Development Projects	9 Months Ended
Sep. 30, 2019
Development Projects
Development Projects	3. Development Projects Lower East Side Moxy Hotel On December 3, 2018, the Company, through a subsidiary of the Operating Partnership, acquired three parcels of land located at 147‑151 Bowery, New York, New York (collectively, the “Bowery Land”) from 151 Emmut Properties LLC and 145‑149 Bowery LLC, both unaffiliated third parties, for aggregate consideration of approximately $56.5 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a 296‑room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”). Additionally, on December 6, 2018, the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street, New York, New York (the “Air Rights”) from B.R.P. Realty Corp., an unaffiliated third party, for approximately $2.4 million, excluding closing and other acquisition related costs. The Company intends to use the Air Rights in connection with the development and construction of the Lower East Side Moxy Hotel. In connection with the acquisition of the Bowery Land and the Air Rights, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $1.6 million. As of September 30, 2019 and December 31, 2018, the Company incurred and capitalized to construction in progress an aggregate of $71.0 million (including the acquisition fee of $1.6 million and capitalized interest of $3.2 million) and $63.3 million (including the acquisition fee of $1.6 million), respectively, consisting of acquisition and other development costs attributable to the Lower East Side Moxy Hotel. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $1.4 million and $3.2 million, respectively in connection with the development of the Lower East Side Moxy Hotel. Exterior Street Project On February 27, 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street, New York, New York (collectively, the “Exterior Street Land”), from Borden Realty Corp and 399 Exterior Street Associates LLC, unaffiliated third parties, for an aggregate purchase price of approximately $59.0 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a multi-family residential property (the “Exterior Street Project”). On March 29, 2019, the Company entered into a $35.0 million loan (the “Exterior Street Loan”) which bears interest at 4.50% and is scheduled to initially mature on April 9, 2020, but may be further extended through the exercise of two, six-month extension options, subject to certain conditions. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Land. In connection with the acquisition of the Exterior Street Land, the Advisor earned an acquisition fee equal to 2.75% of the gross aggregate contractual purchase price, which was approximately $1.6 million. As of September 30, 2019, the Company incurred and capitalized to construction in progress an aggregate of $64.3 million (including the acquisition fee of $1.6 million and $2.6 million of capitalized interest) consisting of acquisition and other development costs attributable to the Exterior Street Project. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $1.6 million and $2.6 million, respectively in connection with the development of the Exterior Street Project. Santa Clara Data Center On January 10, 2019, the Company, through subsidiaries of the Operating Partnership, acquired a parcel of land located at 2175 Martin Avenue, Santa Clara, CA (the “Martin Avenue Land”) from The Chioini Living Trust, an unaffiliated third party, for approximately $10.6 million, excluding closing and other acquisition related costs, on which the Company is developing a data center (the “Santa Clara Data Center”). In connection with the acquisition of the Martin Avenue Land, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $0.2 million. As of September 30, 2019, the Company has incurred and capitalized to construction in progress an aggregate of $12.8 million (including the acquisition fee of $0.2 million and $0.3 million of capitalized interest) consisting of acquisition and other development costs attributable to the Santa Clara Data Center. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $0.1 million and $0.3 million, respectively in connection with the development of the Santa Clara Data Center.

3. Development Projects

Lower East Side Moxy Hotel

On December 3, 2018, the Company, through a subsidiary of the Operating Partnership, acquired three parcels of land located at 147‑151 Bowery, New York, New York (collectively, the “Bowery Land”) from 151 Emmut Properties LLC and 145‑149 Bowery LLC, both unaffiliated third parties, for aggregate consideration of approximately $56.5 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a 296‑room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”). Additionally, on December 6, 2018, the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street, New York, New York (the “Air Rights”) from B.R.P. Realty Corp., an unaffiliated third party, for approximately $2.4 million, excluding closing and other acquisition related costs. The Company intends to use the Air Rights in connection with the development and construction of the Lower East Side Moxy Hotel. In connection with the acquisition of the Bowery Land and the Air Rights, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $1.6 million.

As of September 30, 2019 and December 31, 2018, the Company incurred and capitalized to construction in progress an aggregate of $71.0 million (including the acquisition fee of $1.6 million and capitalized interest of $3.2 million) and $63.3 million (including the acquisition fee of $1.6 million), respectively, consisting of acquisition and other development costs attributable to the Lower East Side Moxy Hotel. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $1.4 million and $3.2 million, respectively in connection with the development of the Lower East Side Moxy Hotel.

Exterior Street Project

On February 27, 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street, New York, New York (collectively, the “Exterior Street Land”), from Borden Realty Corp and 399 Exterior Street Associates LLC, unaffiliated third parties, for an aggregate purchase price of approximately $59.0 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a multi-family residential property (the “Exterior Street Project”).

On March 29, 2019, the Company entered into a $35.0 million loan (the “Exterior Street Loan”) which bears interest at 4.50% and is scheduled to initially mature on April 9, 2020, but may be further extended through the exercise of two, six-month extension options, subject to certain conditions. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Land. In connection with the acquisition of the Exterior Street Land, the Advisor earned an acquisition fee equal to 2.75% of the gross aggregate contractual purchase price, which was approximately $1.6 million.

As of September 30, 2019, the Company incurred and capitalized to construction in progress an aggregate of $64.3 million (including the acquisition fee of $1.6 million and $2.6 million of capitalized interest) consisting of acquisition and other development costs attributable to the Exterior Street Project. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $1.6 million and $2.6 million, respectively in connection with the development of the Exterior Street Project.

Santa Clara Data Center

On January 10, 2019, the Company, through subsidiaries of the Operating Partnership, acquired a parcel of land located at 2175 Martin Avenue, Santa Clara, CA (the “Martin Avenue Land”) from The Chioini Living Trust, an unaffiliated third party, for approximately $10.6 million, excluding closing and other acquisition related costs, on which the Company is developing a data center (the “Santa Clara Data Center”). In connection with the acquisition of the Martin Avenue Land, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $0.2 million.

As of September 30, 2019, the Company has incurred and capitalized to construction in progress an aggregate of $12.8 million (including the acquisition fee of $0.2 million and $0.3 million of capitalized interest) consisting of acquisition and other development costs attributable to the Santa Clara Data Center. During the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $0.1 million and $0.3 million, respectively in connection with the development of the Santa Clara Data Center.