				80,000	0
Investment in operating partnership by company				$ 1,000	$ 1,000
Loans participation agreement percentage				5.00%
Delshah Loan
Schedule Of Organization And Basis Of Presentation [Line Items]
Number of real estate properties acquired \| ResidentialUnit				28
Loans participation agreement percentage	5.00%			5.00%
Proceeds from contributions from affiliates	$ 900,000			$ 900,000
Delshah Loan \| Cantor Fitzgerald Investors, LLC
Schedule Of Organization And Basis Of Presentation [Line Items]
Loans participation agreement percentage	95.00%			95.00%
Proceeds from contributions from affiliates	$ 17,100,000			$ 17,100,000
Class A Common Stock
Schedule Of Organization And Basis Of Presentation [Line Items]
Stock issued during period, new issues, value			$ 200,001
Stock issued during period, new issues, shares \| shares			8,180
Class I
Schedule Of Organization And Basis Of Presentation [Line Items]
Stock issued during period, new issues, value				$ 800
Stock issued during period, new issues, shares \| shares				80,000
Class I \| Minimum Offering Requirement
Schedule Of Organization And Basis Of Presentation [Line Items]
Stock issued during period, new issues, value		$ 2,000,000
Cantor Fitzgerald Investors, LLC
Schedule Of Organization And Basis Of Presentation [Line Items]
Ownership percentage by the sponsor				100.00%
Mezzanine Borrower \| Delshah Loan
Schedule Of Organization And Basis Of Presentation [Line Items]
Mezzanine loan				$ 18,000,000

XML 32 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 21, 2018	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies [Line Items]
Loans participation agreement percentage			5.00%
Initial O&O Costs incurred by advisor on behalf of Company			$ 4,357,350	$ 2,874,210
Due to related party			138,949	0
Prepaid expenses and other assets			20,651	0
Prepaid insurance			16,651
Accounts payable and accrued expenses			22,384	0
Other Liabilities, Noncurrent			$ 2,275	0
Minimum percentage of taxable income annually distributed to shareholders to qualify as REIT		90.00%
Delshah Loan
Summary of Significant Accounting Policies [Line Items]
Loans participation agreement percentage	5.00%		5.00%
Other prepaid expense			$ 4,000
CFI
Summary of Significant Accounting Policies [Line Items]
Loans participation agreement percentage			95.00%
Due from related party			$ 5,000	0
Advisor
Summary of Significant Accounting Policies [Line Items]
Period of reimbursement for payment of organization and offering costs			36 months
Advisor \| Organization and Offering Costs Payable
Summary of Significant Accounting Policies [Line Items]
Initial O&O Costs incurred by advisor on behalf of Company			$ 4,357,350	2,874,210
Advisor \| Initial Public Offering \| Organization and Offering Costs Payable
Summary of Significant Accounting Policies [Line Items]
Due to related party			20,000	0
Advisor \| Initial Public Offering \| Organizational Costs
Summary of Significant Accounting Policies [Line Items]
Due to related party			222	0
Advisor \| Initial Public Offering \| Offering Costs
Summary of Significant Accounting Policies [Line Items]
Due to related party			$ 19,778	$ 0
Advisor \| Maximum \| Initial Public Offering
Summary of Significant Accounting Policies [Line Items]
Percentage of organization and offering costs to gross offering proceeds			1.00%	1.00%

