Real Estate Owned and Held-For-Sale (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate Owned and Held-For-Sale

Schedule of real estate owned

	December 31, 2015												December 31, 2014
	Multifamily Portfolio			Hotel Portfolio			Office Building			Total			Multifamily Portfolio			Hotel Portfolio			Total
Land	$	5,538,844		$	3,293,651		$	4,509,000		$	13,341,495		$	5,538,844		$	9,393,651		$	14,932,495
Building and intangible assets		32,643,889			30,338,882			1,391,000			64,373,771			31,249,869			58,818,891			90,068,760
Less: accumulated depreciation and amortization		(9,399,041	)		(7,329,615	)		(141,101	)		(16,869,757	)		(7,414,267	)		(12,661,347	)		(20,075,614	)
Real estate owned, net.	$	28,783,692		$	26,302,918		$	5,758,899		$	60,845,509		$	29,374,446		$	55,551,195		$	84,925,641

Schedule of results of operations for properties classified as held-for-sale

	Year Ended December 31,
	2015		2014		2013
Revenue:
Property operating income	$	10,971,555	$	14,362,030	$	13,322,212
Expenses:
Property operating expense		8,224,101		11,243,246		10,831,649
Depreciation		1,562,101		2,877,143		2,681,999
Net income (loss)	$	1,185,353	$	241,641	$	(191,436	)