PREFERRED EQUITY INVESTMENT AND DERIVATIVE INVESTMENT RECEIVABLE (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended			7 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013 Joint Venture [Member]
Assets:
Investment in real estate, net						$ 130,035
Cash, cash equivalents and restricted cash	1,723		1,723		3,084	6,953
Receivables and other assets	2,127		2,127		1,693	3,330
Total Assets	249,770		249,770		221,014	140,318
Liabilities:
Mortgage payable to bank						119,946
IMHFC Preferred Member Interest recognized as a liability						13,704
Derviative exit fee liability						2,250
Accounts payable, accrued and other liabilities						6,654
Total Liabilities	133,132		133,132		88,939	142,554
Members' Equity:
Members' Equity						(2,236)
Total Liabilities and Stockholders' Equity	249,770		249,770		221,014	140,318
Revenue:
Total rents and other income	6,727		13,680			16,545
Expenses:
Acquistion Costs						17,207
Total operating expenses	15,590		37,401			9,564
Depreciation and amortization	987		2,062			1,791
Interest Expense - Primary Lender						3,420
Interest Expense - IMHFC Preferred Member Interest						1,962
Total Costs and Expenses	10,366		23,488			33,944
NET LOSS	$ (8,184)	$ (8,182)	$ (15,471)	$ (22,225)		$ (17,399)