XML 33 R23.htm IDEA: XBRL DOCUMENT

Commercial Mortgage Loan, Held for Investment - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($) ft²	Sep. 30, 2018 USD ($) ft² ResidentialUnit CommercialUnit.	Sep. 21, 2018
Accounts Notes And Loans Receivable [Line Items]
Interest income, net	$ 2,048	$ 2,048
Interest income	40,950	40,950
Interest income related to loan participation sold	$ 38,902	$ 38,902
End Of Year Five
Accounts Notes And Loans Receivable [Line Items]
Minimum debt yield for the interest rate modification conditions to be satisfied		7.00%
Minimum debt service coverage ratio for the interest rate modification conditions to be satisfied		1.10
Maximum \| End Of Year Five
Accounts Notes And Loans Receivable [Line Items]
Outstanding principal balance for the interest rate modification conditions to be satisfied	75.00%	75.00%
Delshah Loan
Accounts Notes And Loans Receivable [Line Items]
Number of residential units \| ResidentialUnit		207
Number of commercial units \| CommercialUnit.		19
Area of real estate property acquired \| ft²	167,499	167,499
Percentage of equity interests pledged		100.00%
Loan Term		10 years
Interest income, net	$ 2,048	$ 2,048
Interest income	40,950	40,950
Interest income related to loan participation sold	$ 38,902	$ 38,902
Delshah Loan \| Year One to Five
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, interest rate during period		9.10%
Delshah Loan \| End Of Year Five
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, interest rate during period		9.10%
Debt Instrument Payment Terms		greater of (i) 9.10% or (ii) 465 basis points over the Mortgage Loan Interest Rate
Debt instrument, interest rate, increase (decrease)		4.65%
Interest rate modification conditions		(a) a minimum debt yield on the combined Delshah Loan and Senior Loan amount of 7.0%; (b) a debt service coverage ratio of at least 1.10x, on the combined Delshah Loan and Senior Loan amount, based on the interest rate for the Delshah Loan to be in effect at the beginning of year six; and (c) the then outstanding principal balance of the combined Delshah Loan and Senior Loan is not greater than 75.0% of the value of the Portfolio
Delshah Loan \| Beginning Of Year Six
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, interest rate during period		10.10%
Debt Instrument Payment Terms		greater of (i) 10.10% or (ii) 565 basis points over the Mortgage Loan Interest Rate
Debt instrument, interest rate, increase (decrease)		5.65%
Delshah Loan \| Mezzanine Loan
Accounts Notes And Loans Receivable [Line Items]
Percentage of membership interest			100.00%
Loan Term		10 years
Senior Loans \| Year One to Five
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, interest rate during period		4.45%
Senior Loans \| End Of Year Five
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, interest rate during period		4.45%
Debt Instrument Payment Terms		greater of 4.45% or 275 basis points over the then existing five year U.S. Treasury Note Yield
Debt instrument, interest rate, increase (decrease)		2.75%

XML 34 R24.htm IDEA: XBRL DOCUMENT

Commercial Mortgage Loan, Held for Investment - Schedule of Information of Loan (Details) - Delshah Loan	9 Months Ended
	Sep. 30, 2018 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Loan Term	10 years
Mezzanine Loan
Accounts Notes And Loans Receivable [Line Items]
Loan Amount	$ 18,000,000
Loan Term	10 years
Coupon Rate Description	9.10% subject to a potential increase in year six
Loan-to-Value	83.00%

XML 35 R25.htm IDEA: XBRL DOCUMENT

Commercial Mortgage Loan, Held for Investment - Schedule of Concentration of Credit Risk (Details) - New York	9 Months Ended
	Sep. 30, 2017
Accounts Notes And Loans Receivable [Line Items]
Collateral Property Type	Multifamily
Percentage of concentration credit risk	100.00%

