XML 93 R83.htm IDEA: XBRL DOCUMENT v3.8.0.1
Agreements and Transactions with Related Parties, Other (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
property
Aug. 31, 2017
USD ($)
Jul. 31, 2017
USD ($)
May 31, 2017
USD ($)
Mar. 31, 2017
USD ($)
item
Jan. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
shares
Dec. 31, 2017
USD ($)
property
item
Mar. 31, 2017
USD ($)
item
Dec. 31, 2017
USD ($)
property
shares
Dec. 31, 2016
USD ($)
property
shares
Dec. 31, 2015
USD ($)
loan
Dec. 31, 2014
USD ($)
loan
item
Jan. 31, 2018
USD ($)
Mar. 31, 2016
USD ($)
Agreements and transactions with related parties                                
Due from related party   $ 688           $ 3,719 $ 688   $ 688          
Due to related party               1,558                
Related party financing   50,000             50,000   50,000          
Outstanding principal balance of related party financing   50,000             50,000   50,000          
Income from equity affiliates               746   $ 763            
Investments in equity affiliates   23,653           23,625 23,653   23,653          
Residential Mortgage Banking Company                                
Agreements and transactions with related parties                                
Maximum percentage of guaranty provided by the Company in relation to the settlement                         50.00%      
Maximum exposure under this guaranty                         $ 3,100      
Preferred equity investments                                
Agreements and transactions with related parties                                
Principal amount   5,000         $ 15,000   5,000   5,000          
Commitment to fund additional investment             $ 5,000                  
Interest income recorded                   200            
Fixed rate of interest (as a percent)             11.00%                  
Amount of ownership interest of related party in the entity             $ 5,000                  
Mezzanine loans                                
Agreements and transactions with related parties                                
Interest income recorded               100   100            
Fixed rate of interest (as a percent)                         12.50%      
Amount of loan to related party                         $ 3,000      
ACM / Our "Former Manager"                                
Agreements and transactions with related parties                                
Due from related party   700           3,700 700   $ 700          
Due to related party               1,600                
Related party financing                             $ 50,000  
Interest expense on related party loan               300   1,000            
Outstanding principal balance of related party financing                             $ 50,000  
ACM / Our "Former Manager" | Residential Mortgage Banking Company                                
Agreements and transactions with related parties                                
Noncontrolling interest in equity method investment acquired (as a percent)                         50.00%      
Indirect ownership percentage                         22.5%      
Acquisition purchase price                         $ 9,600      
Income from equity affiliates               $ 100   100            
Maximum percentage of guaranty provided by the Company in relation to the settlement                         50.00%      
ACM / Our "Former Manager" | ACM Acquisition                                
Agreements and transactions with related parties                                
Number of preferred stock shares paired with each OP units | shares                       1        
Number of shares held by related party | shares               5,349,053                
OP units hold as part of acquisition | shares               15,450,421     5,780,348 21,230,769        
Percentage of voting power held by related party                       24.80%        
ACM / Our "Former Manager" | Non-qualified Residential Mortgages | Residential Mortgage Banking Company                                
Agreements and transactions with related parties                                
Additional investment made by the company along with a consortium of independent outside investors                         $ 16,100      
Distributions received               $ 200         16,400      
ACM / Our "Former Manager" | Mortgage loans                                
Agreements and transactions with related parties                                
Amount of mortgage loan secured by property, purchased by related party                         $ 47,000      
ACM / Our "Former Manager" | Preferred equity interest financing agreement                                
Agreements and transactions with related parties                                
Related party financing   50,000             50,000   $ 50,000          
Interest expense on related party loan               300   1,000            
Outstanding principal balance of related party financing   50,000             50,000   50,000          
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans                                
Agreements and transactions with related parties                                
Base spread (as a percent)                           4.80%    
Interest income recorded               200   200            
Number of mortgage loans secured by property purchased from related party | loan                           2    
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | First mortgage                                
Agreements and transactions with related parties                                
Amount of mortgage loan secured by property, purchased by related party                           $ 14,600    
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | Second mortgage                                
Agreements and transactions with related parties                                
Proceeds from repayment in full                       $ 5,100        
Amount of mortgage loan secured by property, purchased by related party                           $ 5,100    
ACM / Our "Former Manager" | Maturity date April 2018, extended from April 2016 | Mortgage loans | First mortgage                                
Agreements and transactions with related parties                                
Amount of mortgage loan secured by property, purchased by related party                               $ 14,600
Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property                                
Agreements and transactions with related parties                                
Percentage of maximum loss-sharing obligation unpaid principal balance         5.00%                      
Principal amount         $ 46,900                      
Percentage of ownership interest of related party in the entity         21.40%                      
Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property | Maximum                                
Agreements and transactions with related parties                                
Servicing revenue               100                
Consortium of Investors, including our Chief Executive Officer and our Former Manager                                
Agreements and transactions with related parties                                
Amount invested           $ 2,000       $ 2,000            
Ownership interest (as a percent)           26.10%       26.10%            
Number of portfolios of multifamily properties | item           2       2            
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity Date of January 2021 | Bridge loan, several multifamily properties                                
Agreements and transactions with related parties                                
Due to related party $ 9,400                              
Percentage of ownership interest of related party in the entity 75.00%                              
Base spread (as a percent) 5.00%                              
LIBOR floor (as a percentage) 1.25%                              
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties                                
Agreements and transactions with related parties                                
Principal amount                       $ 48,000        
Number of properties owned | property                       6        
Base spread (as a percent)                       4.50%        
LIBOR floor (as a percentage)                       0.25%        
Interest income recorded               600   $ 700            
Proceeds from repayment in full     $ 6,800                          
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Minimum                                
Agreements and transactions with related parties                                
Percentage of ownership interest of related party in the entity                       10.50%        
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Maximum                                
Agreements and transactions with related parties                                
Percentage of ownership interest of related party in the entity                       12.00%        
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity Date of October 2018 | Bridge loans                                
Agreements and transactions with related parties                                
Base spread (as a percent)                         5.00%      
LIBOR floor (as a percentage)                         0.25%      
Interest income recorded               300   300            
Number of mortgage loans secured by property purchased from related party | loan                         2      
Loan due from related party                         $ 16,700      
Certain Officers | Maturity date of June 2020 | Bridge loan, several multifamily properties                                
Agreements and transactions with related parties                                
Due to related party   $ 32,800             $ 32,800   $ 32,800          
Percentage of ownership after transaction   90.00%                            
Base spread (as a percent)   5.00%             5.00%   5.00%          
LIBOR floor (as a percentage)   1.13%                            
Interest income recorded               500                
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties                                
Agreements and transactions with related parties                                
Principal amount   $ 28,000             $ 28,000   $ 28,000          
Number of properties owned | property   2             2   2          
Percentage of ownership interest of related party in the entity                 45.00%              
Base spread (as a percent)   5.25%             5.25%   5.25%          
Interest income recorded               500                
Number of bridge loans originated | item                 2              
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Minimum                                
Agreements and transactions with related parties                                
LIBOR floor (as a percentage)                 1.24%              
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Maximum                                
Agreements and transactions with related parties                                
LIBOR floor (as a percentage)                 1.54%              
Certain Officers | Maturity date of July 2020 | Bridge loan, one multifamily property                                
Agreements and transactions with related parties                                
Principal amount       $ 36,000                        
Percentage of ownership interest of related party in the entity       95.00%                        
Base spread (as a percent)       4.50%                        
LIBOR floor (as a percentage)       1.00%                        
Interest income recorded               600                
Certain Officers | Maturity date of January 2019 | Bridge loan, two multifamily properties                                
Agreements and transactions with related parties                                
Principal amount                       $ 12,700        
Number of properties owned | property                       2        
Percentage of ownership interest of related party in the entity                       50.00%        
Base spread (as a percent)                       4.50%        
LIBOR floor (as a percentage)                       0.25%        
Interest income recorded               300   300            
Certain Officers | Maturity date of January 2019 | Bridge loan, one multifamily property                                
Agreements and transactions with related parties                                
Principal amount                       $ 19,000        