XML 36 R26.htm IDEA: XBRL DOCUMENT

Loan Participation Sold - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Loans participation agreement percentage	5.00%
Delshah Loan
Defined Benefit Plan Disclosure [Line Items]
Loans participation agreement percentage	5.00%
Proceeds from contributions from affiliates	$ 900,000
Delshah Loan \| Cantor Fitzgerald Investors, LLC
Defined Benefit Plan Disclosure [Line Items]
Loans participation agreement percentage	95.00%
Proceeds from contributions from affiliates	$ 17,100,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Stockholder's Equity - Additional Information (Details) - USD ($)				9 Months Ended	12 Months Ended
	Jun. 28, 2018	Nov. 30, 2017	Jan. 19, 2016	Sep. 30, 2018	Dec. 31, 2017	Sep. 20, 2018
Stockholders Equity [Line Items]
Stock issued during period, new issues, value				$ 2,000,000
Common stock, shares authorized				410,000,000
Offering period				2 years
Closing date of offering				May 02, 2020
Description of offering				The Offering is a continuous offering that will end no later than two years after the effective date of the Offering, or May 2, 2020, unless extended by the Company’s board of directors for up to an additional one year or beyond, as permitted by the SEC.
Preferred stock, shares authorized				50,000,000	0
Preferred stock, par value				$ 0.01	$ 0.01
Preferred stock, shares issued				0	0
Preferred stock, shares outstanding				0	0
Stock issued during period, new issues, shares				80,000	0
Net proceeds from sale of common stock				$ 2,000,222
Distributions declared				$ 3,842	$ 0
Distributions payable				$ 3,842	$ 0
Distribution reinvestment				$ 0
Maximum percentage of weighted average number of shares outstanding available for repurchase				5.00%
Notice period to amend, suspend or terminate share repurchase program				10 days
Investment in Operating Partnership by subsidiary of Sponsor, Rodin Income Trust OP Holdings, LLC (the "Special Unit Holder")				$ 1,000	$ 1,000
CFI and Company Reimbursement Agreement
Stockholders Equity [Line Items]
Cumulative, non-compounded annual pre-tax return				6.50%
Class I Common Stock
Stockholders Equity [Line Items]
Stock issued during period, new issues, value				$ 800
Common stock, shares authorized				50,000,000	0
Stock issued during period, new issues, shares				80,000
Net proceeds from sale of common stock				$ 2,000,000
Dividends payable, amount per share per Day						$ 0.004357260
Class A Common Stock
Stockholders Equity [Line Items]
Stock issued during period, new issues, value			$ 200,001
Common stock, shares authorized				160,000,000	300,000
Stock issued during period, new issues, shares			8,180
Dividends payable, amount per share per Day						0.004357260
Class T Common Stock
Stockholders Equity [Line Items]
Common stock, shares authorized				200,000,000	0
Dividends payable, amount per share per Day						$ 0.004357260
DRP
Stockholders Equity [Line Items]
Per share purchase price for shares of common stock in IPO				$ 23.61
Primary Offering \| Class I Common Stock
Stockholders Equity [Line Items]
Per share purchase price for shares of common stock in IPO				23.61
Primary Offering \| Class A Common Stock
Stockholders Equity [Line Items]
Per share purchase price for shares of common stock in IPO				24.85
Primary Offering \| Class T Common Stock
Stockholders Equity [Line Items]
Per share purchase price for shares of common stock in IPO				$ 24.09
Minimum Offering Requirement \| Class I Common Stock
Stockholders Equity [Line Items]
Stock issued during period, new issues, value	$ 2,000,000
Maximum \| CFI and Company Reimbursement Agreement
Stockholders Equity [Line Items]
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI				4.00%
Maximum \| Class A and T \| CFI and Company Reimbursement Agreement
Stockholders Equity [Line Items]
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI				4.00%
Maximum \| Class I Common Stock \| CFI and Company Reimbursement Agreement
Stockholders Equity [Line Items]
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI				1.50%
Maximum \| Class I Common Stock \| Sponsor and Company Distribution Support Agreement
Stockholders Equity [Line Items]
Purchase of shares by CFI				$ 5,000,000
Maximum \| DRP
Stockholders Equity [Line Items]
Stock issued during period, new issues, value		$ 250,000,000		$ 250,000,000
Maximum \| Offering
Stockholders Equity [Line Items]
Stock issued during period, new issues, value		1,250,000,000
Maximum \| Primary Offering
Stockholders Equity [Line Items]
Stock issued during period, new issues, value		$ 1,000,000,000

XML 38 R28.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 21, 2018

Nov. 30, 2017

Jan. 19, 2016

Dec. 31, 2019

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Dec. 31, 2017

Organization and offering costs incurred by advisor on behalf of Company

5.00%

$ 4,357,350

$ 2,874,210

Disposition fee as percentage of contract sales price

$ 138,949

138,949

$ 0

$ 138,949

1.00%

Disposition fee threshold as percentage of contract sales price

6.00%

Sponsor support payment received related to dealer manager fees

$ 0

$ 2,000,000

Prepaid Expenses and Other Current Assets

80,000

^[1]

$ 16,651

16,651

^[1]

$ 0

Operating Expense

General and Administrative Expense

^[1]

101,985

^[1]

101,985

Unreimbursed Operating Expense

Current portion, due to related parties

543,513

424,877

Class A Common Stock

$ 200,001

8,180

Class I

$ 800

Disposition fee as percentage of principal amount of debt

80,000

Maximum

1.00%

Advisor

$ 118,636

Advisor | Scenario, Forecast

Cumulative, non-compounded annual pre-tax return

6.50%

Advisor | Maximum | Scenario, Forecast

Percentage of average invested assets

2.00%

Percentage of net income

25.00%

Advisor | Maximum | Operating Expense | Scenario, Forecast

Net asset value per share, reimbursement limitation

$ 25.00

Dealer Manager | Class T Common Stock

Annual distribution fee percentage

1.00%

Dealer Manager | Maximum | Class T Common Stock

Percentage of underwriting compensation - gross proceeds of IPO

10.00%

Percentage of underwriting compensation - total gross investment

10.00%

Dealer Manager | Maximum | Class A Common Stock

Percentage of underwriting compensation - gross proceeds of IPO

10.00%

Dealer Manager | Maximum | Class I

Percentage of underwriting compensation - gross proceeds of IPO

10.00%

Cantor Fitzgerald Investors, LLC

95.00%

$ 2,200,001

Cantor Fitzgerald Investors, LLC | Class A Common Stock

88,180

$ 200,001

Per share purchase price for shares of common stock in IPO

8,180

$ 24.45

Cantor Fitzgerald Investors, LLC | Class I

$ 2,000,000

Initial Public Offering | Class T Common Stock

80,000

Per share purchase price for shares of common stock in IPO

$ 24.09

Initial Public Offering | Class A Common Stock

Per share purchase price for shares of common stock in IPO

24.85

Initial Public Offering | Class I

Per share purchase price for shares of common stock in IPO

$ 23.61

Initial Public Offering | Maximum

Initial Public Offering | Advisor And Dealer Manager | Maximum

$ 1,000,000,000

Percentage of organization and offering costs to gross offering proceeds of offering

15.00%

Initial Public Offering | Advisor

Estimated percentage of organization and offering expense of gross offering proceeds