Percentage of ownership interest of related party in the entity                       7.50%        
Base spread (as a percent)                       4.50%        
LIBOR floor (as a percentage)                       0.25%        
Interest income recorded               $ 300   300            
Certain Officers | Maturity date May 2018, extended from November 2017 | Preferred equity investments | Multifamily                                
Agreements and transactions with related parties                                
Equity investment                       $ 5,200        
Fixed rate of interest (as a percent)                       10.00%        
Certain Officers | Maturity date of November 2018 | Bridge loans                                
Agreements and transactions with related parties                                
Percentage of ownership interest of related party in the entity                         7.50%      
Base spread (as a percent)                         4.50%      
LIBOR floor (as a percentage)                         0.25%      
Interest income recorded                   100            
Amount of loan to related party                         $ 7,100      
Chief executive officer | Minimum                                
Agreements and transactions with related parties                                
Ownership interest allowed under company charter (as a percent)               5.00%                
Chief executive officer | Bridge loan, two multifamily properties                                
Agreements and transactions with related parties                                
Number of properties owned | item                           2    
Percentage of ownership interest of related party in the entity                           95.00%    
Base spread (as a percent)                           5.50%    
Interest income recorded                   100            
Amount of loan to related party                           $ 1,700    
Investments in equity affiliates                           $ 100    
Ownership interest (as a percent)                           5.00%    
Chief executive officer | Maturity date of August 2017 | Bridge loans                                
Agreements and transactions with related parties                                
Percentage of ownership interest of related party in the entity                           24.00%    
Amount of mortgage loan secured by property, purchased by related party                           $ 30,400    
Chief executive officer | Maturity date of August 2020 | Bridge loans                                
Agreements and transactions with related parties                                
Base spread (as a percent)     4.00%                          
LIBOR floor (as a percentage)     1.23%                          
Amount of mortgage loan secured by property, purchased by related party     $ 43,200                          
Mr. Ivan Kaufman and his affiliates | Maturity date of August 2017 | Mezzanine loans                                
Agreements and transactions with related parties                                
Interest income recorded                   800            
Fixed rate of interest (as a percent)                       12.00%        
Amount of mortgage loan secured by property, purchased by related party                       $ 4,600        
Kaufman Entities                                
Agreements and transactions with related parties                                
Percentage of our Former Manager's outstanding membership interest of related party in another related party               75.00%                
Affiliate of Mr. Ivan Kaufman                                
Agreements and transactions with related parties                                
Contract period with the new entity               7 years 6 months                
Fees as a percentage of gross revenues of the underlying properties               4.75%                
Lexford Portfolio                                
Agreements and transactions with related parties                                
Aggregate outstanding balance of related party debt               $ 310,300                
Lexford Portfolio | Preferred equity investments                                
Agreements and transactions with related parties                                
Income from equity affiliates               $ 600   700            
Ginkgo | Fannie Mae                                
Agreements and transactions with related parties                                
Loan purchased a multifamily apartment complex which assumed             $ 8,300                  
Percentage of maximum loss-sharing obligation unpaid principal balance             20.00%                  
Percentage of loan assumption fee             1.00%                  
Percentage of ownership after transaction               3.60%                
Ginkgo | Maximum | Fannie Mae                                
Agreements and transactions with related parties                                
Servicing revenue               $ 100   100            
Lexford Portfolio                                
Agreements and transactions with related parties                                
Income from equity affiliates               600   700            
Two portfolios of multifamily properties | Consortium of Investors, including our Chief Executive Officer and our Former Manager | Maturity date of November 2018 | Bridge loans                                
Agreements and transactions with related parties                                
Principal amount           $ 14,800       $ 14,800            
Base spread (as a percent)           5.25%       5.25%            
LIBOR floor (as a percentage)           0.50%                    
Interest income recorded               $ 200   $ 200            
Number of bridge loans originated | item           2                    
Two portfolios of multifamily properties | Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of November 2018 | Mortgage loans                                
Agreements and transactions with related parties                                
Proceeds from repayment of debt                 $ 6,500              
Ginkgo | Director                                
Agreements and transactions with related parties                                
Percentage of managing member             33.00%