1.00%

Percentage of additional cost obligation reimbursement

100.00%

Cost reimbursement period

36 months

Initial Public Offering | Advisor | Maximum

Percentage of organization and offering costs to gross offering proceeds

1.00%

Delshah Loan

Proceeds from contributions from affiliates

5.00%

$ 900,000

Cantor Fitzgerald Investors, LLC

Cumulative, non-compounded annual pre-tax return

6.50%

Cantor Fitzgerald Investors, LLC | Maximum | Class T Common Stock

Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI

1.50%

Cantor Fitzgerald Investors, LLC | Maximum | Class A and T

Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI

4.00%

Cantor Fitzgerald Investors, LLC | Delshah Loan

Proceeds from contributions from affiliates

95.00%

$ 17,100,000

Organization and Offering Costs Payable | Advisor

Organization and offering costs incurred by advisor on behalf of Company

4,357,350

$ 2,874,210

Organization and Offering Costs Payable | Initial Public Offering | Advisor

Organizational Costs | Initial Public Offering | Advisor

$ 20,000

20,000

Offering Costs | Initial Public Offering | Advisor

222

Commercial real estate related loans, origination fee percentage

19,778

$ 19,778

$ 0

Advisor

1.00%

Advisor | Delshah Loan | Mezzanine Borrower

Origination fees paid by Mezzanine borrower

$ 67,500

Asset Management Agreement

Asset management fee, amount paid monthly one-twelfth

313

$ 313

1.25%

$ 313

$ 0

$ 313

$ 0

CFI and Company Reimbursement Agreement

Cumulative, non-compounded annual pre-tax return

6.50%

CFI and Company Reimbursement Agreement | Maximum

Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI

4.00%

CFI and Company Reimbursement Agreement | Maximum | Class A and T

Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI

4.00%

CFI and Company Reimbursement Agreement | Maximum | Class I

Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI

1.50%

Advisor and Dealer Manager Agreement Transaction Agreement | Class I

Selling commissions payable

$ 0

Advisor and Dealer Manager Agreement Transaction Agreement | Initial Public Offering | Maximum | Class T Common Stock

Percentage of selling commissions on gross offering proceeds

2.00%

Advisor and Dealer Manager Agreement Transaction Agreement | Initial Public Offering | Maximum | Class A Common Stock

Percentage of selling commissions on gross offering proceeds

5.00%

Advisor and Dealer Manager Agreement Transaction Agreement | Initial Public Offering | Maximum | Class A and T

Percentage of selling commissions on gross offering proceeds

1.00%

Percentage of dealer manager fee on gross offering proceeds

3.00%

Advisor and Dealer Manager Agreement Transaction Agreement | Initial Public Offering | Maximum | Class I

Percentage of dealer manager fee on gross offering proceeds

1.50%

[1]

As of September 30, 2018, the Advisor has incurred, on behalf of the Company, a total of $543,513 in Unreimbursed Operating Expenses, including a total of $424,877 during the quarter ended September 30, 2018 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement

XML 39 R29.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Fees and Expenses Incurred (Details) - USD ($)

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

$ 0

138,949

Prepaid Expenses and Other Current Assets

138,949

16,651

^[1]

$ 0

^[1]

16,651

Asset Management Fees

313

313

Operating Expense

101,985

^[1]

$ 0

^[1]

101,985

Organization Expenses

^[2]

222

^[2]

222

Offering Costs

^[2]

19,778

^[2]

$ 19,778

[1]

[2]

As of September 30, 2018, the Advisor has incurred, on behalf of the Company, a total of $20,000 of O&O Costs, pursuant to the 1% Cap.

XML 40 R30.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Fees and Expenses Incurred (Parenthetical) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to related party	$ 138,949		$ 0
Related Party Transaction Expenses From Transactions With Related Party	138,949
Organization and offering costs incurred by advisor on behalf of Company	4,357,350		$ 2,874,210
Advisor
Related Party Transaction [Line Items]
Related Party Transaction Expenses From Transactions With Related Party	118,636	$ 0
Advisor \| O&O Costs
Related Party Transaction [Line Items]
Organization and offering costs incurred by advisor on behalf of Company	$ 20,000
Advisor \| O&O Costs \| Maximum
Related Party Transaction [Line Items]
Percentage of cap on organization and offering cost	1.00%
Unreimbursed Operating Expense
Related Party Transaction [Line Items]
Due to related party	$ 543,513
Related Party Transaction Expenses From Transactions With Related Party	$ 424,877

XML 41 R31.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Estimated fair value of commercial mortgage loan	$ 18,000,000	$ 0
Total liabilities	$ 17,267,450	$ 0

XML 42 R32.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Schedule of Principal Balance, Carrying Value, and Fair Value of the Company's Financial Assets and Liabilities (Details) - USD ($)

Sep. 30, 2018

Dec. 31, 2017

Sep. 30, 2017

Dec. 31, 2016

Assets

$ 18,000,000

$ 0

Assets

1,271,797

$ 201,001

$ 205,000

^[1]

18,000,000

17,100,000

Carrying Value

Assets

1,271,797

^[1]

18,000,000

17,100,000

Fair Value

Assets

1,271,797

^[1]

18,000,000

17,100,000

Fair Value | Level 1

Assets

1,271,797

Fair Value | Level 3

Assets

^[1]

18,000,000